How Freestone Associates Helped a Client Who Was Headed for Bankruptcy

Author: Kim Freestone | | Categories: Accounting , Bookkeeper , Management Accounting

Blog by Freestone Associates

At Freestone Associates, we are reliable bookkeepers committed to rendering accurate services to our clients. Our founder Kim Freestone has over thirty years of accounting experience which ensures we minimize taxes and add value. We are also consistent and responsive in our approach, enabling us to be proactive and take on unexpected challenges for our clients.

Please keep reading to learn about how we helped a client headed for bankruptcy. 

The Challenge: Money got wasted on paying merchant fees 

The client wasted thousands on merchant fees, penalties, and interest with the CRA and various vendors. He got so stressed that it seriously impacted his health. 

The Solution: Got the bank and credit card accounts fully reconciled 

The strategy was to get all of the bank and credit card accounts fully reconciled and up-to-date as quickly as possible. Our aim was to also negotiate payment plans with the CRA and communicate with merchants and various vendors. As we conducted the great clean-up we first chased the lowest hanging fruit, which lifted our clients’ spirits.

As we organized the paperwork, we discovered more and more issues to resolve. At times it felt overwhelming, but we persevered as the little wins kept us chasing the big wins.

The Bottom Line

It took us about three months of committing one to two days per week to tackle the issue while maintaining current requirements. It stopped the unnecessary hemorrhaging of cash. Every year after that, we improved the system’s efficiency, which significantly turned it around for our client. If you’re facing a similar issue and need assistance, give us a call today.

As a leading bookkeeper in Toronto, Ontario, Freestone Associates, we offer bookkeeping for small businesses, not-for-profits, charities, and corporations. We also render cloud accounting solutions, accounting software set-up, and Quickbooks training/support for clients.

We serve clients across Etobicoke, Toronto, Mississauga, North York, Oakville, Vaughan, and the surrounding areas. To get started, get in touch with us by clicking here. To learn more about how we can help you, please click here. Or, to read what our clients are saying about us, please click here.