Property management co. needs help managing the books

Key metrics:

Increased revenue by $4M
Accelerated close processes
Reduced headcount spend through automation

Value levers pulled:

Finance function transformation
Business process outsourcing
Process optimization
Financial close automation and acceleration
Process automation
Performance improvement

Picture this...

You’re Asset Living, the nation’s leader in third-party property management. Because you have a growing roster of properties you manage, you also have an ever-expanding number (3,500+) of property-specific bank accounts across 10+ different financial institutions – that means you’re keeping the books and records for more than 1,250 discrete entities. This is a massive manual undertaking that requires a 200-person staff of controllers and skilled accountants. This isn’t sustainable — you need both tech and support.

You turn to Accordion.

We partner with your team to standardize accounting, outsource activity, and introduce technology, across three workstreams:

Property accounting transition. In this workstream, we:
- Standardize key accounting activities across eight regions and redefine onboarding to enhance scalability.
- Manage a comprehensive/targeted RFP process and successfully onboard a vendor aligned with your protocols.

Treasury. In this workstream, we:
- Orchestrate RFPs with four national banks, consolidate 3,500+ accounts, and devise a hybrid banking approach that includes enhanced earnings credit rates and interest revenue.
- Streamline bank account management into four bank partners and implement an Electronic Data Interchange (EDI) process for transparent fee and interest rate oversight.

Technology. In this workstream, we:
- Automate payroll and optimize current Concur setup for seamless bi-directional data integration across systems.
- Upgrade NetSuite bundles for ERP and DOMO integration, and implement protocols for duplication detection, error handling, and transaction auditing to ensure data integrity and reconciliation.

Your value is enhanced.

You successfully transform your accounting function across eight different regions, setting you up to scale. This means you have now:

Standardized the accounting process, bringing visibility into month-end close.
Integrated disparate systems, reducing manual accounting work.
Initiated an RFP and bank migration process, resulting in +$4M in incremental revenue.

Enhanced value:

You reap multiple benefits, including:

Increased revenue by $4M
Accelerated close processes
Reduced headcount spend through automation