Miami Int’l Realty Group (MIRG) is a Real Estate brokerage that specializes in the South Florida Metro residential market and manages a high volume of agents and sale transactions in the Miami Downtown area. MIRG takes pride in providing its agents with the finest tools available in order to close deals.
Founded by licensed Real Estate broker Alain Iwanowski, MIRG has grown by leaps and bounds since its inception in early 2011. Aside from standard Real Estate transaction closings and agent management, MIRG also participates heavily in flipping of single-family units and holds a number of single-family homes held as long-term investments.
Faced with rapid growth, MIRG quickly found itself in need of accounting help. Books were not being kept, receivables were not being tracked, and payroll wasn’t being processed appropriately. Reporting was non-existent. The company had no way of tracking payables and receivables, other than by looking through a mountain of paper files.
Additionally, the company had no system in place to track and disburse agent commissions and no policies for document retention or escrow reconciliation and distribution procedures.
When MIRG brought in Dedicated CPA to help streamline their financial processes, we took our time to examine MIRG’s particular situation, needs, and budget. After consideration and discussion with management, we agreed that the engagement would have the following components:
We began by going over current procedures. The client had an issue with agents demanding payment of commissions immediately after a deal was closed, forcing management to make disbursement decisions on a case-by-case basis, which made it difficult for management to properly confirm and process transactions. We nipped this in the bud by setting up Standard Procedures for agent disbursements. In order to balance the agents’ demands for quick disbursements and management’s need for processing lead time and fund clearance, we established electronic document transmittal platforms, electronic deposit solutions, and disbursements by EFT that went directly into agents’ accounts. The system was immediately successful and appreciated by the agents and management.
We also created procedures for transferring money in and out of escrow accounts, in keeping with standard practices issued by the Florida Department of PBPR. All payroll issues were quickly caught up and closed, with employees receiving salaries on-time and painlessly, via direct deposit. We also established procedures for employee document retention, as well as benefit tracking.
We quickly caught all books up to date and delivered to them the client. Management now enjoys financial statements that are completed as soon as the month ends and tax returns that are completed as soon as required. We are always available to answer any questions management has with regards to tax issues and specific transactions on an ongoing basis, all of which is included in our monthly service fee.
In short, Mr. Iwanowski and his entire team at MIRG now all enjoy peace of mind that comes from knowing all accounting and tax matters are taken care of proactively, rather than reactively, and in a manner that is quick, effective and at a fair price.
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