Case Studies

Affordable Housing Developer

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.