Engagement Summary:
Brightline CFO provided extensive support to the accounting team of an 11-location company in Wyoming, specializing in Live Horse Racing events, simulcasting, and Historical Horse Racing terminals at multiple Horse Palace OTB locations.

​

Our Approach:
Our involvement included a thorough analysis of construction projects to ensure accurate accounting treatment, mastering the company's fixed asset software, and meticulously recording projects placed into service. This detailed approach allowed for precise calculations of both book and tax depreciation.

​

Results:
Our comprehensive support led to substantial savings on annual CPA fees by ensuring accurate depreciation calculations and effective use of fixed asset software. The meticulous handling of accounting tasks translated into significant cost reductions for the company.

Engagement Summary:
Brightline CFO was engaged by a family-owned business in a highly regulated industry that faced significant financial challenges following the unexpected passing of the owner. The business, struggling with a considerable tax liability, had cycled through multiple bookkeepers over the past three years without resolving their issues.

​

Our Approach:
Our team began by addressing the current year’s bookkeeping. However, a detailed review of the financial statements uncovered deeper issues requiring extensive adjustments to ensure accuracy and compliance. We identified discrepancies and inconsistencies that had been missed by previous bookkeepers, necessitating a comprehensive cleanup of financial records from the past three years.

​

Results:
Through our thorough approach, we successfully amended the business’s tax returns, resulting in substantial savings. Federal taxes were reduced by $130,000, and state taxes decreased by $53,000. These significant reductions underscore the value and impact of Brightline CFO’s meticulous accounting services.

Engagement Summary:
Brightline CFO was engaged by a food manufacturer to provide QuickBooks Online (QBO) mentorship services. During the engagement, we discovered significant misstatements on their balance sheet, leading to inaccurate profit and loss reporting.

​

Our Approach:
Our approach involved a detailed analysis of the balance sheet to identify and correct inaccuracies. We made necessary adjustments to accurately reflect the balance sheet, resulting in a cumulative correction to net income. This provided the client with a reliable financial foundation to continue their own bookkeeping with confidence.

Results:
The corrections made to the balance sheet and net income resulted in more accurate financial reporting, offering the client a solid starting point for their bookkeeping efforts. This enhanced accuracy supported better financial decision-making and reporting moving forward.