How a rental company cut their month end owner payment process from 3 days to 3 hours.
Booking Burnout Each Month!
Reduction In Month-End
Hours Saved Each Month In
Monthly, Quarterly, and Year-end account for the growing number of cabins and their respective accounts. The task was not only time consuming, but also required meticulous calculations that leaves a margin of human error that no business wants to risk.
Each month end consisted of the Office Manger compiling a list of all reservations and totals and handing off to the Property Manager responsible for accounting. He would then hand check each reservation one by one and add up the total gross rental income and calculate the commission for each managed property. This process easily took 2-3 days of work between the Office Manager and Property Managers.
Utilizing the company’s current booking software, ClutchMark was able to identify the correct reports that would export the monthly transactions for each property. Once the data was exported, a custom translation program written by ClutchMark was used to convert the report to a format QuickBooks could then upload.
This eliminated the human error aspect by nearly automating the process by which all transactions were recorded in their correct ledgers respectively, and the revenue/expense reports for each property were created. To complete the process, the resulting Owner Payments were completed via direct deposit instead of paper checks.
This process cut monthly reporting and payment processing from 3 days to 3 hours (87.5% reduction). Since all the revenue and expenses were imported properly all that was needed was to double check monthly income and process the direct deposit payments with the push of a button.
Not only was the process summarized to a few brief steps, but two key members of the team (Office Manager and Property Manager) were able to then concentrate on the running business and enhancing guest experience rather than spending unnecessary time each month organizing and maintaining accounting records.
We have the skill and the experience needed to shape your vacation rental business for success. Do you want the same? Get in touch with us now!