Client Overview KMK: A Strategic Partner for US-Based Fund Managers and VC firms
Client’s Challenges
Tax filings and timely K-1 filings
Collaboration with fund admin
Struggling for reporting
Cap table reconciliations
Dealing with different firms
Revenue leakage.
Our Solution
KMK analyzed the clients pain points and reviewed the financial statements and tax returns of all the entities. KMK came up with a solid plan to address these challenges of the client. An experienced team of 4 individuals was created to dedicatedly work for this client. 1 person worked on the tax and compliance management. A team of 2 individuals worked on day to day accounting for all the entities and 1 person worked for investors collaboration, managing investor payments, investments and cap table reconciliations.
KMK team has an internal SLA of sending out responses within 12 hours which led to quick responsiveness and faster turnaround. KMK became a one stop solution for all of its tax, accounting and compliance requirement. KMK’s team prepared the tax returns and delivered the K-1’s to more than 500 investors in a timely manner.
This was possible with the use of automations. KMK’s team created a BOT using power automate which automatically read the investors subscription documents and extracted the details into an organized format. This automation came very handy to read and extract and organize details of hundreds of subscription documents.
Additionally, KMK team used to collaborate with the CFO on a daily basis and worked closely with him. KMK team used Quick Books, Bill.com, Expensify, Carta as a complete software stack.
Synergies Created
The partnership between company and KMK was very successful, with several synergies created:
Timely tax filings
The company was able to get all the K-1’s ready and the tax returns filed by the 1st week of March every year. This was phenomenal turnaround time considering the number of investors and K-1’s.
One stop solution
Client had 1 team to go to for any accounting, finance, tax and compliance related issues. This saved a lot of time of client in terms of dealing and collaborating with multiple agencies.
Cost efficiencies:
The client was able to reduce the cost of their tax, accounting and finance department by over 50% and still got better quality services.
Improved financial reporting:
The client received consolidated reporting on a monthly basis. The closings were being done on a regular basis by every 10th of the subsequent month.
Reduced compliance risk:
KMK team helped the client to stay compliant with state and federal compliances like sales tax, franchise taxes, payroll and federal taxes and created a compliance calendar to ensure that there are no compliances missed out.
All-in-one Accounting Solutions
Incredibly
Accurate Work
For U.S. Based CPA Firms Are you looking for remote staff for CPA firm?
For U.S. Based Businesses Are you struggling with accounting for your business?
At KMK, we offer comprehensive end-to-end accounting services to help your business thrive. From day-to-day bookkeeping to financial statements, our expert team has got you covered.
