Revolutionizing Accounting for Luxury Short-Term Rental Providers: A Sage Case Study

THE BENEFITS

  • The timely reconciliation of accounts helped sending the financial statement to their clients and thus strengthening the relation with the clients.
  • The client's credibility increased within the highly competitive and rapidly evolving hospitality industry and they were being “investor ready.”
  • With the up-to-date books in place, they could attract more business and investors.
  • With the majority of work being done by the off-shore team, their margin of profit increased as high as by 35%.
  • They benefited with faster financial analysis, timely audits and the business who is always compliant.
  • Having a stable accounting team, the management could spend more time on business-critical priorities.
  • The client could grow the company 30% YoY since offshoring the accounting work.

OVERVIEW

The client is a leading provider of large-format, luxury short-term rentals on the national level in the United States.

Business Challenges

  • The client was at the growing stage and were looking for a dedicated team of accounting professionals to manage the books. The initial challenges and hiccups were many as it was their first time outsourcing the bookkeeping function
  • Initially, the client as well as the team adjusted with work timings given the time zone difference.
  • The backlog from the previous years was also a hindrance for them attracting the potential business and the investors.
  • Untimely monthly/yearly financial deliverables.
  • Untimely tax fillings.
  • No organized documentation of the bookkeeping.

How Sage helped?

  • The Sage team was able to pick up accounting operations very well with the minimal back and forth, which led the client get more confidence and trust on the team within a couple of weeks.
  • The daily accounting activities were being handled by the team and the backlog was also cleared which made the books cleaner and up-to-date.
  • The accounting team at Sage made sure to document everything they were trained on so to avoid any hiccups due to knowledge transfer.
  • The Sage was responsible to work around the different accounting activities and record them until the financial reports are ready to send for the investors/clients.

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