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How Careful Accounting Saved this Veterinarian Over $370,000
Episode 01
A double-booked liability nearly led to a huge loss. Careful oversight saved the day.
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Angie M Grainger
20 September 2024
3 Min Read
How Careful Accounting Saved this Veterinarian Over $370,000
Finances can get complicated, especially when multiple entities are involved. For one veterinarian, an overlooked accounting error almost cost him more than $370,000. Luckily, with careful oversight and detailed reconciliation, that mistake was caught before it turned into a financial disaster.
In this case, the veterinarian was dealing with multiple business entities, each with its own accounting needs. A prior CPA had mistakenly recorded the same liability on both entities rather than recording it as a receivable on one and a liability on the other. In simple terms, this made it look like he owed the same money twice—a critical error that, if unnoticed, could have caused major financial loss.
The timing couldn’t have been worse either—the veterinarian was in the middle of a sale. Had the error gone unnoticed, he could have paid out money he never actually owed, effectively losing more than $370,000 that was rightfully his.
Our team stepped in, reviewed the books, and reconciled the finances across all entities, ensuring that everything was accounted for correctly. By diving deep into the finances, we caught the error in time, saving the veterinarian from what could have been a massive loss.
Beyond the $370,000 saved, the client avoided potential confusion or tension during the sale, ensuring that the transaction went smoothly.
This story is a powerful reminder of the importance of thorough accounting, especially when dealing with multiple entities. Careful reconciliation can prevent costly mistakes and save you from losing money that’s rightfully yours.
Whether you’re managing a business or preparing for a major transaction, having the right financial oversight is key to avoiding critical errors.
Accurate bookkeeping and year-round financial oversight can prevent major mistakes like the one we uncovered for this veterinarian. With detailed records and a comprehensive financial review, you can protect your wealth and avoid costly mishaps.
If you’re ready to get control of your finances and find out if there’s money hiding in your books, reach out today. Let’s help you flourish, both personally and financially.
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