Case Study: Livonia CPA assisting company in the distribution industry
Client Background
Our Livonia CPA assisting a Livonia-based client is a key player in the distribution industry, operating nationally. They specialize in optimizing a critical segment of the shipping process, generating substantial revenue from each sale/job. Notably, expenses associated with these jobs are incurred upon product delivery, often resulting in a situation where a significant portion of expenses arise in one fiscal year, while revenue is recognized in the subsequent year. Our firm provides, tax preparation, bookkeeping, accounting and payroll services for their small business. Our Firm located near-by is a area Livonia CPA firm, helping clients in Livonia and the surrounding areas.
Our Approach
Analysis and Guidance
We assessed their specific circumstances and provided a comprehensive analysis to determine the most suitable accounting method for their business. This involved evaluating whether each job should be accounted for upon completion or at specific milestones. Additionally, we considered whether accrual accounting is necessary or if cash basis accounting is more advantageous.
Comprehensive Support
In addition to assisting with these complex accounting decisions, we offered ongoing tax and accounting support to ensure continued financial stability. We prepared their business income tax returns as well as their individual income tax returns. Moreover, we facilitated compliance with their bank’s annual requirements by delivering meticulously compiled financial statements.
Adaptive Services
Our commitment to your business’s success extends to adapting to your evolving needs. We initially provided this company with bookkeeping services, but as they grew, you brought many accounting functions in-house. We facilitated this transition seamlessly. However, we stand ready to step in if they ever require our expertise again.
Long-term Partnership
We take pride in nurturing long-term relationships, and we are delighted to have served this Livonia-based company since 2017. Our dedication to your financial well-being remains unwavering.
At Schultz and Associates, CPA, PLC, we understand the intricate financial landscape that businesses face. We are your trusted area Livonia CPA business accounting partner in Livonia and beyond, and are here to ensure your financial success, regardless of the challenges that arise. Contact our seasoned professionals today to learn more about how we can support your business’s unique accounting needs with tailored solutions.