Outsource Function -
Bookkeeping & Accounting

The Client:

A real estate investment firm that specializes in acquiring and developing multifamily properties.

Scope of Work

Complete Support With:

Bookkeeping Services (on an accrual basis) that include includes accounts payable, accounts receivable, maintenance of general ledger and subsidiary ledgers, intercompany reconciliations, fixed assets accounting, and MIS reporting.

The Client:

Process Bottlenecks

In the absence of adequate internal controls and defined policies, the accounting operations suffered from a number of process shortcomings, chief among them being:

  • Unorganized data management over emails, scanned documents
  • Process gaps leading to duplicate and inaccurate postings
  • Inability to address and resolve project conflicts
  • Inaccurate project progress and valuation reports
  • Delay in asset processing due to inaccurate historical data for acquisitions and disposals

Cogneesol’s Optimization Solution

Deep due diligence revealed that the company’s internal controls had not been able to keep pace with the spurt in its business activities. The need of the hour was to put in place sturdy controls and processes that would not only course correct but also bring agility and flexibility to the operations. With this aim in view, our team introduced the following changes:

  • Redesigning document management and naming conventions, created folders on the Dropbox, and categorized existing data per portfolios to bring about organized document management
  • Introduced BASECAMP to classify, address and resolve project issues separately
  • Introduced project accounting and redesigned reporting process providing accurate numbers for projects valuation and WIP projects
  • Consolidated historical acquisitions and dispositions data to compute capital gain/ loss

Thanks to Cogneesol’s assessment and correct diagnosis of our operations, we have been able to establish higher sales. Accurate reporting has enabled us to purchase new portfolios with confidence.

Impact Delivered

Establishment of Internal Controls and Re-designing of Project Accounting Result in Zero Error Rate and Accurate Asset Reporting.

Cogneesol’s swift diagnosis and redesigning of process flows with inbuilt controls for accuracy and compliance brought immediate results:

  • Error rate, @ 20% previously, reduced to zero bringing about 100% quality controls
  • Progressive invoicing closure time reduced by 10%
  • Asset processing timeline delay reduced from 20% to nil (processed within agreed 5 days of notification)
  • Asset processing accuracy taken to 100% as compared to 90% in the previous FY

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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