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The Problem: Over a period of time, the client had established a procedure to pay their major vendors via wire transfer. They neglected to properly debit Accounts Payable for these payments. The Accounts Payable balance grew into a huge number (several billion dollars) and the client did not have the resources to perform a reconciliation of the transactions to clean up the balance sheet. They approached us for help.
Our Solution: We took over management of this project for the client and assigned a team of more than 20 associates to reconcile the wire transfers over a 12 month period. We became thoroughly familiar with their systems, and by the time we were finished, no one knew them as well as we did.
Great Results: We reconciled all transactions and cleaned up their Accounts Payable records, all at a cost much more reasonable than those charged by traditional consulting/accounting firms. Our client was extremely appreciative of our work, and acknowledged they could not have done this on their own.
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