Foreclosures & Abandoned
Projects

Residential Land Developer

Foreclosures & Abandoned Projects

The Situation

  • Client had a dramatic decline in business resulting in numerous failed projects, foreclosures, and abandoned projects
  • Could not afford full-time Controller any longer and realized previous controller was not up to the task of guiding company through difficult times
  • Was still operating on an antiquated and cumbersome accounting platform that was years out of date.

The Solution

  • Cleaned up accounting and identified which costs were spent on which projects to have accurate understanding of losses
  • Worked closely with other professionals (primarily lawyers and CPA's) to negotiate with several banks and get the client the best banking, legal, and tax answers possible while being equitable to all involved.
  • Converted client accounting system over to Quickbooks to facilitate in hiring of future employees as well as simplify accounting process.

The Results

  • Generated $1.7 million of abandoned project cost deductions and worked with CPA to amend tax returns; resulted in over $500,000 of tax refunds.
  • Simplified and streamlined processes while training bookkeeper to permanently eliminate full-time Controller position from company organization chart.
  • Saved over $1,000 of license fees annually and 50% reduction of staff time by converting accounting software to Quickbooks

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