The Perfect fit

Client Success Story:

Carsten B., Business Property Development, LLC

Challenge:

Shortly after I joined the family business, our in-house accountant announced she was seeking to retire. Although there was no way our in-house staff could handle the added workload, we wanted to keep our HR as minimal as possible and believed we’d get better continuity out of a contractor. So we sought an outside accounting firm that could handle the complexity of our different assets and unique cashflow needs.

We were asking around and searching online for Seattle or Bellevue accounting firms. I had a sense that a small firm would be the best fit because they would be able to get to know us well and help us develop our real estate business into a more comprehensive family office.

At the same time, we want to ensure that we both capture and evolve our institutional knowledge developed throughout my father’s career. Due to the complex nature of our business operations, we require a high level of accounting excellence. I knew we needed the expertise and experience of a professional business management firm.

Options:

In reviewing the options, we had three:

Hire in-house. Hiring one person to work full time on the business creates hassle. Between the time it takes to sift through candidates until I find the right one and training that candidate, I would lose weeks or even months’ worth of time to perform my actual duties for the business.

Hire a local boutique firm recommended on Yelp. With them, I was going to get attention. Still, it was challenging to determine if they had enough business management and tax experience to deal with the complexity of our situation.

Hire one of the big four accounting firms. Despite their demonstrated expertise, we would be a small fish and always working with new folks who are unlikely to stick around. Plus, due to our complex nature, we’d be passed around between different departments, which sounded like a coordination nightmare.

This process was quite stressful, but I’m delighted that we found Patricia Bässler, Founder of the Bässler Group.

Patricia’s team is the exact fit for what we need. The firm is small enough that we deal directly with the firm’s owner in addition to the staff and management personnel. At the same time, Bässler Group is competent and experienced with our type of business.

We were referred to her through a few colleagues at Columbia Pacific. Patricia had worked there before starting her firm and had played a key role in developing the financial management procedures.

CP still used many of her financial models years after her departure. She had also trained and built the financial team, so I was comfortable with her ability to handle HR processes.

The Plan:

The transition from our in-house accountant was thoughtful and highly effective. We ran two sets of books for an entire year to ensure that ours and Bässler’s aligned, and they did.

Patricia’s version, however, is digitized. All our vital records and years of financial statement activity are organized and ready to supply for bank loans, appraisals, etc.

I have complex cash inflows and outflows, and I used to keep track of them in a massive Excel sheet. Today, I have the support of Patricia and her team, managing financial analysis documents, cash flow planning workbooks, and ad hoc reports.

The team and I have a high level of trust that the numbers presented by the Bässler Group are accurate, and I could distribute them to a third-party interest and confidently stand by them.

Avoiding Failure:

Operating a real estate company requires careful and daily tracking. Knowing how much we spent on capital expenditures, the original purchase price of properties/land, etc., is essential in understanding your tax basis. Tax basis is vital when or if property sells, and capital gains must be calculated.

Beyond tax concerns, daily operations would only be possible with detailed accounting.

Results:

Bässler Group helped us take a quantum leap forward in our accounting organization and where we need to be to scale and grow. In addition, they provide an elevated experience of reporting giving us P+L statements, cashflow statements, bank and credit card reconciliations, and a handy written summary of everything that happened during the month.

Patricia is great with strategic planning and has incredible know-how in structuring investment projects.

They’ve enabled me to spend almost no time on that side. It’s terrific because it allows me to focus on the things that add value on the real estate side.

As a result of working with Patricia and her team, our day-to-day operations are more manageable. They’ve given us a ground source of truth through a single set of numbers that I can trust and understand.

Daily accounting is simple but requires a lot of detail orientation. It can be hard to quantify, but the elevated accounting Bässler provides has removed so much stress and grants me the luxury of time to do what I do best.

Services:

• Accounting Services
• Financial Statement Preparation, Review, and Analysis, Verbal and Written (monthly)
• Bill Pay
• Strategic Consulting
• Cash Flow Planning
• Tax Planning
• Investment Structuring and Coordination
• Estate Planning and Coordination
• Day-to-Day Business Management
• Ad Hoc Reporting – Per Client Needs