Introduction
A leading US-based property management company was facing significant challenges due to its rapid expansion. As the firm’s portfolio grew exponentially, its back-office support and frontline customer service struggled to keep up, resulting in elevated financial risks due to non-compliance and reputational risks due to customer dissatisfaction.
Background
The property management firm had built a strong reputation for its exceptional service and efficient management of residential and commercial properties. However, the company’s success led to a surge in demand, and its existing workforce was unable to handle the increased workload effectively.
Approach
To address these challenges, the company partnered with Xshore, a leading finance and accounting outsourcing provider. Xshore implemented a comprehensive solution that involved creating and training new offshore teams to support key job functions, automating processes, and integrating them with existing software. Additionally, customized reporting was implemented to allow for real-time updates and enhanced visibility.
Results
The Xshore solution delivered remarkable results for the property management firm. Key benefits included:
– 60% direct cost savings
– 100% compliance with relevant regulations and agreements
– Improved customer ratings due to reduced payables processing cycle (from over 60 days to 45 days)
– Streamlined property management operations, allowing managers to focus on core activities
Key Takeaways
By outsourcing non-core finance and accounting processes to Xshore, the property management firm was able to scale its operations effectively, maintain compliance, and enhance customer satisfaction, all while achieving significant cost savings