From Backlog to Breakthrough: Cogneesol's Impact on a CPA Firm's Efficiency

The Client

Our client is a distinguished Certified Public Accountant (CPA) who operates a multifaceted accounting firm. They provide a comprehensive suite of services, including accounting, auditing, tax planning and preparation, personal financial planning, and management consulting, catering to a diverse range of industry sectors across the US.

Scope of Work

Bookkeeping and financial reporting services

Client Profile

Process Bottlenecks

Our valued client faced significant hurdles with a massive backlog in updating, as well as those of their clientele, dating back to 2020. The CPA firm confronted complexities in tax filings due to discrepancies in the reported figures. We observed misclassified accounts, ambiguous transactions, and issues with intercompany reconciliation.

As a result, their standing in the market took a hit, leading their end clients to face substantial IRS penalties. There was an immediate need to tackle the three-year backlog encompassing 16 companies and produce precise financial reports.

These challenges presented crucial obstacles to our client's operations, demanding quick and effective resolution.

Cogneesol’s Optimization Solution

At Cogneesol, we recognized the distinct challenges and devised a tailored solution to cater to both the CPAs and their sub-clients' requirements. Our outstanding bookkeeping services not only satisfied our client but also led to an expansion of our responsibilities. The optimization process involved the following steps:

  • Backlog Clearance: Our seasoned team of bookkeepers collaborated closely with the client to address amendments and modifications. We started by accurately categorizing transactions, efficiently managing multiple General Ledger (GL) accounts of the same nature, and rapidly rectifying omission errors from the past three years. This was achieved by optimizing the data available on both QuickBooks Online and Desktop.
  • Synchronized QBO with Bank: We integrated the client's QBO with their banking system, eliminating the need for manual entries and subsequent reconciliation. All financial information, including the "Ask" sheet, was uploaded to Dropbox for review. This provided them with a unified platform to efficiently monitor all their accounting data.
  • Updated Books: Our team diligently updated the books of both the client and their sub-clients through detailed discussions over calls, bringing everything up to the current date. We then furnished them with precise financial reports for comprehensive review.

Our accounting team dedicatedly handled the accounting task for 16 entities with multiple business natures.

With Cogneesol's expertise and tailored approach, the client experienced remarkable improvements in their financial management, paving the way for enhanced operational efficiency and business success.

“I approached Cogneesol with my firms' messy books. I don't know what I could have done without you. Thanks for your professional accounting work, and I look forward to a continued working relationship in the future.”.

Impact Delivered

  • 70% efficiency boost with streamlined processes, enhancing speed and accuracy.
  • A 50% cost reduction through strategic optimizations and resource allocation.
  • Managing responsibilities for over 30 entities, including AR and AP review process and tax preparation, ensuring compliance and accuracy.

Client Testimonials

It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.

Get in Touch With Us

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