by Dan Cote
One of my new clients is the result of a sudden death of the Controller/CFO. After a surgical procedure, he returned to work after a few weeks, worked a half day, went home and died later that evening. The bank was sympathetic for a short period of time – a very short period – and then began pressuring the company for their Quarterly financials, or risk losing its Line of Credit (LOC).
This company was in pretty good shape as the Controller was consistent in his accounting procedures and had a pretty good audit trail. We managed to close the financials within two weeks and satisfy the bank. The key word here is CONSISTENCY.
Is your bookkeeper/accountant consistent in how they apply transactions? If you are unsure, let me know and I can assist in ensuring it is.
