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Sector: Property Management Company
Region: Boston, MA
Accounting System: Yardi Voyager
Solution: Implemented a standardized procedure for delivering monthly financial reports and preparing monthly financial statements.
Scope: A Property Management Company's senior leadership engaged our services to facilitate monthly financial reporting and standardize the monthly financial report delivery process.
Approach:
1. Conducted a walkthrough of the current reporting process, reviewed system access rights, and examined existing work papers.
2. Engaged in discussions with current accountants to set reporting deadlines by entity and outline reporting requirements by owners.
3. Created a comprehensive checklist outlining tasks to be performed by each entity and established checkpoints to ensure report accuracy.
4. Conducted an in-depth analysis of recurring transactions, identified accounting errors, and devised corrective processes.
Delivery:
1. Established a standardized methodology for month-end and year-end reporting, including the associated work papers.
2. Ensured timely delivery of month-end financial reports well ahead of review deadlines.
3. Enhanced work papers to improve user-friendliness and eliminate errors.
Value Addition:
1. Clients experience time savings through the implementation of a standardized approach across all entities.
2. Proactive planning of dependencies for reporting and accounting requirements, eliminating the need for last-minute rushes to finalize financials.
3. Improved training for new accountants utilizing comprehensive checklists and checkpoints.
Sector: Commercial Construction Company
Region: San Jose, CA
Accounting System: Sage 300 CRE
Solution: Providing CFO services to address prevailing accounting challenges and establish a standardized framework for routine accounting and reporting processes.
Scope:
1. The CEO of a Commercial Construction Company sought our assistance to resolve challenges arising from the abrupt departure of their previous CFO and unresolved issues from the CFO's tenure.
2. Implement standardized accounting and bookkeeping processes to enhance reporting to stakeholders.
Approach:
1. Conducted a thorough analysis of financial reports, accounting processes, work papers, and tax-related documents from previous years.
2. Walked through interim accountants' tasks, system structure, and access to minimize redundancy and errors.
3. Reviewed General Ledger transactions with issues spanning the last 15 years.
4. Evaluated and adjusted system controls to address errors.
5. Engaged with the current accounting team to establish a standardized process for input dependencies from project managers.
6. Developed a detailed checklist covering tasks and potential challenges for seamless execution.
Delivery:
1. Entered concise summarized entries to address errors from prior years.
2. Recorded adjustments in the current year to reconcile differences between tax returns and rectified trial balances. Communicated these changes to the CPA responsible for tax return preparation.
3. Restructured the existing Percentage of Completion (POC) worksheet to accurately reflect revenue and profits from each project.
4. Standardized inputs from project managers for POC worksheet preparation and other data.
5. Provided comprehensive training to the accounting team on various tasks and assigned appropriate rights based on responsibilities.
Value Addition:
1. Rectified errors in previously filed tax returns.
2. Implemented standardized inputs from Project Managers to the accounting team for a streamlined process.
3. Enhanced overall control over the accounting process, facilitating a swift and confident finalization of financial reports for the client.
Sector: Affordable Housing Developer Company
Region: Portland, ME
Accounting System: QuickBooks Desktop and MRI Property Management
Solution: Migration of accounting system from QuickBooks to MRI Property Management.
Scope: The CFO of a Affordable Housing Developer Company approached us to migrate the accounting information from QuickBooks Desktop to MRI Property Management Software and design several reports in MRI Property Management Software
Approach:
1. Examined QuickBooks transactions spanning the past 5 years and the year in progress for migration to MRI.
2. Verified prior-year balances against the final financials for accuracy.
3. Verified open balances for Accounts Payable, Accounts Receivable, and unreconciled checks.
4. Conducted a comprehensive analysis of GLs across all entities to develop a unified Chart of Accounts (COA) by consolidating several separate COAs.
5. Developed a checklist for migrating accounts, conducting parallel accounting in both old and new systems to create an overlap for transactions before transitioning to the new accounting system.
Delivery:
1. Initiated the transition of monthly transaction summaries for the initial 3 out of 5 years, enhancing comparability with previous periods.
2. Completed the transition of all transactions for the subsequent 2 years, improving accuracy for budgeting purposes.
3. Conducted parallel accounting during the transition of financial records.
4. Formulated a unified Chart of Accounts (COA) and created a comprehensive transition document for future reference.
5. Crafted reports in the new accounting system for stakeholder reporting.
6. Conducted thorough testing of the new accounting system prior to its official launch.
Value Addition:
1. Successfully implemented the new system, streamlining training for new employees and reducing software costs for the client.