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The Business
GMD Environmental Technologies, Inc. (GMD) is an industrial contractor located in Fort Worth, TX. They design and fabricate air pollution control systems for industrial manufacturers. GMD has systems and equipment operating throughout the U.S., South America, Japan and Europe. GMD's goals are to provide a more environmentally safe work environment for the manufacturers who install their products, and to eliminate pollutants caused by the manufacturing setting.
The Challenge
As with many small businesses, GMD had trouble meeting the demand for efficient and timely bookkeeping in-house. The management at GMD wanted more timely receipt of financial statements and other financial reporting. Another challenge facing GMD was keeping abreast of changing tax laws, tax requirements and deadlines and how they affected GMD as a small business. Being a contractor, accurate and timely job cost reporting was necessary for decision making and future job estimates. Gathering job cost information was tedious and time consuming for the in-house staff at GMD.
Key Solutions Provided by TADAccounting
- CPA And Bookkeeper
- Streamlined job costing process
- Small business tax issues and compliance
- Financial statements and analysis
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The Solution
TADAccounting assigned a qualified bookkeeper who streamlined the bookkeeping process and performed the daily bookkeeping. We designed a reporting system to make the gathering of job cost information more efficient and timely, during and at the completion of each job. In addition, the experienced CPA assigned to GMD provided fundamental accounting, timely financial analysis, and tax and compliance consultations so that management could receive the information they needed to make critical decisions.
The Result
TADAccounting brings to GMD the dual expertise of a qualified bookkeeper and an experienced CPA. Bookkeeping is done on a timely and accurate basis, and management is kept current on the financial status of the company. The CPA ensures that GMD is meeting their tax requirements and deadlines, and receiving solid financial analyses. Due to TADAccounting's streamlining of GMD's bookkeeping functions, the in-house staff members are able to concentrate their efforts in other areas of business.
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