Helping a fast‐growing real‐estate company meet growth demands with new ERP system and outsourced accounting

Elliott Davis was asked: “We are growing fast and need to implement a new Enterprise Resource Planning (ERP) system and replace our current outsourced accounting team. Can you help?”

Context

• A leading real estate asset investment firm with 7 offices across 4 countries
• Oversees projects in residential, office, industrial and hospitality from concept to completion
• Business expanding with potential onboarding of up to 15 new assets in 2 years
• Current outsourced accounting team was not meeting business needs
• Needed to identify a new ERP system to support growth and implement with third- party applications
• Wanted on-time, high quality information for management team

Our Approach

• Completed an assessment of people, process and technology and collaborated with management to identify software solutions to me business needs
• During assessment, the team engaged to:
  • Create short-term solution to support long- term software implementation
  • Create new bill pay software account and established sync
  • Assist with setup for online bank feeds and other integrations
  • Provide training to users
  • Create customized reporting
  • Convert transactional data from previous ERP
• Additionally, the team provides ongoing services, including:
  • Implementation support and sustainability of accounting system
  • Syncing bank and credit cards to record receipts and distributions
  • Enter bills for payment and sync with bill pay software
  • Schedule prepaid expenses, debt and accrued expenses
  • Reconcile balance sheet accounts and complete journal entries
  • Perform general ledger variance analysis
  • Process annual 1099 filings

Customer Impact

• Adopted scalable system to support on-going growth
• Leveraged new technology to improve efficiencies
• Improved visibility into business performance
• Increased confidence in bill payment process
• Secured bank funding with monthly loan draw request data packages
• Gained the ability to continue fast growth with scalable processes and technology

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.