Case Study
April 10, 2023

Helping a manufacturer stand up financials and respond to an LOI

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Management asked Elliott Davis: “Can you help us professionalize our accounting processes and financial reporting, as well as identify missed tax opportunities?”


  • A manufacturer of metal fabricated components for OEMs
  • 35+ years old with over 50 employees
  • Received Letter of Intent (LOI) and needed to:
    • Stand up and professionalize accounting processes and financial reporting
    • Evaluate previously filed state income tax returns for accuracy and to identify missed tax savings opportunities
    • Identify fair market value of the company’s equity

Our Approach

  • Providing weekly, monthly, and quarterly accounting advisory services, including:
    • Analyze general ledger accounts ,including reconciliation of balance sheet accounts
    • Assist management with preparing schedules for prepaids, debt, and accruals
    • Maintain a detailed schedule of all depreciable and non-depreciable assets
    • Reconcile bank accounts to bank statements and loan balances to loan statements and record interest expense
    • Process federal and state filing form
  • Examined company’s position regarding ‘right to apportion’ income on state tax returns and provided additional state tax consulting
  • Performed a business valuation engagement to determine fair market value of equity, including financial analysis of financial statements of business and trends over time

Customer Impact

  • Professionalized the finance and accounting processes and financial statements of the organization to better support business decisions, financial success and enable business growth
  • Amended previous three years of returns to generate an immediate $110,000 refund
  • In first three years of service identified additional $200,000 in state tax credits and
  • $280,000 in state tax savings from income apportionment strategy
  • With the valuation analysis, the owners understood the fair market value of the business and negotiated the transaction with confidence.

We Can Help

For more information on how Elliott Davis can assist you and your business, contact a member of our team.

The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.

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