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[Music] today we have Muhammad Assin from

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Balanced Asset Solutions he’s been he’s been doing this for property managers for over 15 years now and uh he is going

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to talk to us about are we audit ready uh especially from a property management

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point of view um just like all other webinars this webinar we make it within we make it 30 minutes just so we can get

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uh people in and out we know everybody’s day is super busy so with no further ado Muhammad you are up man

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beautiful uh thank you for that warm introduction Pete i’m happy to be here um hello everyone my name is Muhammad Mo

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Hussein i’ll be your presenter today and we get to talk about the wonderful and exciting topic of audits um are you

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audit ready no I’m kidding steps uh and uh to avoid pitfalls and

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and ensure compliance um so as I’m going through the presentation here uh Pete is

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generous enough to be able to check on the any questions so if you have any questions feel free to add it in the Q&A

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uh you can also raise your hand if I see that as I’m going through particular topics i will take a pause if it’s

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related to topic if not um we’ll I may save it for the end and we’ll have some time at the end to do some Q&A um so

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today’s agenda uh we’ll talk a little bit about um what GAAP compliance is uh

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the role of trust accounting um strategies to conduct self- reviews and

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things you need to kind of look for in preparing for an audit and how you can leverage your software for compliance

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and then we’ll leave some time at the end again for for some Q&A um so let’s

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go ahead and get started so uh today’s goal uh from a high level is to provide

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insight into uh my experience and our organization’s experience on kind of going through audits we’ve been around

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uh for a little over eight and a half years i’ve been in this industry for close to 15 years and work with clients

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all throughout the US um we are CPA and accounting firm and and constantly are working with clients um that are going

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through department of real estate audits and so today we’re hoping to provide some information collateral and tools uh

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to equip you with the necessary information and knowledge to ensure that you are audit ready why audits matter so

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a lot of folks in this industry usually start off in uh as a broker uh buying

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selling real estate on behalf of your clients and and usually over time a client or two may ask you to actually

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manage their real estate and uh uh their their their actual portfolio from a property management perspective and

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that’s where we see a lot of folks kind of jump into uh property management um property management does have kind of

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strict certain compliance and rules depending on the state that you’re in i’m sitting here in the state of

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California which is very strict um in terms of like trust accounting um but in

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general you know audits are usually kind of an afterthought um it’s similar to kind of insurance you want to make sure

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that you have it and you are ready um in the instance where you do get called up

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um what we see is usually folks that are being audited it’s usually one of three

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reasons that an audit is kind of triggered keep in mind in the US alone there’s probably close to uh a little

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over 220,000 different management companies there’s no there’s no you know

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similar size of an army with the department of real estate that’s technically able to audit everybody um

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and so usually there’s three kind of like cues that the department of real estate will get on an organization that

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they’re looking to audit it’s you know disgruntled owner that wasn’t receiving reporting or accurate financials that

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gave an anonymous tip there’s a disgruntled tenant that doesn’t feel like their maintenance requests or that their concerns are being heard by their

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management company or you know when it comes to fair housing prospects um and so you know I always say that I’ll give

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you a fourth one Mo i’ll give you a fourth another another agent or broker that’s

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unhappy they’ll even though they’re not supposed to we we’ve seen that from That’s right that’s right that’s right

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so this goes back to you know one of the fundamental concepts in business and just like communication and you know the

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old adage of like karma you know what goes around kind of comes around you want to make sure that you know you’re running your business in a manner that’s

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you know fairly ethical and that you are you are uh working with people in a in a very fair manner audits are are very

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very business disruptive you know and failing these audits will definitely put risk and potentially you know you’ll

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lose your actual uh your broker’s license um when we look at just even the

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state of California about on average per per year there’s about 5% of companies there’s close to about 50,000 management

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companies headquartered in the state of California about 5% are audited uh yearly so it’s not a matter of if it’s a

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matter of when so one out of every out of 20 companies are being audited each year audits if you’re using a third

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party firm usually cost somewhere ballpark about $25,000 however the typical fine is

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somewhere to the ballpark of about $35,000 and these range we’ve seen audit

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you know um fines from you know a couple thousand up to you know well into the

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six figures depending on how egregious the violations are and I’ll talk through some of those as we go through our

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presentation here um excuse me I keep going back um next we’ll talk about

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understanding GAP compliance so GAP stands for generally accepted accounting principles in accounting there’s no such

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thing as creativity if you have a creative accountant I would be highly skeptical there’s always a right and

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exactly and actually this this is exactly why these standards were established the generally accepted

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accounting principles was known as GAAP was established by the financials accounting standards boardby and there’s

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one for the government also and these organizations were put together after Enron the whole Enron scandal so there’s

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no such thing as as uh as creative accounting there’s always a right answer and the whole point of GAP is to

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standardize the way that financial reporting and information is shared with investors with stakeholders and with the

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general public this ensures that there is cohesive kind of a uh um consistency

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across you know reading and understanding kind of financial reports um talked about GAP compliance within

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the the real estate industry we have Whoops within the real estate industry we have what’s called trust accounting

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compliance um before I go into that I forgot I have this slide on GAP um so uh for those of you that don’t understand

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uh GAP there’s kind of three main components to it you have revenue recognition which is you know ensuring

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that revenue is recognized when it is earned so for example you know uh in the beginning of the month the first of the

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month when a tenant pays rent that is when rent revenue is recognized if they pay rent the day before the first of the

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month that is technically a liability that’s what’s called prepaid rent right um so ensuring that you’re recognizing

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revenue when it is actually earned um it’s different for both cash and acrruel basis you have what’s called expense

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matching which is aligning the expenses with the revenues that are generated in that same period and this ensures that

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there’s you know a corresponding revenue for each expense and then the iconic

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canonical kind of financial statements the big three what we call the balance sheet the income statement and the cash

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flow um and this ensures that you know all these different financial reports are reported in a cohesive kind of

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manner uh next we’ll talk a little bit about trust accounting so within the

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within real estate you are you are and it’s not even only just real estate it’s

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just the the the scenario of where you’re working and touching other people’s money other people’s assets on

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their behalf it’s what’s called trust accounting you’re managing funds on behalf of a client um there’s some core

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tenants that you need to kind of take into consideration one is it needs to be separated away from your business

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operational funds so you as a corporate company your property management business your brokerage business that

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needs to be separated away from what are called your trust funds your trust funds is the uh the accounting and also the

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monies associated with the operations of the properties that you are managing on behalf of your owners or even entities

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okay um this is the main reason that the department of real estate exists is to ensure that owners uh are are protected

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and that you know they’re one not taken kind of advantage of if you will by management companies but also additionally that the management

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companies are managing their funds correctly and in a compliant manner um

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you know strict adherence to this is very important and violations like you know comingling things like security

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deposits or comingling funds uh between your corporate and your trust accounting carry very heavy heavy penalties um and

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sometimes usually if you get audited um if you do not pass the first audit um

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the the the department of real estate will definitely circle back usually within 18 months time and the penalties

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will continue to increase if you continue to kind of fail on those um uh

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next we’ll talk about the importance of uh best practices when it comes to kind

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of trust accounting so there’s three main kind of tenants you want to kind of keep in mind one is fund segregation

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again that’s kind of having you should have a separate bank account for your corporate entity than that of what is associated with your your trust

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accounting um oh we have a question here real quick do you recommend having a

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separate bank account for security deposits versus um versus rental or or

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the owner accounts good good good question so this would be the operating funds versus the security deposits which

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are considered kind of a liability if you will so um the department of real estate doesn’t really stipulate hey how

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many different bank accounts you have we’ve seen multiple different types of setup you can have a separate bank account for every single owner that has

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both their security deposit and the operating funds you can have one operating funds that’s an aggregate of

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all your clients’s uh properties and owners for the operating and then a separate one for the security deposit or

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we’ve also seen scenarios where every single property has its own operating account and its own security deposit

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account and so um the Department of Real Estate doesn’t really dictate which setup that you can have but there’s a

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couple things to kind of keep into consideration is that in instances where you want to co-mingle like your security

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deposits for example with your operating funds in the same bank account ideally what you should have is at least what’s

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called two different cash accounts um so you should have an operating cash account and a security deposit cash

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account and so think about if you have one bank account for all your clients think about it as a pie you can split

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that between operating funds and the security deposit um that is completely fine you just need to make sure that

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you’re following proper accounting and that you’re constantly doing a check and a reconciliation at the end of the month

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to ensure that you have enough funds in the security deposit cash account as you have in your liability account your

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liability balance which show up on your balance sheet also what is showing on the actual tenant level liability um you

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know if you have separate bank accounts for every single property and have separate you know operating in security deposit it makes it very difficult for

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you to potentially you know this have scenarios where you steal from Bob to pay bill and things of that sort however

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having more and more bank accounts increases your your you know your uh the

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amount of the amount of bank accounts and additional accounts you need to consider on kind of a monthly basis so it’s kind of a trade-off right um

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ideally you know we always suggest to our clients that you should uh um to

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keep things simple it’s best to have as little number of bank accounts to reconcile as possible but um in in that

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scenario you need to make sure you have the right especially like accounting systems um to be able to segregate or show that segregation of funds on a per

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owner basis if you have one bank account that’s housing all your owners properties and operations you need to

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make sure you don’t dip a property into a negative balance because that bank account is shared across multiple other

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owners you know if you dip a property to a negative balance that check or that payment won’t necessarily bounce because

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you’re stealing from another property’s funds and other owners funds and this is a very important concept especially in

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certain states like California where like the Department of Real Estate is very strict about this even if you have an owner that has multiple properties

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and one property is at a negative balance and another propertyy’s at a positive balance you can’t just take the

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net and and figure out what payments go out to vendors or owners or distributions you should move funds from

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the property that has a positive balance to cover the balance on the property that has a negative balance so then that

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way all properties are always showing at least a balance of zero if not more

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um good question though um bank reconciliations this is something that

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you should be doing on a monthly basis and there should be some compliance and kind of oversight on this you want to

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make sure that you know a lot some of these accounting systems do a really good job of of what’s called like tying

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out the trust account which is the property cash balances to the balance that’s in the bank account and so

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ideally you know if in some scenario all your owners wanted to cancel their agreements with you and you need to

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handle hand back the funds associated with all your properties there should be enough funds in the bank account to be

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able to pay back the cash balances on all the properties and cover any unclearared items okay um detailed

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recordkeeping is also another question here Mo real quick um what day of the month should you have all your

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reconciliations done by is there like a standard operating procedure or something that you like or you or that

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you guys uh determine what’s best yeah great great great great question so usually what we suggest is at you know

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as of the end of the month the last day of the month you should you know and most of these accounting systems like I folio and you already allow for you to

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be able to have what’s called a soft close so that all transactions from the prior month are kind of not locked in

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but at least not give you the ability to backdate transactions now you know user permissions and stuff will give you some

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of that flexibility ideally you want to make sure that you’re entering transactions kind of in real time this

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is something and a point that is very easy to kind of overlook you know you may have auto payments that are coming

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out of the bank account and things of that sort but it’s very key that you use your accounting system as your guide on

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understanding everything that’s happening and that it’s being updated kind of in real time so rather than looking at your bank account

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consistently you just need to look at the trust account balance and the balances on the properties of the that you are managing and so um ideally you

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should you know you should have the bank reconciliations completed ahead of doing owner distributions um we usually

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suggest owner distributions usually be done on the third week of the month the reason for that is usually the first week of the month you’re getting tenant

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payments you know applying late fees maybe there’s some moveins and some moveouts the second week you should be

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paying off vendors the invoices for any you know work orders things of that sort then your management fees and then your

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owner distributions before you do your owner distributions you want to do your bank reconciliations do a review of all

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the financial reports including the bank reconciliation the big three reports which is the balance sheet income statement and cash flow on a per

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property basis and then when you send out your owner distributions like all that reporting and everything should be locked in and all that should be

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validated and uh and the month should be closed out usually for us we we close

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out books at the latest by the 17th of uh of the next month so you know in 2

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days we’ll be done with the accounting and and all the bank wrecks and everything for our clients as of you know for the end of

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February good question um so the purpose of trust

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accounting so uh one is is it I think I actually went over this slide maybe I

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might be going backwards um this is just a great visualization to show on kind of best practices so again fund segregation

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regular reconciliations detailed recordkeeping um and having these things will help

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ensure that you know you don’t you don’t coingle funds there’s inade inadequate

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documentation in frank infrequent bank reconciliations and then you have the benefits of compliance protection of

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client funds and enhanced trust and transparency uh next uh so we’ve talked

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about GAAP compliance what the role of trust accounting is next we’ll talk a little bit about conducting your

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self-reviews so um you know nobody wants to go through an audit but the matter of

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fact is is that they do kind of come up and so this is something that you should be consistently kind of prepared for if

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you will in the instance where you are called up for an audit um we suggest that you should be doing an internal

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audit at least on a monthly basis if not on a quarterly basis and you should be tasked with a team that is not uh doing

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the accounting you can hire a third party company like ourselves to conduct that for you or you have another team

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within your organization and have a check and balance uh between you know the folks that are doing the accounting

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and also uh the folks that are doing kind of the audit um a lot of these property management companies have

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built-in features and reports that allow for you to be able to easily surface up the information um that you need to kind

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of review during your audit process at FFolio does a particularly good job on uh having audit logs and bank activity

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report financial diagnostics um you want to embrace you know automation so you

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know a lot of these software companies have different kind of controls if you will and role based access and the

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ability to prevent things like you know or having kind of review process for example on like AP to ensure that

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they’re coded correctly um and you’re not hitting things like liability accounts like a security deposit account

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during like a moveout for example that should be hitting a clearing account um and so you know instituting and kind of

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implementing these controls and having kind of strict SOPs on how things are done within the organization will also help ensure that you’re in a constant

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kind of compliance uh status um uh kind

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of go going through kind of a a self audit um these are kind of the steps that we suggest and implore our clients

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to do is you know set objectives and assemble a team gather you know there’s set of documents that need to be kind of

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gathered you know financial statements bank reconciliations trust account records um and even lease agreements and

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and contracts um you should review financial transactions that revenue is properly being recognized um that

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expenses are being properly matched um that the trust accounts are segregated

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if you will um and that there’s regular reconciliations done and then that the

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transactions that are showing up on the properties are all correct accurate um you want to ensure that things like your

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reporting adheres to generally accepted accounting principles you should be doing kind of spot discrepancies to to

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see if there are any errors and then and when there is an error that’s recognized you should figure out what the kind of

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the root cause is of that particular error and then document that error and that correction and establish as part of

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your you know audit kind of SOPs evaluating internal controls this is something that is very much kind of

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overlooked and we see um uh we see this a lot with clients when um you know

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unfortunately this industry is somewhat notorious for things like embezzlement happening um it is not uncommon um if

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you have you know wide ranging access that your users have across the org um

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and this includes even folks that are that are like the CFO and whatnot um they shouldn’t they shouldn’t be able to

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you know create new properties or create fictitious properties or fictitious bank accounts and what have you that are tied

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to real bank accounts it’s very easy with these new software or just software uh options and what’s available out

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there to give you know kind of wide ranging access and not be able to identify when there’s like you know um

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negative or kind of concerning activity and stuff that’s happening um you know we had a we had a client uh a few years

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back who was going through an audit and um you know unfortunately their CFO had

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disappeared a couple of like a couple weeks before the audit that was coming um they had reached out to us and when

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we were doing our forensic accounting analysis what we saw was that the there was fictitious properties that were

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created in the client’s database and those properties were tied to the same trust account the bank account that they

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h that they are house that they’re housing their owner’s funds and this individual was writing checks to

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themselves and to you know to entities and they were essentially embezzling money out of the account however they

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were overseeing the bank reconciliation process and so they were creating adjustments and so their executives were

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getting these reports and not seeing like hey any foul play or anything until they went through a hard audit by the

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Department of Real Estate who looked at their actual liability balances and what they actually had in their bank account

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they’re showing a shortage of close to $350,000 um this isn’t this isn’t a bespoke

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scenario this is actually very very common and we see it a lot um you know

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trust but verify right and you should I mean this is this is just kind of like something the way you should approach

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business in general right um and leveraging kind of a third party and having the right internal controls is

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very very important things like if in your accounting system folks that have the ability to create additional

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properties to create bank accounts to reconcile bank accounts um you know should also be checked in a manner

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whether it’s like externally or by another individual in the organization and so and having these internal

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controls is it is very important um you should be able you should be putting together a summary report and and

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developing kind of a plan to address these unresolved issues this is our comprehensive

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checklist of all the kind of reports and uh financial and other information you

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should be taking a look at and kind of preparing for an audit again we suggest kind of doing this on kind of a monthly basis but at a minimum you should be

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doing it on a quarterly basis um um there’s a lot to kind of unpack here so

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I’ll kind of quickly go through kind of the highle items uh but we have you know your financial statements you have your bank reconciliations you need to make

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sure that they are actually balanced you know simply checking off items that are on your bank account activity or on your

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bank statement is not enough to ensure that that is completed you need to make sure that things like journal entries are not being used incorrectly journal

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entries should only be used when you have a bank fee um or your your login depreciation or amortization or um uh

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things of that sort but if it’s an actual payment that went out including a mortgage you should show that as a

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payable and as a payment um if it’s revenue that’s received that should show as a receipt somewhere on a tenant

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ledger or another receipt and a deposit you want to verify that your trust accounts are actually balanced that your properties all have a positive balance

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um revenue and expense verification security deposits that you’re processing the tenant deposits correctly systems

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like IFO do a really good job of bubbling up discrepancies and security deposits using the financial diagnostic

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report your bank account activity report should be able to reconcile activity and

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uh with that’s on your properties with what is in your bank account and then ARP

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um and then there you know reviewing of course your internal controls insurance or risk management and then putting together that audit findings report um

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main bit pitfalls that we see with folks that struggle laps bank reconciliations this needs to be done monthly once

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you’re behind you know time keeps going and so you can’t arbitrarily start on a bank wreck if you haven’t done it for

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years or months you can’t just say “I want to ignore what’s happened in the past.” Accounting is a building and a

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moving story um it builds off of the last month where it stopped comingling funds unbalanced bank reconciliations

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systems like QuickBooks don’t reconcile or I they don’t recognize a property and so um it’s best to use something like a

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property based accounting system that will recognize the property and try to reconcile that with your actual bank

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account balance properties of negative balances lack of doing a regular audit and incorrect handling of security

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deposits in some states like California if you don’t return the deposit within three weeks 21 days you’re liable to

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paying up to three times that then a lack of process and and and controls um

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um preparing for an audit you know auditors are just like you and I people um they usually will look at things from

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a very high surface level so they’ll ask for just maybe a handful of reports and

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usually it’s a couple of months worth of data they may not ask for a general ledger but they may ask for just your trust account balance leasing agreements

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agent agreements they want to make sure that you have agents that are actually doing the work the property management work and bank account activity usually

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they’ll start things at a high level and they’ll sniff to see if there’s something that’s concerning if there’s something that’s concerning they will go

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deeper and so uh maintain an open line of communication very transparent clearly articulate your process and

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controls and be very prompt with your responsiveness you know from an auditor’s impression and perspective if

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you seem very organized very very prepared and even in instances if you

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are working with a third party accounting firm that specializes in audits it gives a lot of confidence to

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the auditor that okay you know I probably don’t have to dig any deeper um leveraging software so a lot of these

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software products have you know different uh features and reports that allow for you to be able to see

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compliance and ensure that things are in in order so I fully has a great report called the financial diagnostic it

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bubbles up things like bank wrecks that are very lapsed you know security deposit clearing accounts that have a

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nonzero balance um and then uh errors and like escrow mismatches uh you want

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to regularly review audit logs i would suggest you know nixing the ability for any users within your database to be

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able to create things like bank adjustments bank adjustment is exactly exactly how it sounds it’s an adjustment

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a band-aid if you will um and then as I mentioned before you know ensuring properties in your trust account that

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don’t have negative balances security deposit funds and that you’re reconciling your balance sheet and that

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you know you should be reviewing also your bank reconciliation report there shouldn’t be any deposits that are over 30 days old it doesn’t take 30 days or

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more for a deposit to clear your bank account there are any positive items outstanding that haven’t cleared on your

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bank reconciliation report is particularly concerning because you are artificially increasing the balances of

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your properties and it’s not clear in the bank account and that balance is used to derive the balances that you’re

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sharing with the owners how distributions are calculated as well um

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preparing for an audit um you know use the software programs that you’re using you can work with a third party firm

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like ourselves uh but make sure that you have kind of a process kind of in place you know minimize and reduce human risk

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by using some automation uh we’ve created bots and stuff to help with like automating kind of compliance things and

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doing things like bank reconciliations um but leveraging the software and controls and automation is usually going

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to free up time for the organization so that when you know in the instance where there is an audit that starts it’s not a

27:12

crazy big shuffle and scramble in the organization and ideally you know these

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systems if they are used correctly will ensure kind of long-term compliance at the end of the day last thing I’ll leave

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you off with is you know the software companies that you may be using you know reaching out to Appfolio or whoever

27:28

software you’re using they’re not an auditor they’re not an accountant they are a software company they are not there to give you accounting advice and

27:35

so please be careful and be cognizant you know reaching out to your software provider to understand how to enter an

27:41

account you know an account and trans accounting transaction or understanding a financial report that is not their

27:47

forte and the feedback and advice they’re going to be giving you is from the perspective and lens of IT and technical support to ensure the product

27:53

is working correctly versus you know the accounting implications so um I know I

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zoomed through that quite a bit uh but just to hit our kind of timeline here and we have a couple more minutes uh we

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got we got a couple of questions here Mo so let me uh let me throw them out here if able to say it what what are the top

28:13

three PM software platforms that are most quoteunquote friendly in regards to

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the content presented today uh I I try to I try to stay away from

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you know making subjective type of comments and try to keep things very objective uh I will say that you know in

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the SMB space or like small to midsize space when I say that you know clients with a couple hundred units up to a

28:35

couple of thousand the platform that we see that’s very very friendly if you will and very easy to kind of use and

28:41

bubble up compliance information and audit is is appolio i would say appolio breeze premiere’s SMB product um there

28:49

are other products that are in the space like rent manager buildium uh propertyware um but I will say that you

28:56

know over 80% of the audits that we work on are clients that are using those products those pro you know uh building

29:02

rent manager and propertyware do not have as good of a kind of audit trail controls and just reporting that ensures

29:09

kind of compliance it doesn’t mean that you can’t be compliant using those products it’s just going to take a little bit more work if you will

29:17

couple other ones here how often should I do a self audit good question so um you should have a

29:23

monthly closeout process monthly accounting closeout process that you should incorporate your self audit

29:29

during that same monthly kind of closeout process um ideally if not do it in a quarterly basis but probably highly

29:36

suggest not doing it annually because it’s way too much information and reviewing way too many bank

29:41

reconciliations and so ideally do it on a monthly basis is there any type of AI solution to do a

29:49

self audit that is a good question that’s something that we’ve been kind of pioneering and

29:54

kind of figuring out but you know usually what we see when we see issues associated with kind of compliance and

30:00

audit kind of a uh violations it’s it’s it’s human error um and so using AI to

30:08

kind of uh automate and kind of have controls on how things are done like you know we have a a a bank reconciliation

30:16

bot for example um that we that some of our clients kind of use um but I would say that there isn’t a solution that’s

30:22

out there today that’s completely you know foolproof if you will and just deploy it and it will audit although you

30:28

know we’re particularly work trying to work on a solution similar to that but I think we’re still a little ways away

30:33

yeah everybody’s got uh got AI on the on the brain these days that’s for sure that’s right

30:41

um All right let’s see i think Oh uh where do you come out on positive pay you a big fan or is it does it kind of

30:48

hinder yeah so positive pay is uh usually banks will kind of use uh

30:54

positive pay for um what’s uh for like approving or letting them know what

31:00

checks were cut so they don’t or they don’t reject those checks i think

31:05

positive pay is a great it’s a great check item or you know lack of better words pun intended it’s a great item to

31:12

to to have control over payments that are going out i wouldn’t necessarily say that it’s a mechanism used for

31:19

compliance when it comes to trust accounting or GAP it’s more of a control

31:25

when it comes to uh uh payments that are going out here’s what I will comment is most of these software companies

31:30

especially companies like Appfolio and Yardi have what’s called like approval workflows and so rather than having to

31:36

send the bank like “Hey I cut a check one6 make sure it doesn’t bounce.” you can in you can have that approval

31:42

workflow start at the time that the invoice is being approved even before the payment is made negating the reason

31:49

to have to do that additional work of reconciling the transactions that you created with your with your bank and so

31:55

again I think it’s a great tool for control on payments that are going out although I feel like you can have that

32:00

you should you can have that control at the point of when the invoice is created and approved um and so from our

32:06

perspective it seems a little bit like it’s redundant and there’s additional work there that’s not really fruitful if

32:11

you if you’re using the right software and already have an approval process all right thanks so much Mo um if anybody

32:17

has any other questions feel free to throw them into the chat next month we are we’re going to be talking to Leor

32:24

with Blanket on uh how to go from from rent collector I like actually saying how to go from property manager to asset

32:31

manager so if you click on the QR code here um go for it and you can you can go

32:36

ahead and schedule for our next webinar which is Tuesday May 13th same time um I

32:42

know we try to make them 23 minutes but we’re going about 30 minutes these days uh and if you want to hire a remote team

32:48

member that can do some of these bookkeeping items uh feel free to click

32:54

on here and do our white glove service or our go glove service uh we appreciate you guys being here thank you so much

33:01

and uh let’s see uh last tech check for questions no other questions feel free

33:07

to raise your hand all right we’re going to go ahead and end this now but if you want to stay on and ask a question feel

33:13

free to do that mo thanks so much for being here really appreciate you uh taking the time out of your day to

33:20

educate some of our some of our folks pleasure to be here and shameless plug

33:25

if there’s any questions or any of you that may need help with an audit or establishing that process internally or

33:31

need any kind of accounting CFO services we do you can reach us at www.balancedassetssolutions.com

33:40

all right thanks everybody hey Mo thank you