Based in New York city, US our client was founded in 2009. They focus on managing and optimizing a diverse portfolio of five unique ventures.They strive to provide their clients with accurate financial insights to drive sound decision-making and foster sustainable growth.

They are seeking a skilled and experienced financial professional who can implement corrective measures to ensure the utmost accuracy in assigning figures to respective GL accounts.

Story of the Customer

Established in 2009, our client is a well-established Real Estate company based in the vibrant city of New York.

Their primary focus lies in effectively managing and optimizing a diverse portfolio consisting of five unique ventures.

Being a financially focused company, they understand the vital role of accurate financial data in achieving business success, and as such, they are actively seeking an affordable management solution to streamline unmanaged accounting and maintenance activities.

Danica Accounting

The Challenges

  • Lack of timely processing for vendor and utility bills resulted in unnecessary interest and penalties.
  • Difficulty in negotiating competitive rates with vendors despite a substantial business volume.
  • Absence of proper month-end closing procedures leading to inaccurate monthly reports reflecting the firm's business status.
  • Poor quality of processed data not meeting desired standards.
  • Accounting software limitations due to shared usage among multiple portfolio users.
  • Challenges in making changes to the Chart of Accounts to suit specific requirements.
  • Restricted capability of producing financial reports and handling large data volumes due to multiple users accessing the software through a single window.

The Solution

  • Suggested switching to Appfolio Property Management software with an integrated accounting module to streamline operations and gain better access.
  • Changed the Chart of Accounts as per client requirements and created new GL accounts for enhanced traceability.
  • Started with 2 property accountants to meet initial needs, who efficiently transferred data to Appfolio and established clear data entry timelines.
  • Implemented a new procedure for month-end closing, addressing previous pain points and ensuring organized and timely reporting.
  • Centralized data into a single SharePoint location, eliminating delays caused by scattered data sources and facilitating smooth communication with the client.

The Result

  • Timely Monthly Financials: Our reports are now closed by the 6th of each month, with final financials released by the 8th. This promptness has been recognized and appreciated by our bankers and investors.
  • Improved Financial Clarity: Our Management Dashboards have significantly enhanced the quality of financial information available to senior management and investors.
  • Well-Established Accounting Procedure: With centralized processing in Appfolio, we ensure the availability of accurate information across all levels.
  • Cost Savings in Maintenance: Our work order tracking and technician time tracking initiatives have resulted in measurable dollar savings in maintenance expenses.
  • Accounting Cost Savings: After one year of utilizing the Indian accounting team, we have achieved substantial cost savings in our accounting operations.

Leverage Global Accounting Corp to Serve the Customers Better

Efficiently managing finance, accounting, and billing processes is a significant challenge for industries worldwide. From intricate bookkeeping to complex accounts payable, tax preparation, and payroll services, handling financial data demands considerable time and effort, impacting businesses of all sizes.

At GAC, our dedicated team of finance and accounting experts delivers comprehensive support, streamlining financial workflows, reducing operational costs, and ensuring compliance with global accounting standards.

Contact GAC today and embark on a journey towards financial excellence and unparalleled business success together.

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