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Food & beverage company partners with Solaris to improve financials and ensure a smooth ERP implementation.
The company faced several accounting challenges at the beginning of the year, including incomplete prepaid
account reconciliations, inaccurate fixed asset tracking, and the need to meet accelerated audit deadlines. These issues needed resolution in preparation for a new ERP system launch in Q2, alongside the company’s expansion plans.
The Challenge: Improving Reconciliations and Asset Tracking
The company prepaid accounts were broken into five separate accounts without the necessary backup, resulting in fluctuating monthly expenses that didn’t tie to the balance sheet. Fixed assets were incorrectly recorded and depreciated by project instead of by individual asset, violating GAAP.
The company also faced earlier-than-usual audit deadlines, requiring quick action to prepare for year-end and the upcoming ERP implementation.
The Solution: Establishing Accurate Processes and ERP Readiness
Solaris developed user-friendly reconciliations for each prepaid account, tying monthly activity to the balance sheet and ensuring accurate tracking. They worked with the engineering and accounts payable teams to break out fixed assets by individual asset, correcting the project-based recording.
Additionally, Solaris brought in an extra consultant to handle audit tasks, streamlining the process and minimizing client involvement in training.
"I’m not sure we would have made it as far as we did without Lindsey, because, no matter what we threw at her, she was willing to do it. She did it with a smile. She asked the appropriate questions, and she was willing to work with anybody to try to improve and make sure it worked out. It really made my job easier during a very difficult time.” - Christine M., Corporate Accounting Manager, Food & Beverage
The Impact: Accurate Financials and Audit Success
All prepaid accounts were fully reconciled to the balance sheet by year-end, allowing for smooth tracking in the following year. The company successfully launched its new ERP system with GAAP-compliant asset tracking, and the fixed asset accountant was able to maintain the new processes. The company met its accelerated audit deadlines efficiently, ensuring readiness for its expansion and new system.
Technical Accounting
With Solaris’ expertise, the company overcame its accounting challenges, ensuring accurate financial processes and a successful ERP implementation while meeting critical audit deadlines.
