Property Management Group Operating without a Core Financial Team Finds Clarity with Simple & Consolidated Financials.
Client Snapshot
Industry: Property Management & Rental
Gross Revenue: $5.97m
Entity Type: LLC
The Problem
- No access to regular financial reporting
- All bookkeeping done manually in Quickbooks Desktop across several outside contractors resulting in inefficient reporting
- Unable to take regular distributions
- No core financial team to assist in helping with tax strategy, cash flow, investment, and overall financial decisions with consideration to the complexities of their finances
- Incorrect, unorganized balance sheets and inaccurate loan balances
Encurio’s Strategy
- Provide strategic guidance to family members who are also stakeholders
- Consolidate financials
- Convert all Quickbooks Desktop files to Quickbooks Online
- Generate quarterly distribution schedule
- Reconcile Balance Sheet accounts, true up loan balances
The Results
- Encurio developed relationships between all stakeholders family members and established a recurring quarterly meetings to review consolidated financials.
- Our team consolidated financials for the parent entity to provide a holistic view and complete picture of the financial health of the entire corporate group. This eliminated the need for intercompany transactions and allows the stakeholders and family to make better financial decisions with a clear picture of the entity.
- The conversion to Quickbooks Online allows for easier access between the client and their accounting & tax team. Backup files are no longer required and information can be reviewed real-time.
- Our team created a quarterly distribution schedule for each entity so the stakeholders can now review excess cash available beyond a six or twelve month operating reserve. Stakeholders may now decide when and how much to distribute each quarter.
- Encurio cleaned up the balance sheets and disposed of invalid balances. They also reconciled all loan balances to current, trued up intercompany balances, and cleaned up equity sections to accurately reflect the company’s ownership structures.
To learn more about how Encurio’s strategies could improve your businesses finances, set a meeting with us.
