Elliott Davis was asked: “We want to focus on developing new properties and creating maximum value. Can you help provide a full-suite of accounting services, allowing us to focus on our objectives?”
Context
- Real estate firm focused on developing innovative communities across the Southeast
- Identifies emerging markets, plans exceptional residential experiences and builds high-quality facilities
- Needs improved visibility into cash flow, specifically pipeline of bills for prospective development projects
Our Approach
- Provide accounting services, including:
- Syncing of bank and credit cards to record deposits, bill-pay providers for cash disbursements, and payroll provider for cost allocation
- Maintenance of depreciable assets and schedules for expenses, debt, and interest
- Analysis of general ledger (GL) accounts
- Processing of federal and state tax forms
- Monthly reports to quickly prepare for monthly bank draws
- Additionally, the company needed the following:
- Assist management with identification of potential cash flow concerns
- Provide additional services beyond processing bill provider through weekly report that summarizes invoice pipeline
- Allow management to prioritize and process based on future cash flows
Customer Impact
- Gained better insight into business's health by having access to a full picture of their cash flow
- Improved process and efficiencies from experienced real estate accounting team – including the development of a standardized onboarding process for setting up new projects in general ledger
- Ability to monitor financial performance at both the property and portfolio levels
- Ability to limit headcount while utilizing flexible services that expand and contract as business evolves
We Can Help
For more information on how Elliott Davis can assist you and your business, contact a member of our team.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
