Mervin Winston, Ltd. - Case Studies

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Mervin Winston, Ltd.
CPA's and Business Consultants
3033 Campus Drive Suite W115
Plymouth, MN 55441
Phone: 763-557-6030
Fax: 763-557-9030
E-mail: info@mwinstonltd.com

Case Study - Financial Reporting and Analysis

	Client Industry:	Retail/Wholesale

	Client Issue:	Untimely financial reports and need for accurate reports

	Background:	A retail/wholesale business with annual sales of $7 million needed to have more timely financial reports as the reports were six to eight months behind. Furthermore, the owners and senior management did not have confidence in the financial reports. The owners needed tax and retirement planning. The senior management wanted a financial review of the company's expansion business plan.

	The Mervin Winston Ltd., Solution:	Evaluated the accounting system's integrity and worked with business owners to develop and install an improved accounting system. Developed and implemented actions to update financial information and generate accurate and current financial reports. Assisted with the hiring of a financial accounting manager. Developed and implemented a month-end closing process and set deadlines for issuance of financial reports. Initiated tax and retirement planning. Reviewed and evaluated the company's expansion business plan. Developed and installed a procedure to quarterly analyze and review financial results with owners and senior management.

	The Results:	Financial reports completed no later than 15 days after month end. Budgeting information input into the accounting and reporting system and quarterly "actual to budget" reports are analyzed and formally discussed. Action plans are developed to address problems identified. Expansion business plan reviewed and evaluated for reasonableness and appropriateness relative to the marketplace and the strengths and weaknesses of the existing business. Annual tax planning process implemented and tax options are reviewed two to three times per year as necessary. A retirement plan specialist was engaged to assist in designing an appropriate plan.