UNISORB provides products and engineering for the equipment installation in the Automotive, Medical, Printing, and Power Generation industries. The company has revenues of $15,000,000 and assets of $5,000,000 with 50 employees. Responsibilities included financial statements (annual audit) . Preparation of all tax related items, including, multi-state, property, sales and use tax returns, IRS audits. Quarterly bank audits, budgets and projections, review and analysis of standard costs and variances, employee pension plans, supervision and training of accounting staff (2), oversight of insurance.
Reduced annual audit and tax fees by over $50,000 per year and reduced audit adjustments to zero, resulting in less costly and time consuming audits as well as fewer bank audits at a cost of $5,000 each.
Reduced month-end close from 10 days to 3 days by introducing analytical review procedures, reduction of unnecessary work and use of excel to work more efficiently. For example, required bank information was incorporated into monthly inventory reports, resulting in automatically generated bank reports.
Terminated old defined contribution pension plan and replaced with 401k plan, resulting in annual savings ranging from $175,000 to $500,000 in company contributions.