INTRODUCTION
In 2022, a Client reached out to Mercurius. They run a business in the hotel industry in the United States. They wanted to start maintaining books of accounts for their said business. Hence, Mercurius took over their accounting and bookkeeping requirements after they contacted us. After going through their records, we started with their bookkeeping from scratch and continued the accounting practices in 2023 as well.
DISCUSSION
The Client runs an unfunded company founded in 2015 in San Francisco, United States. It is a social business type which further has 3 subsidiary companies. All of these are motels that provide hospitality services to their customers as they offer well-maintained rooms, offices, restaurants, fuel pumps, and casinos. They try to make their customers feel at home at the inn.
REQUIREMENTS
The client came up with the need for bookkeeping services for subsidiary X which was a casino and inn. The tasks included recording and categorization of
- Bank statements,
- Recording of the payroll,
- Incorporation of loans, and
- Finalizing financials
Subsidiary X was acquired by the Client in Mar’22. Therefore, they haven’t maintained any accounts till now. So, their basic need was to start managing financial records in such a manner that the books portray the real and fair value of the business. They were looking for someone whom they could rely on with such data without any default, and help them in the future as well.
SOLUTION
Mercurius is an expert bookkeeping service provider. We have a well-trained team of experts in every field i.e., payroll services, bookkeeping, categorization of bank statements, loan incorporations, etc.
The client contacted us for bookkeeping for Company X in September 2022 for July – Sept 22. They informed us about his purchase of Business in March 2022 with the consideration of $2 million (approx.). Hence, we had to prepare the accounts from scratch. They also shared the 2021 filed tax return and based on the same we incorporated the opening balances of the accounts in the books after the acquisition. We were careful with the data entries from the initial point itself, to avoid any faults in the future, which may end up complicating the tasks. We then finalized the books till September 2022 and shared the same with the client.
The Client was highly satisfied with our work. Later in January 2023, they decided to outsource the bookkeeping for the remaining subsidiaries as well. Moving forward, they informed that one of the subsidiaries was then closed for the accounting to be done for the financial year 2022 itself. Then, they acquainted us with a person who managed the sales of subsidiary X, so that we could take the monthly sales data from them. Now presently, we are handling monthly bookkeeping for the existing two subsidiaries. We try our best to give our clients the desired services with complete co-operation.
CONCLUSION
The client appointed Mercurius to manage the books of their 3 motels. Now, our professional bookkeeping team is currently managing their accounts with the utmost accuracy by researching and reviewing every minute detail after it has been done. This may include categorization of bank transactions, recording of payroll, or recording of square sales to make the books more accurate. We as a service provider always aim to make the client as satisfied as we can so that the client can rely upon us with full trust.
