The Brief

Client Profile: A well-established real estate company founded in 2009, headquartered in New York City, managing a diverse portfolio of five unique ventures.
Industry Domain: Real Estate.
Challenges Faced:
- The client faced issues with untimely processing of vendor and utility bills, leading to unnecessary penalties.
- They struggled with negotiating rates due to business volume, had inadequate month-end closing procedures, and faced data processing quality issues.
- Additionally, software limitations hindered financial report generation and data handling.
Project Objective: To streamline accounting and maintenance processes, improve financial clarity, and ensure accurate reporting for sustainable business growth.

The Solution

We provided tailored accounting and maintenance solutions, including:

Software Integration: Recommended and implemented Appfolio Property Management software with an integrated accounting module.
Chart of Accounts Optimization: Customized Chart of Accounts and created new GL accounts for better traceability.
Skilled Staffing: Deployed two property accountants to facilitate data transfer and establish clear data entry protocols.
Enhanced Month-End Procedures: Introduced a structured month-end closing procedure to improve report accuracy and timeliness.
Centralized Data Management: Consolidated data into a single SharePoint location to eliminate delays and improve communication.

Our solutions resulted in notable improvements, including:

Timely Financial Reporting: Monthly financials are now closed by the 6th, with final reports released by the 8th.
Improved Financial Clarity: Enhanced Management Dashboards increased the quality of information for decision-makers.
Robust Accounting Procedures: Centralized processing ensures accurate information is accessible at all levels.
Cost Savings in Maintenance: Efficient work order and technician time tracking led to measurable maintenance cost reductions.
Accounting Cost Efficiency: Utilizing the Indian accounting team led to significant savings in accounting operations.