Executive Summary

By utilising various cloud based systems, a new property management company chose to outsource administration to Smith-VA.  Between us we have developed effective systems to monitor business performance which in turn provide a comprehensive service to all customers.
Jump to see how it works in practice.

The Challenges

Having set up a new company, my client quickly found themselves with folders full of receipts, without a system in which to record them.  Once they took over the management of their first property, they identified a need for a system to record all income and expenditure relating to the property.  To further grow the company, a system for managing property and tenant data had to be implemented.  However, keeping these systems up to date would eat into the time available, time which could be better spent identifying new property opportunities and marketing for tenants.  Outsourcing the administration allowed the owners to concentrate on growing their business and their profits.

The Solution

Using the top rated cloud based accounting system Xero to control all financial aspects of the company, plus Google Drive to share files, this administration could seamlessly be outsourced.  With the later introduction of a cloud based property management tool, details regarding properties and tenants could be held in one easily accessible place.

File sharing

Folders are created in Google Drive, and shared between the client and myself as their administrator.

Bill/Receipt sharing, and maintaining the Accounts system

A paperless accounting system has been adopted.  Myself or the owner scans paper bills/receipts to a folder in Google Drive.  I email/upload electronic bills to Xero file manager.  I create the transaction in Xero and attach the file.  Bank accounts are linked to Xero, so reconciliation is a simple one click process.  I handle all of this remotely.

Maintaining the Property Management system and generating rental demands/invoices

Connecting the property management tool to Xero allows for property updates to be carried out in one system.  For new tenant and tenant changes, I receive an email with the details which I then apply in the property management tool.

Results

I dedicate a set number of hours each week to the administration of my clients business.  Accounting, Property and Tenant data is updated weekly.  Account transactions are allocated to a property to allow for individual property Profit and Loss statements.  Tenant rent payments are monitored and any non-payments are immediately visible.  During the last 12 months, I have provided my client with over 240 administration hours, allowing my client to dedicate more hours identifying new business opportunities and provide a first class service to landlords and tenants.

Conclusion

The administration of my clients business accounts for on average 20%.  By outsourcing, my client has increased the time they can spend on growing their business by 20%.  This has been used to better market the business, hence creating new business opportunities and increasing profit.

Utilising cloud based system allows everyone connected to the organisation to manage the systems and connect remotely.  Data is securely backed up, and easily accessible.  Most cloud based systems offer a mobile app as well as a desktop version, both in sync with each other.

How it works

The client used in this case study asked me to dedicate a set number of hours per week to their business.  Between us we identified the tasks I would take on, and we have a face to face meeting once a month.  Their administration has been seamlessly outsourced

What you can expect from me if you decide to outsource your administration:

√ Free one hour consultation to discuss how I can help with your administration.
√ Agree the hours I will work on your business each week/month (minimum 1 hour per week).
√ I will create a Contract and Terms & Conditions, to be signed by both parties.
√ I will track my time using an online time tracker, and break the tasks down into categories.
√ Once I have completed each month’s work I will send you an invoice.
√ This will continue until either party cancels the contract (min 14 days’ notice).
√ I will seek your permission prior to working additional hours.

How you benefit from outsourcing your administration to me:

√ You know that the hours agreed each week/month will be dedicated to your business.
√ You know how much you will pay each month for administration.
√ You can cancel the contract, giving a minimum of 14 days’ notice.
√ Contact me to arrange your free one hour consultation

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