What to Look for in an Outsourced Accounting Firm Here’s a common misconception about outsourcing: Any firm you choose must be better than what you already have. People assume that once they’ve selected an outsourcing firm, their problems are solved. But some firms are better than others. And while the option you choose may improve…

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Budgeting & Planning for VRMs: Getting it Right Every Time With the vacation rental industry projected to reach a $113 billion valuation by 2027, it looks like a great time to be a vacation rental manager. But any high-growth industry attracts competition and encourages consolidation. That is to say, success isn’t guaranteed even as billions…

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Historically the belief has been if you want good trust accounting and owner statements you have to choose a property management system (“PMS”) with built-in trust accounting.  The problem is those systems are often hard to use, are not tried and true accounting systems, not very flexible and don’t provide much in automation functionality or…

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How to Automate Your Vacation Rental Accounting How much time do you spend each week on vacation rental accounting? If you’re like most firms, the answer is too much. Critical as accounting may be, it consists of tedious, time-consuming, error-prone processes that take hours to complete. And then the cycle starts all over again. Making…

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Best Practices for Month-End Close in Vacation Rental Management The month-end close puts extra strain on vacation rental management businesses. They’re not just accountable to themselves; they send month-end reports to property owners who will expect to see positive numbers presented on time. The month-end close consumes a lot of resources and inspires a certain…

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The True Cost of Employees Companies outsource functions like accounting for many reasons: to overcome a talent shortage, to gain specialized expertise, to scale their staff fast enough to keep pace with growth. But perhaps the biggest reason a company considers outsourcing in the first place is to cut costs. They want to do the…

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Four Key Issues to Address Before Implementing a New Vacation Rental Accounting System The decision to implement an enterprise-class vacation rental accounting system is a major leap for your company. It promises to upgrade your accounting capabilities and help you turn finance into a strategic asset. However, implementing a new vacation rental accounting system isn’t…

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The Power of the Cloud in the Time of Covid-19 Few technologies are better suited to meet their moment in history than the cloud during the time of Covid-19. Companies with the cloud in their arsenal before the pandemic have found it much easier to navigate through these uncertain times. Alternately, companies without a cloud…

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The Importance of Integrated Technology for PSOs Successful professional services organizations (PSOs) share a common trait: they have visibility into all revenue and cost information to consistently meet their financial objectives. While all engineering and architecture firms will have both successes and failures, the key is knowing how to replicate the successes and avoid repeating…

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Trust Accounting: Crucial For Vacations Rentals Vacation rental managers are really in the business of trust accounting. No matter what range of services they provide or how many properties they oversee, their fundamental role is to make sure funds flow from renters to property owners (and themselves) correctly. If managers need to get one thing…

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