Accounting transition services - Post-closing

by a searcher from The University of Texas at Austin - Red McCombs School of Business

1 month ago

I'm closing on a $4M service company in Phoenix (asset purchase).

I'm mirroring the sellers legal structure which consists of 3 different LLCs all with their own set of books.  The company uses Quickbooks Enterprise because it allows for job cost accounting.  All employees are employed by one of the LLCs and employee sharing is accounted for with inter-company transaction entries.  Other than that accounting is pretty straightforward.

I'd like to hire a CPA firm to handle the QB transition and payroll setup (the company does its own payroll with QB Enterprise) just so I don't over stress the accounting team with this as it's likely outside their skillset.

Any recommendations on who to use or how to go about sourcing the right firm that is familiar with this specific post-acquisition process?   I feel like a lot of firms will tell me they can do it...but I really want to make sure I hire someone that is familiar with asset sale transitions specifically.

Thanks

1 like
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11 comments

professional from University of California, Berkeley

I know a great firm on AZ - ping me if you'd like a recommendatio,

1 month ago | like reply | 0 likes

searcher

There are a lot of great firms out there, looks like you have a number of recommendations already. Maybe before you go down that path, you should ask the question, what is the reason or need for three separate companies? Is there a valid legal reason for keeping them separate? If not you may want to consolidate everything into one set of books, this will save you a significant amount in bookkeeping and tax filing fees. QBs allows you to use locations and classifications to separate out different sources of revenue... I've done a number of larger rollups and with the exception of a few instances, always use a single set of books.

1 month ago | like reply | 0 likes

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