Partnerships are the foundation for many successful enterprises but on occasion, disputes can arise and a break down occurs. The team at Kaufman Rossin, a Miami based CPA & Advisory firm, were called in to advise as experts on just such a situation. One partner had disagreements with the other managing partners of a given entity and their attorney engaged Kaufman Rossin to assess exactly how business had been conducted as part of the dispute.
While not unreasonable for a business of this nature, the web of entities and accounts made tracing exactly how capital had been invested a significant challenge. Add to this receipt of the bank statements on a Friday, all of which needed analysis presented on the following Monday.
After an initial attempt to extract transactions from the statements for review, Kaufman Rossin turned to Valid8 to meet the required deadline.
The team at Kaufman Rossin uploaded over 600 statements and had fully reconciled and verified transaction data back within hours.
Patented algorithms identified funds moving between accounts and entities.
Within three days, Kaufman Rossin was able to map out all the statements and entities and collaborate with the attorney in real time to focus in on areas of interest.
Accelerated Analysis: Going back four years, 23 bank accounts across 22 entities containing 11,000 transactions and yielding total inflows/outflows of $400 million were reviewed.
Counter Identified: Claims that certain business transactions had not occurred were easily countered, directly from the evidence.
Resource Efficiency: Without Valid8, 3-5 of the team working over a weekend would have been needed for an attempt to extract the transactions. By partnering with Valid8 all transactions were returned within hours, fully reconciled.
“The clarity of data we presented by partnering with Valid8, so impressed our client that they broadened our engagement beyond the initial scope.”
“Being able to collaborate with the attorney in real time within Valid8 dramatically accelerated identification of the areas of interest in this case.”
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