Challenge
A fitness product manufacturer reached out to BerryDunn to inquire about financial statement review services. They were in the process of going to market and working with an investment banking group to help them through that process, and they wanted our expertise as a CPA firm. After examining their internal financials, we quickly discovered that they were operating on a tax basis rather than a GAAP basis.
Solution
First, our team explained why switching their financial reporting model to be fully GAAP-compliant was necessary. We offered to help the company improve their processes and show prospective investors that they had followed standard accounting practices. BerryDunn’s Outsourced Accounting Practice Group then worked with management to provide templates for reconciliations that the client could then prepare and book adjusting entries to be on a GAAP basis. Once the records were in order, our team was able to complete a review of the financial statements.
Outcomes
The company now has confidence in their financial reporting and new processes in place to continue to be GAAP-compliant. They are well positioned to talk to investors and continue their process of going to market with confidence.
Skip to Main Content