Bookkeeping for Firearms Wholesaler & Retailer Client

ABOUT CLIENT

A Canada-based corporation that has been importing, distributing, and retailing firearms and tactical equipment in parts of Canada since 2011.

 

CHALLENGES/ISSUES FACED

  1. Limited workforce: The client has a workforce of 26 people and it requires the maintenance of a proper record of sales, purchases, and tracking payments. As there are only limited staff available, it becomes hard to keep the track of the same.
  2. Maintaining records/reports: The client has to maintain records of his sale invoices, payments, payroll report, and other financial reports, which required accounting and software expertise as well. Since the client is a single owner of his business, he cannot manage all of these things independently.
  3. Handling Taxes: With annual revenue of over $4 Million, tracking the tax numbers and complying with tax laws was becoming a hurdle for our client.

 

HOW OUR TEAM SUPPORTED/PROVIDED SOLUTION

The client handed over to us the bookkeeping process of his business. We provide him with:

  1. Customer wise sales recording in QBO;
  2. Tracking invoices in Dropbox on a weekly basis
  3. Bi-monthly payroll recording in QBO;
  4. Tracking receipts and payments of all the accounts;
  5. Preparing Tax reports quarterly;

Yearly financials for easy and better analysis of business financial conditions.

 

EXTRA INITIATIVES TAKEN BY MAS

Our extended financial services include tax advisory services and tax strategy planning. Also, we maintain regular communication with the client over emails. We update the status of bookkeeping weekly to our client over the emails.

 

RESULTS

Because he no longer had to keep records for his business, he was able to devote more time to his expansion plans. Despite removing a tremendous amount of the work from his shoulders, we were able to implement efficiencies that allowed us to charge significantly less than he expected. We also stopped fixing database errors, which also lowered his fees. The client now is focusing only on what he loves to do in his business, and not the bookkeeping, which he hated, he has more energy and passion than ever before.