Problem:
- The third-party accounting firm was not fulfilling its commitment.
- Monthly reports were being delivered late.
- Reconciliation issues were not being resolved accurately or promptly.
- Financial reports had errors.
- The third-party accounting firm was expensive, but not supplying quality deliverables.
Solution:
- Hired Doxentrics to bring these procedures in-house.
- Doxentrics designed a comprehensive system to meet all company requirements.
- Doxentrics completed procedures for 4 months to streamline and document the ideal process.
- Doxentrics hired and trained an experienced in-house team member for this role.
- Doxentrics supported the transition until there was stabilization and continued to improve related procedures such as: aged check resolution, utility auto-pay/memorized invoices, vendor management, electronic AP approvals, and more.
Metrics Comparison:
| Metrics | 3rd Party Accounting | In-House Staff |
| Final financial report delivery | Deadlines NOT met. Some greater than 2 months behind | 100% complete by 20th of each month |
| # recon issues LEFT OPEN EACH MONTH | 2-5 per HOA per month | ZERO |
| Control over the process | None | Full |
| Reporting on the process | None | Monthly metrics delivered to management |
| Visibility into the process | None | Transparent status and communication |
To chat about using these procedures at your company, schedule a complimentary 30 min discovery session at this link: calendly.com/doxentrics/30minconsult