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Monk Tax Solutions Case Studies
Case Study #1: Business Entity Transition
Problem: Transitioning from a Sole Proprietor to an LLC or S Corp can pose challenges in maintaining accurate accounting records.
Solution: Monk Tax Solutions assisted Bling, a jeweller, in transitioning smoothly. This included setting a transition date, setting up a new QuickBooks Online (QBO) file, and ensuring separate accounting for the old and new entities. The transition was completed within three months, with close collaboration during tax season to ensure accurate tax returns.
Case Study #2: Streamlining Bookkeeping Processes
Problem: Great Ads, an advertising agency, faced inefficiencies and confusion due to maintaining bookkeeping in two different systems (QBO and QBD).
Solution: Monk Tax Solutions merged the QBO and QBD files, importing invoices and correcting deposits to include customer payments. The team ensured accuracy through reconciliation and then converted the QBDesktop file to QBO, providing a single, reliable accounting system accessible to both Great Ads and their accountant.