• Case Studies
Client Background
DOMICILE PROPERTIES LTD is a property management company based in the UK. They specialize in residential and commercial property leasing, and their primary source of revenue comes from rental income. The company required GAAP-compliant bookkeeping services to streamline their financial records, manage costs, and improve their financial reporting processes.
CHALLENGES & PAIN POINTS:
Complex Cost Structure:
DOMICILE PROPERTIES LTD had a complicated cost structure with multiple expenses such as repair and maintenance, utilities, advertising, and legal fees. Managing and categorizing these costs accurately was challenging.
Limited Visibility into Financial Health:
The company lacked detailed financial insights, particularly around gross profit margins and expense management.
Inconsistent Recordkeeping:
The client faced difficulties in maintaining consistent and accurate records for various financial transactions, which hindered their ability to make informed business decisions.
SOLUTIONS PROVIDED:
Chart of Accounts Setup:
Surma Akther Any worked closely with DOMICILE PROPERTIES LTD to establish a detailed chart of accounts, categorizing income, cost of sales, and expenses to enhance the clarity of financial data.
Expense Categorization:
Regular categorization of all operating expenses such as repair and maintenance, fuel costs, and legal fees was implemented to ensure accurate tracking of operational expenditures.
Profit and Loss Reporting:
A robust Profit and Loss reporting structure was established, providing DOMICILE PROPERTIES LTD with better insight into their gross profit, expenses, and net profit.
Income & Cost Management:
Detailed tracking of rental income and cost of sales, including landlord payments, allowed the company to understand its profit margins and identify areas where cost-cutting measures could be applied.
GAAP-Compliant Bookkeeping:
Ensured the company’s financial records were GAAP compliant, which enhanced the reliability of their financial reports and helped with audits and financial planning.
BENEFITS:
Clear Financial Insights: The client now has detailed profit and loss statements and a transparent view of their business’s financial health.
Better Expense Control: With proper expense categorization, the company can identify areas where costs can be reduced and operational efficiency can be improved.
Improved Decision-Making: With accurate financial reports, DOMICILE PROPERTIES LTD can now make informed decisions on leasing, budgeting, and financial forecasting.
ACHIEVEMENT
Gross Profit Analysis:
The company achieved a clear understanding of their gross profit, helping them focus on profitable activities and optimize their cost of sales.
Expense Optimization:
By tracking and categorizing all expenses, the company was able to reduce unnecessary spending, particularly in areas like advertising, utilities, and legal fees.
RESULTS & BENEFITS:
FINANCIAL REPORTING
Rental Income
Total Income
Total Cost of Sales
Gross Profit
Total Expenses (including Salaries, Advertising, Legal Fees)
Net Profit – Estimated based on expenses and gross profit.
Increased Financial Accuracy:
The implementation of GAAP-compliant systems ensured that the company’s financial statements were accurate and aligned with industry standards.
Expense Reduction:
The detailed tracking of repair, maintenance, and salaries led to a more efficient allocation of resources and a reduction in unnecessary expenditures.
Improved Reporting Efficiency:
The company now produces more reliable and timely reports, aiding in better financial planning and operational decisions.
Challenges & Pain Points
1. Inefficient Financial Processes:
Armor Technologies struggled with disorganized financial records and inefficient manual accounting practices that led to delays in
reporting, invoicing, and reconciliation.
2.Compliance Issues: The company faced difficulties in maintaining GAAP-compliant records and managing VAT processes, which raised concerns about potential legal and tax risks.
3.Inaccurate Reporting: The lack of accurate and timely financial reporting affected the company’s ability to make informed business
decisions, leading to inefficiencies in operations and strategic planning.
4.Accounts Payable & Receivable Delays: Due to ineffective management of accounts payable and receivable, the company
encountered frequent cash flow challenges, delayed payments, and client dissatisfaction.
Financial Reporting
From the Armor Technologies Pte Ltd balance sheet, as of March 1 – May 1, 2024,
key financial figures include:
Total Current Assets:
Bank Accounts:
Standard Chartered PLC:
Ping An Bank:
Total Assets:
Total Liabilities: $0 (no current liabilities were reported)
Equity:
Focused on Retained Earnings as the primary equity source, ensuring business sustainability and growth. The Profit and Loss Reports showed significant improvements in operational efficiency, especially after implementing the new systems for invoicing and accounts management
Achievements
1. Reduced invoice processing time by 30% through automation.
2. Achieved 100% compliance with GAAP and VAT regulations.
3. Improved cash flow by 20% through optimized accounts payable and receivable systems.
4. Eliminated errors and discrepancies in financial reports, leading to more reliable data for business decisions
From the Armor Technologies Pte. Ltd balance sheet, as of March 1 – May 1, 2024, key financial figures include:
Total Current Assets:
Bank Accounts:
Standard Chartered PLC:
Ping An Bank:
Total Assets:
Total Liabilities: $0 (no current
liabilities were reported)
Equity: Focused on Retained Earnings as the primary equity source, ensuring business sustainability and growth.
Results & Benefits
1 .Enhanced Efficiency in Financial Operations: With optimized bookkeeping practices, financial operations became faster and more accurate, allowing the company to focus more on business development and less on manual bookkeeping tasks.
2.Improved Cash Flow Management: By streamlining accounts payable and receivable processes, Armor Technologies experienced reduced delays in payments, leading to an improved cash flow situation.
3.Full Compliance with Local Regulations: The new system ensured compliance with GAAP and VAT regulations, significantly reducing the risk of legal and tax-related issues.
4.Accurate and Timely Reporting: Monthly financial
reports were now accurate and available in a timely manner, empowering Armor Technologies’ management team to make data-driven decisions.
5.Time Savings and Reduced Errors: Automated
invoicing, payroll, and bank reconciliation systems
saved time and reduced the likelihood of human
errors in financial records.
Solutions Provided:
Surma Akther Any, a certified bookkeeper with over 10 years of experience in QuickBooks Online, Xero, and Wave, provided the following solutions:
1.Chart of Accounts Setup: A detailed and customized chart of accounts was created, categorizing Armor Technologies’ financial
transactions more efficiently and ensuring easier tracking of income and expenses.
2.Bank Reconciliation & Financial Reporting: Monthly reconciliations were performed to ensure that Armor Technologies’ bank balances
matched their books, reducing discrepancies and improving accuracy in financial reporting.
3.VAT Compliance: All VAT-related transactions were reviewed, and proper VAT reports were generated to ensure full compliance with local tax regulations.
4.Invoicing & Payroll Automation: The invoicing system was automated, and payroll processing was streamlined, ensuring timely payments to employees and clients, minimizing errors.
5.Accounts Payable/Receivable Management: The accounts payable andreceivable systems were optimized to improve cash flow, reduce
overdue payments, and increase client satisfaction.
6.GAAP-compliant Bookkeeping: Ensured that all accounting practices
were in line with GAAP, reducing risks during audits and ensuring the
financial integrity of the company.
CLIENT BACKGROUND
Client Name: KLM Kitchen (Interior Design, USA)
Industry: Interior Design
Business Size: Medium Enterprise
Services Provided: Accounting, Bookkeeping, Financial Statement Preparation
- AT A GLANCE
CHALLENGES:
1. DISORGANIZED FINANCIAL RECORDS
2. DELAYED RECONCILIATION
3. PAYROLL MANAGEMENT CHALLENGES
CHALLENGES & PAIN POINTS
Before partnering with Whiteshell Consultancy, KLM Kitchen faced the following financial challenges:
Disorganized Financial Records – Lack of a structured accounting system.
Delayed Reconciliation – Inconsistent bank and general ledger reconciliations.
Cash Flow Issues – Unclear tracking of income and expenses.
Payroll Management Challenges – Inefficiencies in processing employee salaries.
Solutions Provided
Whiteshell Consultancy implemented a comprehensive financial management system, including:
QuickBooks/Xero Integration & Setup
Reconciliation of Bank Accounts & General Ledger
Detailed Financial Reports (Balance Sheet, Profit & Loss, Cash Flow Statements)
Payroll Processing & Expense Tracking
Tax & Compliance Management
Results & Benefits
100% Accuracy in Financial Reporting – Well-structured and GAAP-compliant statements.
30% Improvement in Cash Flow Management – Reduced late payments and optimized budgets.
Saved 15+ Hours Per Month – Streamlined bookkeeping processes.
Enhanced Payroll Accuracy – Eliminated errors and ensured timely salary payments.
Client: Salon Company LLC, USA
Industry: Salon Services
Business Size: Medium Enterprise
Services Provided: Bookkeeping, Payroll, Tax Compliance, Financial Reporting
CHALLENGES & PAIN POINTS
Before partnering with Whiteshell Limited, Salon Company LLC faced several financial difficulties:
Manual Bookkeeping: Inaccurate records and inefficiencies due to manual accounting tasks.
Lack of Financial Visibility: Poor record-keeping and inadequate reporting led to an unclear financial picture.
Time-consuming Processes: Labor-intensive workflows took time away from business growth activities.
Compliance Issues: Difficulty adhering to GAAP and handling complex financial regulations like VAT, payroll, and taxes.
CUSTOM SOLUTIONS FOR SALON COMPANY LLC
1. Whiteshell Consultancy addressed these challenges with tailored services:
2. Implemented GAAP-compliant bookkeeping to ensure high accounting standards.
3. Automated invoicing and reconciliation, minimizing human error and saving time.
4. Streamlined tax filing and payroll processing, allowing the business to focus on growth.
5. Delivered regular financial reports, including profit & loss statements, balance sheets, and general ledgers for better insights.
6. Identified discrepancies early and enabled timely corrections and adjustments.
RESULTS & BENEFITS
Financial Efficiency: Reduced operational costs by automating key accounting tasks.
Enhanced Accuracy: Reliable and compliant financial statements minimized the risk of errors.
Increased Financial Visibility: Clear and consistent reporting supports informed decisions and future planning.
Tax and Compliance Assurance: Surma Akther’s expertise ensured full compliance with VAT, payroll, and tax requirements.
Stronger Financial Health: Improved net income and financial stability enabled business expansion.