We were brought in to clean up the financials for six senior living communities. Some had only been given a P&L by their previous accountants, which left major gaps in accuracy and reporting. Others were on a cash basis, making it impossible to get a true picture of performance. Starting in August 2024, our team reconciled and converted eight months of accounting data into usable, accrual-based financials in just two months.
The Challenge
The communities were relying on incomplete P&L statements or cash basis financials prepared outside their accounting system, resulting in unreliable reporting and limited insight.
The Solution
Our team executed a three-step cleanup process:
- Reconciled all bank accounts
- Rebuilt accounts receivable and set up resident billing within the accounting system
- Created balance sheet accounts to convert all data to accrual basis
The Results
- By February 2025, all seven communities had accrual-based financials through year-end
- Multiple accounts were corrected for an accurate balance sheet
- Stakeholder and lender confidence improved significantly
- Tax preparers received complete, timely data for filings
Client Feedback
“We were overwhelmed and under pressure. Monarch stepped in and turned things around faster than we imagined. We now feel confident in our financials year-round.”