How we Helped a Food Ordering Platform Achieve Seamless Book Reconciliation Amidst Group Restructuring
Background:
The company provided an online platform for ordering food in cafeterias. Our client had acquired the company from another group. Its books of account were in shambles owing to various reconciliation issues like outstanding receivable and payables. The company was part of a big group and in order to facilitate the closure of the group’s accounts, the closure of its books was critical. The company approached us to undertake the
reconciliations and clean up the books of account.
Issues involved
Reconciliation of GMV and revenue of the company which was not being reflected
correctly in the books of account
· Reconciliation of receivable and payable balances
· Issues in GST and other statutory compliances
· Closure of books of account to facilitate completion of audit
· Stringent timelines
· Involvement of huge quantum of data
How we helped
· Obtained detailed understanding of the business of the company
· Took control of the balance sheet of the company on the date of our onboarding
· Carried out complete reconciliation of GMV from the payment gateway reports and bank account of the company, thereby reconciling all receivable and payable balances
· Advised company on the GST and other statutory dues to ensure correct compliance
Conclusion:
We were able to help the company in getting its Audit completed within the timelines with minimum involvement of the client personnel.