Case Study

Real Estate Company

Situation

A local real estate company was in need of a new bookkeeper after several individuals in this position were not performing well. Upon examination of the QuickBooks file, we found a multitude of errors in the way the books were being kept which were causing large problems for the CPA each year in preparation of the tax returns in addition to prohibiting any interaction with financial institutions which may need accurate current financial information for new property acquisitions.

Challenge

Take an error-filled QuickBooks file and develop a Chart of Accounts which allowed for the file to be kept up to date with relative ease as well as devise a way to get the client performance reports on each of the property sets individually on demand.

How We Helped

After spending time with the client as well as their CPA firm going through the QuickBooks file, we spent the necessary time learning the moving parts of the client’s business so that we could evaluate where the bookkeeping procedures needed to be adjusted. We then put an ongoing process in place to get information from the client on particular transactions where we required some clarification.

By utilizing the Class feature within QuickBooks we were able to isolate particular properties for examination on demand by the client and any relevant financial institution. Additionally, we put together a report set that allowed for the client to easily and quickly determine the financial performance of the various properties in their portfolio.

Products & Services

QuickBooks
Profitability