Cosmetic Manufacturing Company

The Client

Our client is a cosmetic manufacturer in the USA that takes a unique and innovative approach to restoring the vital balance of minerals in the human body by reactivating the body’s natural ability to heal itself. Their problem was that they didn’t have any proper accounting and finance system in place.

They approached us asking to do the accounts for the last three years. However, our analysis showed us many gaps in their process such as lost source documents and incomplete books. Additionally, we spoke to their banks and gathered the data on behalf of the client. We managed to capture everything and advised customers on how to streamline the accounting process.

Scope

  • End-to-end bookkeeping
  • Customer follow-ups
  • Reporting

Systems Used

  • QuickBooks

Challenge

  • The owner of the business lacks knowledge about accounting processes  
  • Owners have borrowed without any records
  • Few counterparties were not contactable, we had to proceed with assumptions
  • Time zone difference
  • We had to work closely with our inhouse consultants to understand the USA accounting standards

Business Benefits & Outcome

  • The client benefitted from an efficient accounting framework
  • Streamlined the information process
  • Introduced accounting policies in line with tax authorities
  • Finalised and submit the accounts to tax accounts

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