Backoffice Pro Optimizes Payment and Accounting Processes for Real Estate Firm

The Brief

• Client Profile: A New York-based real estate company managing five diverse ventures, founded in 2009.
• Industry Domain: Real estate management and financial services.
• Challenges Faced: The client faced delays in vendor and utility bill processing, accounting software limitations, and inefficient month-end procedures, leading to financial inaccuracies and penalties.
• Project Objective: To streamline accounting operations, implement proper month-end closing, and optimize data management to avoid penalties and improve financial reporting.

The Solution

Backoffice Pro developed a tailored, end-to-end solution for the client by integrating advanced property management software with customized accounting workflows. This approach streamlined payment processing, ensured smoother operational flows, and improved financial transparency.

• Software Integration: Migrated the client to Appfolio Property Management software, streamlining payment processing and improving traceability.
• Chart of Accounts Restructuring: Customized and implemented new General Ledger (GL) accounts for better financial reporting.
• Data Centralization: Organized all financial data into SharePoint, enabling easy access and collaboration.
• Month-End Closing Procedure: Established clear, efficient procedures to ensure accurate and timely monthly financial reporting.

The Outcome

Backoffice Pro's implementation brought significant improvements to the existing operations and workflows of the client:

• Timely Reports: Monthly financials closed by the 6th and released by the 8th of each month with consistency.
• Cost Savings: Achieved substantial savings in accounting and maintenance costs through efficient software use and process optimization.
• Improved Clarity: Enhanced financial dashboards, providing real-time financial insights to senior management and investors.