Mika Edword
on August 23, 2019 11 views
Managing accounts payable can become a huge burden very quickly for a real estate business; especially when multi-unit properties are a part of your portfolio. This is a case study that explains how Cogneesol's accounting team handled the AP process of a US-based real estate company efficiently. ______________________________________________________________ For More information visit: https://www.cogneesol.com/accounts-payable-services https://www.cogneesol.com/real-estate-accounting-bookkeeping #accountspayable #realestate #casestudy #accounting #Outsourcing #payable ►Find us on Facebook: https://www.facebook.com/cogneesol.company ►Find us on Twitter: https://twitter.com/cogneesol ►Find us on LinkedIn: https://www.linkedin.com/company/cogneesol _________________________________________________________________ CASE STUDY ON- Real Estate Company reaches New Heights with Accounts Payable Services By Cogneesol Case Study Overview A US-based real estate company, headquartered in Los Angeles, has 80 properties with 60,000 units in 5 different cities of California, USA.  It handles a number of projects including affordable housing (public-private), historic rehabilitation, low-income rental housing, and public housing revitalization. The firm was facing issues while managing accounts payables (ap) tasks due to lack of an in-house expert staff & high charges from the local accounting vendor. Project Requirements A US-based real estate company was facing difficulties in managing accounts payable due to budget and time constraints. This company decided to opt for a hybrid approach, amalgamating the in-house accounting team with an offshore accounting team in order to save on cost and time and also have proper control over the process. Project Challenges 1) Short time frame : The client expected to process 5000 invoices of 80 properties in a month. 2) Lack of resources: There was a lack of resources from the client’s end, which means migration, quality control, and other major problems were handled by the offshore team. The Cogneesol Approach 1) Redesign the AP process The entire accounts payable process was re-designed and accomplished through the active involvement of our team with the client’s finance controller. 2) Rapid process volume ramp-up We processed 4000 invoices within a month, entering 180–210 invoices for 60 properties on a daily basis. 3) Expertise & economical staffing We provided affordable staffing with a team of three accountants to meet the initial requirement. Clients could communicate and coordinate with the offshore team 24/5. 4) Quality checkout Client’s finance controller had full access to supervise teamwork at any time as prominence was laid on establishing clear quality control mechanism. 5) Quick & accurate backlog processing Apart from streamlining the AP processing of 4000 invoices, our accounting team cleared the backlog of unprocessed invoices that were on hold due to migration from their existing accounting service vendors. Benefits Delivered • Accomplished accounts payable process within the set time frame. • Prior period invoice backlog of two weeks was cleared. • Accuracy percentage of invoice processing was above 98%, and only 2% invoices were flagged for corrections/rework by the client at the month-end. • The client also transitioned other accounting work related to monthly financial and reporting. If you are interested to know more about how outsourcing can help your organization, please email us at info@cogneesol.com or call us at 1-6464-688-2821. We can also provide a cost-benefit analysis, exclusively customized for your organization.
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