Bank Line of Credit Project

Problem

  •  The Client wanted to obtain a working line of credit with a bank to expand operations and potentially open a second location

  • Client needed help finalizing their year-end financials in order to get their tax return complete

Solution

  • 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

  • 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

  • Our Client was able to negotiate a line of credit with their bank based on the adjusted financial statements

  • The tax accountant was able to prepare the Company's tax return with minimal questions, saving the company time and money