Books that looked clean were quietly wrong for years. Median found it, fixed it, and refiled.
We found what three years of books missed.
OpenCures believed its books were clean. Median found errors going back years, corrected them at the source, and filed amended returns.
I’m Kevin Perrott, CEO and Founder of OpenCures. We have worked with accounting and tax professionals for the past eight years to ensure timely and appropriate filing. About three years ago accounting errors were made that impacted our tax reporting. We were none the wiser and an error that could have had compounding problems if unaddressed slipped past all subsequent accountants.
Our problem was we had clean-looking books. Our tax accountant filed our taxes for us, and we were confident that we were onside with the IRS however we felt something was amiss in the relationship and decided to look for another service provider and found Median, and are very glad we did.
During our onboarding Median discovered the discrepancy and discovered the books no longer matched the filed tax return. Balances for depreciation, amortization, and shareholder loans had been missed, and the resulting errors had been carried forward, return after return, without anyone catching them. We were not happy with the situation, but were ecstatic to have found an accounting company that knew what it was doing.
Traced every discrepancy to its root, then refiled.
Simply, they fixed the problem. More concretely they:
Worked through the full general ledger line by line during onboarding to isolate the real discrepancies instead of guessing, and traced each one back to its root cause.
Corrected the errors at the source with documented, dated adjusting journal entries.
Filed amended returns for two prior years and prepared and filed the most recent year’s return on the corrected basis, so the tax filings finally matched the books.
Checked a feared problem that turned out to be a non-issue, so the corrections stayed precise and nothing was over-adjusted.
Errors found, errors corrected. Happy IRS, Happy CEO.
I am thrilled to endorse Median and will be using their services for multiple businesses. I will be able to go about business without worrying about problems slipping past those who are my backstop and paid to catch those errors. It is good to know that the people you hire to handle detail work are detail-oriented, catching errors at the source instead of just ‘papering them over’. In a time when health tech is exploding and the opportunities with government, charities and large industry players are available, our books need to be unimpeachable and held to the highest standards, now they are.
If you are worried about your books, or especially if you’re not, and you suspect your tax returns have quietly drifted apart, Median’s onboarding review is built to catch it. Thanks Median!
Kevin Perrott
CEO & Founder, OpenCures
When clean-looking books are quietly wrong.
Worried your books and your tax returns have quietly drifted apart? Median’s onboarding review is built to catch it.