Client: Real estate investment firm

Client's Goals: Enhance operational efficiencies

Our Team's Role: Business process outsourcing - outsourced finance operations, decision support, and technology enhancement

A real estate investment firm faced significant challenges with their accounting and financial processes due to internal restructuring and high staff turnover. These issues led to delays in financial reporting, high operational costs, and limited scalability. Citrin Cooperman’s Business Process Outsourcing (BPO) Practice was engaged to streamline the company's financial close process, reduce costs, improve reporting accuracy, and implement technological solutions to enhance efficiency. The collaboration resulted in significant operational improvements, positioning the company for sustainable growth and success.

Challenges

• Prolonged financial close processes, critical deadlines missed, and delayed business decisions.
• High turnover costs and elevated tax preparation fees.
• Inconsistent financials and unreliable data for analysis.
• Highly manual and outdated accounting processes.
• Limited growth due to manual processes and systems, especially when trying to manage a larger portfolio with more transactions.

Citrin Cooperman's Approach

• Implemented a comprehensive monthly close checklist and supporting schedules to track key financial metrics.
• Optimized financial records, significantly reducing turnover costs and eliminating the need for expensive year-end adjustments by tax preparers.
• Resolved longstanding balance sheet discrepancies, ensuring precise and consistent monthly financial reports for better strategic planning.
• Introduced modern processes and software to enhance efficiency and agility.
• Provided the scalability needed to support the client's growth ambitions.

Results

• The firm now consistently closes their books on time, significantly improving decision making and financial efficiency.
• Substantial cost savings were achieved with tax preparation fees reduced by half.
• The firm now relies on accurate and consistent financial reporting, supporting better business decisions.
• With modernized processes and technology, the firm has increased efficiency and is well-equipped for future growth.
• The firm can successfully expand their portfolio and launch new initiatives without compromising efficiency or accuracy.