A U.S.-based insurance agency, specialized in providing tailored insurance solutions to nonprofit and social service organizations, was facing major accounting gaps. Bank accounts had not been reconciled since 2018. Many daily transactions were either missing or incorrectly posted under the wrong dates. Due to this, financial records could not be fully trusted.
The agency Outsourced Accounting Services to us to clean up their historical data, improve transaction accuracy, and set up a reliable accounting process.
Introduction
The client is a U.S.-based, well-established certified public accounting firm based in Parsippany, New Jersey, with multiple offices across New Jersey and New York. Established in 1973, the firm provides a wide range of services including tax preparation, financial and retirement planning, estate and trust advisory, investment management, and business accounting.
With growing client base and stringent tax filing timelines, the firm needed reliable offshore support to manage tax returns and bookkeeping tasks efficiently, without increasing internal costs.
That’s when they decided to partner with KnowVisory Global.
The Problem
The client was dealing with multiple accounting challenges:
- Bank accounts were not reconciled since 2018
- Several transactions were missing or duplicated
- Many entries were posted under incorrect dates
- Supporting information for historical transactions were either missing or unavailable
- Financial reports lacked accuracy and reliability
These issues made day-to-day decision-making difficult and increased compliance risk.
Decision to Transition
The client decided to outsource its accounting function as they wanted to quickly and effectively reconcile their bank accounts and maintain accurate records without increasing internal workload. They needed a partner who could handle both cleanup and ongoing accounting tasks, helping them:
- Correct missing, duplicate, and incorrect entries
- Reconcile bank accounts
- Ensure daily receipts and payments were posted on time
- Keep financial records up to date
- Support operational efficiency and compliance needs
The Challenge
Executing accounts cleanup services came with its own set of challenges:
- The agency had large historical backlog with five years of unreconciled bank statements
- Key transaction details were unavailable either due to staff changes or unfortunate passing of previous owners
- Limited communication with the client made it difficult to receive timely clarifications and the necessary documentation
- All work had to be completed using a particular accounting system (Epic)
The Solution
Our expert accountants followed a structured, step-by-step process to clean up the historical data and bring accuracy to your day-to-day accounting operations.
- Daily Deposit Posting (SEP Portal)
All electronic deposits and customer refunds from the SEP portal were organized and accurately posted into the Applied Epic system with correct dates, amounts, and sources.
- Customer Check Processing
Physical customer checks were reviewed using deposit sheets and scanned images, verified for accuracy, and posted to the appropriate bank accounts in Applied Epic.
- Accounts Payable Processing
Vendor bills, carrier payments, and operating expenses were processed and recorded in Epic. Physical checks were performed to ensure timely payments.
- Premium Payable Reconciliation
Premium statements received from insurance carriers were matched with internal payable records. Policy details, payment amounts, and payment status were validated to identify and resolve discrepancies. A reconciliation report was shared for full visibility.
- Monthly Bank Reconciliation
Monthly bank statements were reconciled to ensure all transactions matched bank activity and served as a reliable foundation for accurate financial reporting.
The Result
Conclusion
- With our efforts, we were able to:
- Achieve 99%+ accuracy in transaction posting
- Reconcile bank accounts for 5 years historic data
- Eliminate all duplicate and incorrect entries
- Complete monthly reconciliations on time
- Improve visibility into cash balances and payables
- By outsourcing accounting services to KnowVisory Global, the client was able to fix years of unresolved issues and build a stable financial foundation for the company.
- The customer valued the accuracy, reliability, and consistency of our services. Our cost-effective offshore model ensures that their financial records remain up to date, which supports their operational efficiency and compliance needs.
- Today, the agency operates with clean, reliable financial records. Their team spends less time correcting errors and more time supporting nonprofit clients nationwide.
- Need help cleaning up your accounting or managing daily bookkeeping? Connect with KnowVisory Global’s experts today.