
Bank Line of Credit Project
Problem
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The Client wanted to obtain a working line of credit with a bank to expand operations and potentially open a second location
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Client needed help finalizing their year-end financials in order to get their tax return complete
Solution
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Pride Advisory reviewed the last three years of financial statements and adjusted them to reflect a more accurate financial picture of successes based on an accrual basis—not cash—which was the reporting method
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We reconciled all bank and credit card statements for the year, recorded missing transactions, and made adjusted journal entries to prepare supporting schedules for the tax accountant
Result
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Our Client was able to negotiate a line of credit with their bank based on the adjusted financial statements
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The tax accountant was able to prepare the Company's tax return with minimal questions, saving the company time and money