Case Studies

Multi entity fund accounting and reporting

  • Reportis are responsible for the fund accounting and reporting obligations of 90 independent legal entities.
  • The UK based asset manager, had previously maintained the ledgers in-house. It became apparent however, that updating such a high number of separate ledgers using a conventional system was not a cost-efficient use of head-office staff time.
  • Ledgers for all 90 entities are now held in one single database in mgrBars and instead of receiving a tall pile of indecipherable reports, the asset manager now receives a concise, single page report which contains the results of each entity in adjacent columns.
  • Reportis also prepare the statutory accounts, VAT and tax returns for the 90 entities and manages the tax filings and production of investor tax certificates.
  • Our service has enabled more effective review by the asset manager and lead times for the production of year end accounts and tax submissions have been greatly reduced.

Consolidated reporting for a listed property fund

  • Reportis are engaged by EREIT, a UK quoted real estate investment trust (REIT), with 40 subsidiaries across Europe.
  • Whilst the accountants in each jurisdiction continue to manage the bookkeeping and local GAAP accounts for each entity, it is now Reportis, rather than the asset manager, that consolidates this information.
  • Reportis produce the group's consolidated annual and interim statutory reporting and the detailed management reporting required by the asset manager and EREIT's Board of Directors.
  • By using mgrBars, rather than Excel, to produce the consolidated results, problems associated with multiple Excel files and links have been eliminated. As mgrBars holds the full nominal ledgers of all 30 entities, group wide analysis and KPI’s are easily produced.
  • Reportis prepares the REIT's budgets and these have been imported into mgrBars to provide actual to budget reporting and variance analysis.
  • The responsibility of supporting the audit process has been taken over by us. We prepare the audit working papers and host the auditors at our offices, thereby freeing up head office time and resource.
  • Reportis also assisted on the REIT's £170m IPO by preparing the fund projections, working capital statement and the documentation of the control environment in a Financial Reporting Procedure Document (FRP).