Case Studies

1. Scaling your business with confidence 

Situation: A property management company was handling less than 1,000 units and was rapidly expanding through acquisition. They have multiple market segments (single family, multi-tenant, public housing, commercial, etc), and use Appfolio and Yardi for their portfolios. They needed an accounting department that has the expertise of different accounting systems and can keep up with their continuously expanding business. On top of that, the firm needed performance metrics to assess how well they are doing as a company.

Solution: MontPac provides end-to-end accounting service to the property management client. MontPac easily expands the accounting team to handle new portfolio acquisitions. MontPac also assisted in the migration of accounts as well as transitioning some clients from one accounting system to another. MontPac also prepared KPI reports monthly that can be utilized by the top management during board meetings and business planning. 

Result: Because of the expertise of their MontPac team, the property management company is now more confident to expand their portfolio. They started bidding for property management firms using Buildium, confidently knowing that MontPac is also proficient with the system. The company utilized the KPI reports to improve their performance incentive programs for their property managers, promoting more efficiency and better performance as a company. The property management firm was able to successfully take on clients and scale without reservations. Today, the company manages over 4,000 units and is continuously expanding their portfolio with ease and confidence.

2. Making the best use of your time 

Situation: A property manager has been running his small property management business while also actively doing real estate sales. He likes the steady income from property management but he realized when he was doing his books (poorly and getting increasingly frustrated) that he was not making sales and getting those good commissions.  His hectic schedule did not allow the opportunity for him to allot enough time for business planning, let alone take some personal time off for leisure.

Solution: Aside from the usual accounting and bookkeeping, MontPac also took over the accounting-related communications with property owners, tenants, and vendors so the property manager could free up even more time. MontPac also recommended a set of reports that serve as the Standard Owner Financial Statement Package, improving the professionalism of his service. .

Result: He is now looking into expanding MontPac’s scope of work to get a more comprehensive financial assessment for business planning. Because of MontPac’s help, the property manager now has more time to focus on growing his company and plan for the future (more time for real estate sales). More importantly, he can now take vacations and enjoy his hard-earned money, worry-free.

3. Knowing better, doing better

Situation: An East Coast property management firm had good basic bookkeeping support but the bank recons were not triple tied out (description: a three-way reconciliation of your ending balance). Actually, they had never been done and an audit by the state could have been a bad situation. They also realized they were lacking a high-level review of their financials.

Solution:  Instead of doing regular bookkeeping, MontPac cleaned up the historical bank recons properly and now performs triple tie outs for the firm every month making sure all funds are accounted for and audit ready. MontPac also suggests process improvements, including workarounds for AppFolio restrictions. At the end of every month, financial reports, with analysis and commentary, are handed in for the property manager to go over and review. 

Result: They sleep well at night knowing their books are always ready for an audit. The financial reports give the firm insights and understanding of their current financial health, which are then used for strategic financial planning. Instead of using separate accounting systems for their corporate and client books, MontPac found a way for the firm to use only AppFolio to manage both. Doing so not only saved them subscription fees but also refined their accounting process.