Tidelands Nigeria Limited is a real estate company that focuses on developing luxurious properties in Nigeria. Their latest project, Simi Garden Lekki Phase 1, is a luxury semi-detached duplex development located in the heart of Lekki Phase 1.
Introduction:
Developing real estate properties is a complex and time-consuming process, requiring the expertise of various professionals. This includes accountants who can handle the financial aspect of the project. As a result, Tidelands Nigeria Limited needed a partner who could provide full accounting support, from bookkeeping and payroll to tax compliance and financial statement preparation.
Challenges:
Developing real estate properties involves a significant amount of money, and Tidelands Nigeria Limited was concerned about ensuring the accurate and timely recording of all expenses incurred during the development of Simi Garden Lekki Phase 1. The company also needed a partner who could provide proper amortization policies, keep track of construction costs, and reconcile customer payments received on a weekly basis.
Solutions:
Pillarcraft stepped in to provide full outsourced accounting services to Tidelands Nigeria Limited. The company used Xero cloud accounting software to manage the financial aspect of the development and integrated it with other relevant software, such as Timley for time tracking. Pillarcraft provided bookkeeping services, including the daily recording of expenses, and ensured proper amortization policies were in place.
Implementation:
Pillarcraft also provided payroll services, ensuring that all employees were paid on time and accurately. The company handled monthly tax compliance, including VAT accounting for the real estate business, and provided an outsourced CFO service that reviewed key performance indicators (KPIs) in line with the industry. Pillarcraft also provided financial statement preparation and tax advisory services to Tidelands Nigeria Limited.
Outcome:
Pillarcraft’s full outsourced accounting services allowed Tidelands Nigeria Limited to focus on developing Simi Garden Lekki Phase 1 without having to worry about the financial aspect of the project. The company was able to complete the development on time and within budget, and the accurate and timely recording of all expenses allowed for better decision-making and financial planning. With Pillarcraft’s support, Tidelands Nigeria Limited was able to provide their customers with a luxurious and well-built property.
