The Client

A union HVAC/mechanical contractor faced challenges with maintaining organized financial information during a period of significant growth.

The Challenge

The company was using an inconsistent and outdated chart of accounts due to years of piecemeal modifications and legacy practices. This included incorrect mapping of revenue and cost of goods sold, ineffective payroll processing, and an ultimate lack of financial information needed to meet third-party deadlines, stunting the company’s potential for growth..

The Solution

Streamline Accounting led a multi-member team to rebuild and modernize the chart of accounts using GAAP best practices, and reclassify entries to correct mapping and accuracy. This included completing bank reconciliations that were several months behind and resolving outstanding bank and credit card transactions. Streamline also established prepaid schedules and began accruing expenses, as well as a work in process schedule to include all jobs and accurate information. Several payroll liabilities were also separated and clarified to improve job costing and payroll processing. Ultimately, Streamline worked with the customer to clean up existing discrepencies, establish processes for ongoing accounting practices, and provide the customer’s CPA with detailed and accurate financial information needed to file the oustanding tax return.