Case Study 1

A cost basis is used to calculate what the potential gain of a capital asset should be based on. To make it complicated, countries often have varying different ways to calculate a cost basis, especially for cryptocurrencies, which makes it complicated for investors.
Case Study by
Nitin Ashok, CPA, CFA
January 20, 2024 5:41 PM
|
5 Min Read.
Case Study 1
Table of Contents

    Transforming systems one at a time

    Challenge

    BSL Security, a thriving 20 year old security guard business, encountered a series of significant accounting challenges that posed obstacles to their operational efficiency and financial management. Firstly, the absence of automated processes within their accounting workflows resulted in time-consuming tasks and an increased susceptibility to errors. The manual management of payroll for their extensive workforce of over 70 employees proved to be a cumbersome and error-prone process. Without robust bookkeeping systems in place, BSL Security struggled to maintain accurate and up-to-date financial records, which hindered their ability to track and analyze their financial performance effectively.

    Furthermore, the lack of comprehensive tax planning strategies left BSL Security exposed to potential missed opportunities for tax optimization, ultimately leading to increased tax liabilities. The heavy reliance on paper-based workflows further compounded their challenges, causing delays, inefficiencies, and escalating administrative overhead. The extensive use of paper forms and documentation not only impeded their ability to streamline processes but also posed sustainability concerns in an increasingly digital world.

    Addressing these multifaceted challenges necessitated a comprehensive solution that would revitalize BSL Security's accounting practices and enhance their overall operational efficiency.