Situation
In a flight and hotel booking business, accounts payable to a flight-ticket provider had been classified as cost of goods sold. This made the company’s financial performance appear significantly weaker than reality.
Work
- Reviewed the financial statements and identified that the numbers did not reflect the business logic correctly.
- Investigated the classification of accounts payable related to the flight-ticket provider.
- Identified the issue in the cost of goods sold classification.
- Corrected the reporting logic to present the financial performance more accurately.
Result
Improved the accuracy of the financial reporting view and corrected a classification issue that distorted business performance.