Global Accounting Corp achieves significant cost savings for a Real Estate company by streamlining their accounting and maintenance activities

The Challenges

• Lack of timely processing for vendor and utility bills resulted in unnecessary interest and penalties.
• Difficulty in negotiating competitive rates with vendors despite a substantial business volume.
• Absence of proper month-end closing procedures leading to inaccurate monthly reports reflecting the firm's business status.
• Poor quality of processed data not meeting desired standards.
• Accounting software limitations due to shared usage among multiple portfolio users.
• Challenges in making changes to the Chart of Accounts to suit specific requirements.
• Restricted capability of producing financial reports and handling large data volumes due to multiple users accessing the software through a single window.

The Solution

• Suggested switching to Appfolio Property Management software with an integrated accounting module to streamline operations and gain better access.
• Changed the Chart of Accounts as per client requirements and created new GL accounts for enhanced traceability.
• Started with 2 property accountants to meet initial needs, who efficiently transferred data to Appfolio and established clear data entry timelines.
• Implemented a new procedure for month-end closing, addressing previous pain points and ensuring organized and timely reporting.
• Centralized data into a single SharePoint location, eliminating delays caused by scattered data sources and facilitating smooth communication with the client.

The Result

• Timely Monthly Financials: Our reports are now closed by the 6th of each month, with final financials released by the 8th. This promptness has been recognized and appreciated by our bankers and investors.
• Improved Financial Clarity: Our Management Dashboards have significantly enhanced the quality of financial information available to senior management and investors.
• Well-Established Accounting Procedure: With centralized processing in Appfolio, we ensure the availability of accurate information across all levels.
• Cost Savings in Maintenance: Our work order tracking and technician time tracking initiatives have resulted in measurable dollar savings in maintenance expenses.
• Accounting Cost Savings: After one year of utilizing the Indian accounting team, we have achieved substantial cost savings in our accounting operations.

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