American Rental Operations Company migrates to Cloud Environment through Accurate Bank Reconciliation
The customer is a real estate rental operations company in North America. They are managing several properties and we are working on three of their major properties.
Client requirement was handling bank reconciliations for all three properties. It includes entering Payroll and all other transactions as per their bank statements. The services included the following:
- Download bank statement from bank sites for all three properties.
- Payroll general ledger reports are received from Payroll Company. We review the same and enter payroll journal in each property on a monthly basis.
- Process bank reconciliation property wise.
- Complete bank reconciliation and save reconciliation report in excel for our perusal.
This is an ongoing project where we handle the entire accounts. Some of the measures taken by Hi-Tech include:
- The work was set up in an online environment using online property accounting software
- All the work was set to be done on the client systems on monthly basis of all properties.
- We set up the payroll reports and accurately worked on any discrepancies found on reports.
- Set up bank reconciliation process to include details of check numbers, property used in transactions entered.
- Set up process to address uncleared transactions, including analyzing and prepare reports for client decision making.
- Started with one property and quickly started managing three property accounts.
Rent Manager, Microsoft Excel
Benefits to Client
The client has been able to concentrate more on his business and able to bring in more automation in their systems
- All data has been organized systematically which initially was unorganized and random.
- All property accounts are clear and online and this has help the client to migrate in a cloud environment.