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A non-profit organization partnered with Solaris to resolve year-end accounting challenges, ensuring accurate financial reporting and full compliance with audit requirements.
The organization faced several challenges during their year-end period, including staff departures, incomplete reconciliations, and delayed daily accounting operations, all of which jeopardized their ability to meet external audit requirements. These issues required immediate resolution to restore oversight and ensure accurate financial reporting.
The Challenge: Restoring Oversight and Ensuring Audit Readiness
The organization’s accounting department experienced significant disruptions due to the loss of key personnel, leaving critical roles such as the Controller vacant. This resulted in a backlog of daily accounting operations, including unrecorded donations and expenses, as well as unreconciled bank accounts. Compounding these issues, the organization approached year-end with account balances that did not align with supporting activity and balance reports, creating a significant risk for their upcoming audit.
The Solution: Interim Leadership and Comprehensive Financial Reconciliations
Solaris provided two experienced consultants to step in and take charge of the accounting department’s daily operations, ensuring consistent oversight during this critical period. Our consultants managed day-to-day tasks, including recording donations, posting expenses, and performing bank reconciliations. They identified and recorded all missing transactions and ensured ongoing operations were properly recorded. A comprehensive reconciliation workbook was developed to align all account balances with supporting documentation, ensuring figures were accurate and fully auditable.
"Solaris was instrumental in helping us navigate our year-end challenges, ensuring our financials were accurate and audit-ready.” - General Manager, Non-profit organization
The Impact: Accurate Financials and Audit Success
By partnering with Solaris, the non-profit organization: restored financial oversight during the year-end period, reconciled all year-end account balances to supporting documentation, and met external audit requirements with accurate and supportable financial statements. Solaris’ swift and effective solutions allowed the organization to navigate their year-end challenges successfully, ensuring compliance and readiness for their external audit.
Interim Management and Audit Support
With Solaris’ expertise, the non-profit organization overcame significant year-end challenges, restoring order to their financial operations, meeting audit requirements, and strengthening their financial reporting processes.
