Backend Accounting Services Provide Consistent Support
As a provider of quality housing for nearly 60 years, CCH is well adapt at providing the backend services necessary for business operations to function smoothly and seamlessly. Among the behind the scene services is our highly-skilled accounting staff which stays on top of managing financial information and records, conducting internal audits, and advising on taxation and other financial matters.
Within the past year, CCH Accounting transitioned to a property management software platform called Yardi, which integrates various functions including finance, compliance and asset management. In further streamlining operations, CCH has implemented a centralized backend accounting support system, providing even greater accountability, according to CFO and CEO-Elect Syd Najeeb.
“The advantage of using centralized backend support services is that it enables a consistent and proven team to track and monitor the vast amounts of financial information which flows within a community,” Syd shares. “This consistency helps eliminate potentially costly mistakes by keeping centralized oversight and a standardized accounting structure.”
The backend accounting system supports many of the daily accounting operations, such as tracking payment and receipt vouchers, bank balance detail, and variance reports. Data is readily available for export in real time, making it easier for internal review.
As an example, the system tracks the process for purchase orders to ensure appropriate approvals are in place. Any purchase order over $50 requires the review and approval of the Portfolio Manager (PM). The system automatically sends notification to the PM, expediting processing in a consistent manner. Likewise, if the purchase amount is above the PM’s authorized level, notification is sent to the CFO for review and approval.
The system also tracks key performance indicators, such as vacancies, unit turn over, wait lists and occupancy levels at CCH properties. Delinquent accounts, collection actions and cash flow are also tracked. The system maintains REAC scores and past histories so management is aware of previous audits, recommendations and any actions taken or required.
Syd shares having a centralized backend accounting system enhances efficiency, saves time and allows management to be more proactive in focusing on required actions. “By standardizing processes, the end result is lower vacancies, quicker turnaround, faster collections, and improved accounting with built in safeguards to reduce the chance of errors. This enables management to be less mired in non-essential paperwork and more focused on handling essential property maintenance and audit preparation. This is a win on many levels for our residents and management partners.”