Plumb and Meridian Development Team Up to Move Millenia to the Next Phase of Growth

Real Estate Developer Accounting Services + Sage Construction & Real Estate Software

For the past 20 years, Plumb and President, Robert Scherer, have been assisting the construction and real estate development industry with outsourced real estate developer accounting services and construction-specific accounting software and consulting.

Plumb has a team of accountants and Certified Sage Software consultants who specialize in construction and real estate developer accounting services and software, delivering critical tools and financial reports to help contractors, developers, subcontractors and home builders make clear-sighted business decisions.

With outsourced accounting, Plumb provides a cost-effective and scalable solution for many contractors and developers in Southern California.  Whether the need is full-scope accounting services, project clean-up, software system conversions or upgrades, Plumb offers customizable services to assist with corporate objectives.

Plumb has four office locations, including San Diego, Riverside and Orange County and can be virtual or onsite to hit the ground running with experience in construction accounting software platforms, such as Sage construction software. 

Read: Case Study – Meridian Development | Sage 300 Construction & Real Estate

Plumb Client:

Meridian Development, is the master developer of Millenia, a 210-acre community located south of Otay Ranch Town Center and east of SR-125.  Millenia, which is destined to become the “downtown” of South County, consists of five districts and eight new neighborhoods, including homes for sale, commercial, retail, and office space, apartments for lease and public works projects, including a city library, school, parks and fire station.

Real Estate Developer Accolades:

Pulse Millenia Apartments won the best new multifamily project in the city of Chula Vista’s annual Ribbons & Shovels awards program.  Pulse offers 272 apartments, a resort-style pool, gym, business center and 2,000-square-feet of retail space.

EVO at Millenia Community won a silver award from the National Association of Home Builders (NAHB) for Best Architectural Design of an Attached Community.  With over 1,100 entries, Meridian Communities’ EVO took home the silver award during a three-day judging process and a panel of seven industry professionals from across the county.

Overview of Services:

As a premier Sage Certified Partner, Meridian Development first became a client of Plumb in 2014 when they purchased Sage 300 Construction and Real Estate software. They were seeking a comprehensive solution integrating accounting, job costing, budgeting and tracking.

With a team of Sage Certified Consultants, Plumb implemented and customized the software in order to unify their projects and organize over 30 subcontractors, including eight trades and numerous builders. The construction-specific accounting software was setup to streamline processes and handle the highly detailed requirements of the numerous projects.

Sage 300 Construction & Real Estate Provides Meridian Development with:

  • Budgeting – giving access to the profitability of each project and comparisons with up-to-the-minute actual costs versus budgeting costs.
  • Job Costing – helping monitor and manage all phases of the projects with integrated job cost capabilities.
  • Commitment and Change Order Management – Efficiently managing the change order process while keeping projects on schedule and on budget.
  • Job Tracking – managing activities across multiple jobs and contractors.
  • Subcontractor Management – creating a collaborative workflow across every project and tracking prime contracts, subcontracts, change requests, plans and more.

Real Estate Developer Accounting Outsourcing Services:

In addition to providing ongoing Sage construction software consulting services, Plumb was hired by Meridian Development to help with their internal accounting needs.  Plumb stepped in to enhance their accounting department by providing part-time accounting services and Controller-level insight.

Meridian Development works with Plumb on a fixed-fee basis for their accounting engagement.  This consists of different levels of accounting expertise and the delivery of timely and accurate financial data and job tracking that covers all phases of Millenia.

Overview of Controller Accounting Outsourcing:

  • Preparing monthly financial reports with project-specific reporting and analysis
    • Recording lot sales from final settlement statements
    • Recording cost of sales based on relative sales value (RSV)
    • Calculating model recovery
    • Calculating master marketing fee for each unit
    • Reconciling notes between multiple entities
    • Calculating management fee between entities

Overview of Accounting Manager Outsourcing:

  • Preparing month-end financial reports, including Profit & Loss, Balance Sheet, Job Cost
  • Account reconciliation
  • Confirming job costs and general ledger ties together on monthly basis
  • Due diligence

Overview of Staff Accountant Outsourcing:

  • Assisting with AP process
  • Entering subcontractor agreements
  • Handling contracts, purchase orders and change orders
  • Monitoring certificates of insurance to make sure all subcontractors are compliant
  • Assisting with loan draws each month

Results:

Since TAG joined forces with Meridian Development and installed Sage 300 Construction and Real Estate, they have a unified software solution that addresses accounting, job costing, budgeting and subcontractor tracking.  This allows them to know where they stand with real-time access to critical data, and shortening the time it takes to prepare month-end close.

With Plumb’s customizable, outsourced real estate developer accounting services, Meridian consistently receives a timely and accurate financial snapshot tracking all projects and phases of Millenia. Plumb works with the management team to deliver useful internal reports, including job-specific, budget to cost comparison, subcontract and purchase order analysis and gross profit by job.

By leveraging the technology of Sage 300 Construction and Real Estate and setting up a streamlined accounting system, Plumb improved project communication and productivity by providing a single-source access to financial information and a complete picture of any project in Millenia.

Interested in learning more about software solutions + accounting services for real estate developers?

Contact Plumb