pro
Oksana Djevorsky
California CPA Accounting & Advisory
New to Contra
Oksana is ready for their next project!
Audit Readiness for GAAP Financial Statements
Prepared a company for its first financial statement audit by reviewing and cleaning up three years of accounting records. The engagement included correcting account balances, prepaids, accruals, AP and year-end cutoff, capitalization of intangible assets and other costs, and PP&E and depreciation.
The goal was to establish accurate, GAAP-aligned financial records and supporting documentation before the audit, helping the company reduce unnecessary audit work and cost and move efficiently toward its financing objectives.
0
8
ASC 606 Revenue Recognition Implementation
Implemented a revenue recognition process for a SaaS company with multiple revenue arrangements. The project included analyzing performance obligations, establishing deferred revenue, and automating monthly journal entries to recognize revenue in accordance with ASC 606.
The result was more accurate revenue reporting, reduced manual work, and a consistent process for ongoing revenue recognition.
0
10
From Excel Chaos to Clean Books in QuickBooks
A comprehensive accounting cleanup and system transition for a multi-entity business that had historically maintained financial information across Excel and inconsistently used QuickBooks.
The challenge
Financial records were fragmented between Excel and QuickBooks, with a significant period of missing information. Manual posting, automated bank-feed activity, and improperly configured QuickBooks rules created duplicate transactions and recurring errors across multiple entities and accounts.
What I did
Mapped and reconciled historical information from Excel and QuickBooks.
Identified missing periods and reconstructed the necessary accounting records.
Reviewed and corrected improperly configured QuickBooks bank-feed rules.
Identified and eliminated duplicate transactions created through manual and automated posting.
Imported and organized historical information into QuickBooks.
Reconciled bank accounts and accounting records across multiple entities.
Established appropriate QuickBooks workflows and trained staff on proper processes.
Created procedures to maintain accurate books going forward.
Result
The business was fully transitioned from Excel-based records to QuickBooks, creating a centralized and reliable accounting system. Historical information was cleaned and reconciled, duplicate transactions were eliminated, and the company gained accurate financial records and reporting needed for ongoing operations, tax filing, and informed business decisions.
0
10
Multi-Entity Cleanup & Accounting Optimization
Project overview
Led a comprehensive accounting cleanup for a four-entity business group with complex intercompany activity, significant AP and AR issues, duplicate transactions, and inaccurate financial reporting.
The challenge
The entities were frequently paying each other’s expenses directly, without properly recording intercompany transfers. This created reconciliation problems, an AP backlog, duplicate expenses, and inaccurate intercompany balances. Manual billing processes also created unnecessary administrative work.
What I did
Established proper intercompany transaction procedures and trained accounting staff on the correct flow of funds between entities.
Completed a comprehensive intercompany reconciliation across all four entities.
Resolved a significant AP backlog by identifying payments made from other entities and matching them to the correct invoices.
Identified and eliminated duplicate transactions that had caused expenses to be overstated.
Corrected intercompany loan balances and the allocation of interest and principal.
Reviewed and cleaned up AR activity.
Automated recurring billing in QuickBooks based on contractual terms.
Trained staff on maintaining proper intercompany accounting going forward.
Results
The cleanup brought AP and AR up to date and improved the accuracy of the financial statements. Expenses and intercompany balances were properly stated, giving management a reliable picture of the financial position and operating performance of each entity.
The improved financial reporting also supported the company during a sale process and provided lenders and prospective buyers with greater confidence in the accuracy and financial health of the business.
0
15