Property Management Accounting Made Easier with CloudCFO: A Case Study for Instant Equity and Real Property Management, USA

Effective financial management is crucial for sustained growth and success in any industry, but property management accounting faces its own set of unique challenges. Instant Equity, founded by Paul Heaps, has worked with CloudCFO for 2 years. This case study explores how partnering with CloudCFO to outsource accounting in the Philippines transformed Instant Equity’s financial operations, enhancing efficiency and scalability.


Instant Equity Background

Paul Heaps began his journey as a real estate agent, eventually venturing into property management in 2010. Driven by a desire to diversify after the economic downturn between 2008-2010, Heaps acquired a property management franchise of Real Property Management (RPM) in St. Joseph, Michigan. With the help of strong business partners, he has since expanded to Florida, South Carolina, and Texas currently managing 350 units across six offices. With a vision to reach 20 offices in the next decade, efficient accounting is a pivotal requirement.


Why work with CloudCFO?

Over the years, Instant Equity experimented with various accounting solutions:

  • Initial Outsourcing to India: Language barriers and evolving business needs necessitated a change.
  • In-House Accounting in the US: Hiring in-house was too difficult, and once he did manage to find someone, it did not work out for various reasons.
  • Switch to another outsourced accounting firm in the Philippines: Instant Equity saw improvements in communication but the set up soon became inadequate for managing multiple offices and complex accounting requirements. Their pricing was inflexible, only on an hourly basis, which did not fit the company’s needs as they grew to open more offices and therefore required a bigger and better accounting team.
  • Other outsourced accounting firms: Pricing models were inflexible or not suitable for their growing business; most local firms in the US are too costly.


Why CloudCFO?

The search for a more adaptable and expert-driven solution led Paul to discover CloudCFO through a Google search for outsourcing firms in the Philippines. The cost-efficiency, excellent English proficiency, and strong cultural fit with the US made the Philippines a preferred choice to start looking. After exploring several options, and even working with another Philippines-based firm, Instant Equity finally settled on working with CloudCFO because of the team’s flexible pricing and operations, catering to the company’s needs as they grew, developing expertise and advise, excellent communication standards, and having a sense of partnership, growing together.


CloudCFO’s Solutions and Impact


CloudCFO introduced a range of solutions tailored to Instant Equity’s needs:

  • Customizable and Scalable Accounting Processes: Addressing the unique challenges of property management accounting, including detailed profit and loss statements for each property and managing trust accounts with precision.
  • Weekly Accountability Meetings: Ensuring regular check-ins to track progress and address issues promptly. This comes on top of CloudCFO’s 24-hour response rate to Instant Equity’s questions, needs, and requests.
  • Expertise in Property Management Software: Enhancing efficiency by leveraging knowledge of industry-specific tools like AppFolio.
  • Proprietary Web App: CloudCFO’s proprietary app optimizes processes, improves transparency, and enables scalability. The app provides real-time access to financial data, standardized accounting processes and templates, and is set up in such a way that all offices have their own system but can be accessed centrally by Paul when he needs an overview. The app is able to with his network, accommodating an increasing number of units without sacrificing performance.


Benefits Experienced by Instant Equity

The partnership with CloudCFO brought about notable improvements:

  • Operational Efficiency: Streamlined processes reduced the time Paul spends on accounting, allowing him to focus on strategic growth.
  • Enhanced Decision-Making: Accurate and timely financial reporting enabled better business decisions.
  • Scalability: The ability to manage increasing business volumes without compromising on accuracy or efficiency.

A significant milestone achieved with CloudCFO’s support was nearing the goal of reducing Paul Heaps’ involvement in day-to-day accounting by 80%. This transition has been facilitated by empowering Instant Equity’s team to rely more on CloudCFO for their accounting needs, fostering a culture of trust and reliability.

The partnership between Instant Equity and CloudCFO highlights the transformative impact of specialized outsourced accounting in the Philippines on property management businesses, particularly for Instant Equity and Real Property Management. With improved operational efficiency, scalability, and decision-making capabilities, Instant Equity is well-positioned for continued growth. Paul Heaps’ vision of expanding to 20 offices in the next decade now seems more achievable than ever, thanks to CloudCFO’s unwavering support.

DISCLAIMER: This article is strictly for general information purposes only. Nothing in this article constitutes or intends to constitute financial, accounting, regulatory or legal advice and must not be used as a substitute for professional advice. It is still necessary to consult your relevant professional adviser regarding any specific matter referenced above.

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