Global Accounting Corp achieves remarkable efficiency by streamlining accounting services for a leading Property Management company

The Challenge

Diversity in Accounting

• Lack of uniformity in recording processes across condos.
• Quality of work is affected by short employee cycles.
• Difficulty in understanding diverse accounting processes for over 30 condos.

Accuracy & Completeness of Accounting/ Financials

• Delayed processing of vendor & utility bills, leading to unnecessary interest & penalties.
• Difficulty in negotiating competitive rates with vendors despite large business volume.
• Challenges in executing proper month-end closing procedures, impacting timely financial reporting.

Invoicing

• Difficulty in tracking and managing uploaded invoices for each condo in Xero.
• Challenges in identifying removed or misplaced invoices.

Discrepancy in Old Data

• Issue in Chargeback Invoices: Duplicate invoicing issues arising from chargeback invoices created by both parties.
• Treatment of Insurance: Inconsistent treatment of insurance across condos, resulting in logically false entries.
• Financial Backup Data: High volume of data stored in Gdrive for each condo, posing difficulties in proper organization.

The Solution

• Ensured uniform treatment of accounting across all 63 companies to maintain consistency in financial records.
• Collaboratively worked on insurance bookkeeping to address major financial and legal concerns for the client.
• Implemented a new procedure to process utilities invoices directly, ensuring timely payments and meeting deadlines.
• Introduced a systematic invoice tracking system using dated folders for better organization and monitoring.
• Conducted a detailed analysis of longstanding doubtful figures, providing actionable insights to the client.
• Resolved issues with chargeback invoices by providing clear instructions and centralizing the process.
• Consolidated data sources into a single location in Gdrive, facilitating efficient access to essential documents for both the accounting team and the client.

The Result

• Consistently providing monthly financials before due dates has earned appreciation from the Boards.
• The quality of financial reports has improved significantly.
• Our well-established and centralized accounting procedure ensures accurate information at all levels with just a single click.
• Timely payments of utilities and vendors have been achieved.
• After one year of utilizing the Indian accounting team, significant cost savings in accounting have been realized.
• Efficient bookkeeping has reached its peak after one year of using the Indian accounting team.
• We have implemented uniform monthly financial processing for all 63 companies.
• Automatic systems have been created for repetitive manual journals and invoices, resulting in substantial time savings.
• Longstanding discrepancies in the books have been resolved.
• There have been no incidents of duplicate chargeback invoicing in the past year.
• A comprehensive check of books for the last two years has been completed, along with proper invoice verification.
• Organized backups for all financials of the last two years have been maintained for each condo.
• The treatment of insurance has been improved as per client requirements, earning appreciation from the client and their auditor.

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