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Introduction
In this accounting case study, we explore a successful partnership between a local, high-end condo and Selena Fogg CPA. Discover how a few straightforward and effective accounting solutions addressed the worry and doubt of a newly hired condo manager transforming his anxiety into confidence and clarity.
The Client’s Challenge
The client, a manager of a local high-end condominium, did not trust the financial reports he was given and when in front of his board, felt foolish because he could not explain the numbers. To make matters worse, the condo was in financial straights and did not have enough funds to make necessary infrastructure repairs.
Outsourced Accounting Strategies for Questionable Financials
The condo manager brought Selena Fogg CPA their financial reports and requested help sorting them out. When reviewed, Selena found that the condo’s billing was incorrect and outdated. It wasn’t pulling in the right amount of money each month from its tenants. This error was a major contributor to its cash flow issue which was leaving the condo without the funds to support itself!
Selena’s strategy was straightforward and three-fold;
Organize and update the condo’s books
Fix the invoicing issue, and
Help the manager understand the condo's financial reports.
Selena created reports that gave the condo manager an accurate, useful, and timely set of numbers to take to his board. She worked with his accounting system to resolve the invoicing issue, allowing the condo to bill the appropriate amount to each condo resident each month. And finally, she provided training and coaching to the manager about the financials he needed to present to the board.
Results and Impact
The results of these strategies are noteworthy. The manager, armed with good numbers and a new understanding of the significance of the financials, felt great about presenting the numbers to the board and answering the questions they had.
The updates to the billing system let the condo bring in money that it had left behind, allowing it to get into the black and make the major repairs it needed. This case study exemplifies how expert accounting solutions can turn uncertainty into confidence and clarity.
Take Action Now
If your business is facing similar financial management challenges or needs clarity in your financial reports, don’t wait. Contact Selena Fogg CPA today at 806-676-2849 to find out how our tailored, outsourced accounting solutions can help you regain control and drive your business forward with good numbers and good decisions.
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