Client: Commercial Real Estate Owner
Service: Outsourced Accounting Services
Situation
A prominent commercial real estate owner faced challenges in maintaining efficient bookkeeping, financial reporting, and tax management. With the complexities of managing leases, accounts payable and receivable, and Common Area Maintenance (CAM) expenses, the company sought an outsourced accounting solution to streamline its financial operations. They required a partner who could not only manage these tasks but also provide strategic financial insights and ensure compliance with tax regulations. To address these needs, they partnered with us to serve as their comprehensive accounting department.
Resolution
Our team immediately integrated with the company’s operations, providing a seamless extension of their management capabilities. We focused on enhancing their financial processes and reporting, ensuring that all financial statements were up-to-date, accurate, and reflective of the company’s financial health. Our services included:
- Advanced Bookkeeping and Financial Reporting: Implementing rigorous bookkeeping practices to ensure accurate financial data, which is crucial for decision-making and investor relations.
- Strategic Tax Management: Managing all aspects of tax reporting, including the preparation of 1099s and ensuring tax compliance. We closely monitored asset additions, differentiating between capital expenditures and operational expenses, to optimize tax treatment and financial planning.
- Lease Management and Future Projections: Keeping track of current leases and projecting future ones, including detailed rent roll management and tracking CAM expenses. This helped in forecasting revenue and managing tenant relationships effectively.
- CAM Budget Collaboration: Working closely with the owner and their management company to track the CAM budget vs. actual expenditures, ensuring fair and accurate billing for tenants and optimizing operational costs.
- Transition to Cloud-Based Solutions: To enhance efficiency and accessibility, we transitioned financial management from QuickBooks Desktop to QuickBooks Online (QBO) and BILL (formerly Bill.com). This move to cloud-based platforms allowed for real-time financial insights and streamlined payment processes.
The outcome of our partnership was a significantly improved financial management framework for the real estate management company. They benefited from timely, accurate financial reporting, streamlined accounts payable and receivable processes, and a strategic approach to managing CAM expenses and budgeting, which made for smooth, painless tax preparation. The transition to cloud-based solutions further enabled them to operate more efficiently, with enhanced accessibility and security of financial data.
Learn More
Our expertise in providing outsourced accounting and financial management services to the commercial real estate sector allows us to offer customized solutions that meet the unique needs of each client. From day-to-day financial operations to strategic planning and tax compliance, we ensure your financial management processes are efficient, compliant, and aligned with your business objectives. Contact us today to discover how we can help elevate your financial operations and contribute to your company’s success.
