Case Studies: Real-World Success Stories in Outsourcing and Staff Augmentation
Outsourcing accounting services can be good news for your company. They can be a great way to save time and money for your business. By hiring an external company to perform accounting functions that would otherwise be performed in-house, you can focus on other aspects of your business.
Staff augmentation slightly differs from outsourcing. It involves hiring additional staff to supplement an existing team for a specific project or period.
Staff augmentation is ideal for companies with an in-house development team that needs to attract people with specific knowledge or extend it with more developers. Companies hire these specialists for a certain time to do the necessary scope of work like releasing a side project or working on a specific feature.
Outsourcing and staff augmentation can be super beneficial for businesses. From achieving payroll savings to assisting in financial reporting, here is how outsourcing accounting services has helped companies:
Case Study 1:
Smith completed his MS in Real Estate Development Program from Nova Southeastern University. With expertise in real estate development and marketing he thought he would have a career in the corporate world.
After some years, like many entrepreneurs, Smith decided to leave his 9-5 job. He had the skills and experience working in the real estate development company. He knew what he wanted to do and Smith Development Corporation was born.
Smith’s first project was a small apartment building in Manhattan. Smith develops all his projects with a focus on sustainability and affordability. He had to work hard to get the necessary permits and funding, but he persevered. The building was a success, and it gave him the confidence to take on bigger projects.
During the pandemic, Smith noticed the trend of people moving to suburbs and rural areas. Realizing there was a gap he could fill, he started developing and showcasing affordable housing projects in suburban areas himself.
“No one was really offering affordable housing at the time in the suburbs, and It just kind of took off from there,” he says. “When you searched ‘affordable housing, suburbs’ I was the top result for about a year or so, and that really helped get Smith Development Corporation more recognition.”
Smith hosted a launch party for a new property to generate more excitement around his brand. This increased his online visibility further.
As he got more projects, Smith got more busy. Even though he did have a finance background, he just didn’t have the time (or heart!) to work on his accounts. He found it increasingly difficult to keep up with the demands of lenders and investors. This is when Smith approached an outsourcing accounting firm to help him streamline his back-office accounting and administrative functions.
By outsourcing accounting services of his company Smith can focus on his projects and innumerable meetings with the architects, engineers and contractors.
Outsourcing helped Smith streamline his accounting processes and improve efficiency. The projected cash flow forecasts helped Smith see how his business is moving forward.
Case Study 2:
Elijah James owns three properties in Texas. He was struggling to keep track of his finances.
He sought help from an outsourcing accounting company. The company helped him with accounting, and bookkeeping. The services were less costly than the cost of staffing these functions in-house.
Eliah noticed a significant improvement in his accounting and bookkeeping process. The outsourcing company provided monthly reporting, cash accounting, sales and property tax reporting and more. The experts also offered CFO-level support that helped the landlord make informed decisions for his business. For example, one of the properties required an upgrade to its cooling system. An expert accountant from the outsourcing company suggested to Elijah that he upgrade the cooling system at the year-end to lower his tax bill.
Thanks to outsourcing accounting services Elijah no longer has to spend hours every week trying to balance his books and keep up with his expenses. Instead, he can focus on growing his business and managing his properties more efficiently.
Financial Clarity Without Hiring Additional Staff
Financial reporting can be a struggle for many building owners. Completing the full cycle of accounting for each property requires time and effort. And it’s so easy to miss out on the important details.
If only there was a way to do accurate financial reporting for your real estate business.
The good news is there is a solution. There is a way to make accounting for your real estate business a breeze.
As a multi-property owner you require someone to:
- assist in financial reporting requirements.
- do accurate real estate accounting and bookkeeping.
Continue reading to know how WA’s outsourcing services can help you with these tasks.
Outsource Real Estate Accounting Services With WA
Work Accelerated is an outsourcing and staff augmentation firm. We provide outsourcing accounting services to property owners. This means:
- You have access to experts from the global talent pool.
- Up to 60% of payroll cost savings.
- Expert accounting services only when required (rather than paying for an accountant the whole year round.)
Real estate businesses have an element of seasonality. This means that there is more accounting work at a certain time of the year than the rest. With outsourcing, you can upscale or downscale services based on your needs.
- You no longer have the hassle of finding and retaining high quality professionals.
- You have staff that is regularly trained and updated on the latest accounting standards and regulations.
What are you waiting for? Take the first step towards hassle-free accounting.
Get a free consultation today!
Outsourcing accounting and bookkeeping functions are a great way for property owners and small business owners to save time and money while improving their financial management processes. By choosing the right outsourcing accounting service provider, landlords and small business owners can focus on growing their businesses and achieving their goals.