Optimized Real Estate Accounting: Cogneesol Improved Decision-making and saved $300k Per Annum

The Client:

A US-based home decor wholesaler catering to lifestyle buyers across the country.

Scope of Work

Complete support with:

  • Accounts Payable
  • Accounts Receivable
  • General Ledger
  • Month-end Closure
  • Payroll Records
The Client:

Process Bottlenecks

Untimely accounting records across months led to inaccurate clearing accounts and non-compliance with the timely closure of books. Further, their multi-channel progress reporting live sync was incompatible with their existing accounting package, thereby failing to show real-time statuses and reports.

Cogneesol’s Optimization Solution

Cogneesol’s finance and accounting (F&A) team conducted extensive due diligence of the end-to-end operations, identified and listed the gaps, and defined corrective measures to bring in accuracy, internal controls, transparency, and compliance.

These corrective measures included:

  • Conversion of accounting package providing live sync with the Shipstation and ERplain sales platform
  • Mapping of every channel to respective accounts in the package
  • Monthly reconciliation of clearing accounts

With accounting records firmly in place and the everyday availability of channel reports, we have been able to fast-track business decisions and explore growth opportunities. Cogneesol is like our backbone now!

Impact Delivered

The implementation of the above corrective measures brought about an immediate streamlining of processes resulting in the following benefits:

  • Reduced financial closure time by 80%, achieving timely books closure
  • Daily snapshots of multi-channel progress
  • Reconciled clearing accounts
  • Precise inventory count from 70% to 99%
  • Real-estate consolidation providing $300 K per annum benefit to the client

Client Testimonials

It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.

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