An effective management of all the properties’ invoices can be one of the most time consuming tasks for your company; furthermore, making sure all invoices are correctly booked is critical to the daily operation. Our operating goal is to be as efficient as possible and to have the right standards and methodologies in the process that allow eliminating errors.
Invoice reception
Recieve or retrieve all invoices using integrated software and control methodologies. These are organized in a way that will allow their correct processing.
Data entry and processing
Precise data capture with the greatest attention to detail and the integration of software and artificial intelligence that allows a more efficient process with less human errors; this is also supported by specific security protocols. Our experience allows us to work with the platform of your preference such as ResMan, Real Page, Estrato, Yardi, Updater, Quickbook, or any other you wish for us to learn to work with. We can also recommend the one that better fits your needs.
Invoice output
Invoice elaboration and sending to corresponding clients.
The process of making the payments to utilities, vendors, suppliers, payroll, owner distributions, management fee, mortgages or any other operational expenses you may have, is something that a capacitated trusted individual needs to be in charge of. As mentioned, trust is a core value that we give emphasis to, earned with the quality of our work, and in this case with drastic security measures in order to give our clients the tranquility that their money is being moved securely and correctly.
Payment approvals
Previous to each payment, the expense must receive the appropriate approval, where it is analyzed according to different methodologies, such as an strategical cash flow inquiry (including current expenses and future estimated expenses), assistance from software such as Python and R. A priority scale, to determine if the available cash should be allocated to other expenses depending on the type of expense or according to its due date, is also used.
Comptroller and Payment transactions
Once the payments have been analyzed and approved we double check that every expense has the correct data and proceed with the payment. We currently work with major banking platforms, but with the objective of making the process even more secure and effective, we can work directly with the financial entities in order to coordinate a better design for the platform. Any other platform from regional or local banks, as well as different payment systems, could be incorporated in our process.
Rigorous security measures
In pursuance to ensure security and reliability in your transactions, we have a series of protocols that go from a rigorous hiring process, an organizational structure with different access and authorization levels, (allowing similar control systems to those used in the banking system), a daily account reconciliation, an isolated workspace from the other collaborators with cameras 24 hours as well as a specialized spyware and firewall in the system that controls and monitors suspicious behavior. Additionally, we count with different insurance coverages with Chubb company that back up a variety of potential losses. If these different filters do not meet your requirements we are always open to design more options.
Making sure that every cent that is emitted by the company booked and backed up with evidence is crucial to the financial health of any business, which is why an organized and structured methodology for the reconciliation of all accounts is necessary for any successful entity. We take care of your entire financial reconciliation needs. These activities include:
Bank reconciliation
Daily and updated reconciliation of all accounts with biweekly cuts along with special reports to summarize the bank movements and assure the correct processing of all reconciled transactions. This process has been integrated with middleware and other tools to allow greater efficiency and compatibility with the utilized banking platforms.
Statement management
Obtainment of any necessary statement, such as mortgage, bank or other financial and accountant statements from owners, financial entities or anyone involved. We take care of their organization and process them in a way that allows a suitable access to information for the day to day operations ensuring better control over their payment status.
Data entry and missing receipts
Efficient coordination and follow up with property managers or anyone involved for the obtainment of all the missing receipts and financial information that is necessary to carry out a complete reconciliation.
Purchase Orders
We manage and monitor all purchase orders that are carried out by the property managers. In this part of the process, we serve as a solid filter for approval or denial of the purchases according to a set of standards previously defined, and we perform a financial analysis to determine the viability of the purchase according to cash funds. An appropriate follow up is then carried out to assure the purchase was finalized correctly.
Always counting with sufficient funds to cover all your properties´ operations and construction needs is essential to allow the continuity of your activities. We make sure that you will always count with enough cash to cover all costs and expenses involved in construction, maintenance, and operations, all through a correct planning of your draw funds and operating cash flow, as well as an organized tracking of all movements and expenses that permits being in line with all the bank's requirements. Our activities in this process include:
Cash flow planning and management
Detailed planning of future and current cash flow needs to always count with the necessary funds to cover construction activities, maintenance expenses, and other daily or unexpected expenses. We assure a correct handling and management of the draw funds whether they may be for reserve, repair, escrow, capex or any other type that may correspond to each property.
Paperwork
Gathering of all the necessary documentation and receipts that are required by the financial institutions in their specified format, which also includes collecting the signatures and paperwork from owners, in order to retrieve money from the corresponding fund. After correctly sending these documents, a follow up is done to know if the request for funds was approved or if anything needs to be changed or added in the paperwork.
As your property list increases, the information regarding all of your vendors, such as who they are, what is the consumption of each one or what size the transactions are, it all begins to get unorganized or piled up in a way that is almost useless or ineffective for decision making. The functionality of having this information organized all in one place, and reported with effective metrics and tendencies, becomes very clear once it is used to make decisions.
Centralized knowledge
Having all the relevant data from your vendors in one place is highly practical in terms of organization and management, this is why we find it necessary to develop an online portal that allows this and more. By centralizing all of your properties´ vendors information in this platform and, by counting with the updated list, you can have an effective overview that gives you a much better control since you will be able to access this information in an organized and structured way. This portal also facilitates the payment process for your vendors, since they will be able to upload their invoices, view their invoices, payment status, history log, and other relevant information, thus allowing an easier management.
Economies of scale
Apart from placing the complete vendor information at the palm of your hand, we can further process it to give you what is vital and allow easy and quick decision making. For this, we carry out an analysis regarding factors such as consumption levels and transaction history in order to give you a better perspective of what is happening with each vendor in a structured report that allows you to negotiate better prices with them.