IN THE SPOTLIGHT
MarketSpace is a well-known real estate management firm, known for its efficient management of multiple properties across Houston, Texas. Initially, MarketSpace brought Monily on board to manage three entities, which involved performing some catchup accounting to get them up to date. Once Monily cleaned up those books, MarketSpace assigned us the rest of their entities to be managed. Over the years, MarketSpace has grown which has required a sophisticated management of its accounts as well as accurate bookkeeping.
For many successful businesses, it is not the absence of growth but actually the presence of it that poses a problem. For MarketSpace, the main concern was to be able to grow without losing control of their financial management. When MarketSpace came to us, they hoped for a transition to a bookkeeping strategy that increased efficiency. We went one step further.
Monily helped MarketSpace clean up more than a year’s worth of records to generate a more effective financial analysis at year end. We also helped train their staff to resolve issues in their SOS inventory and developed procedures that got their employees a lot more comfortable with the system. We also helped them cut in half the time they spent on Purchase Order Creation by taking it up for them on a daily basis so they could shift their focus to procurement.
As for the payroll, Monily went above and beyond to help them integrate Gusto within the systems for a second entity to ensure smooth processing.
To address the challenges MarketSpace faced, our team started conducting a thorough audit of their accounting systems and then embarked upon an extensive catch-up accounting project which hoped to updated their records for up to 18 months. This restored their confidence in their financial reporting.
We started out by helping their staff get more comfortable with QBO. This involved directing them through the process and helping them understand all the ways they could use QBO to make their workflow more efficient and their data much more accurate.
We helped MarketSpace save time by shifting to a project-based record maintenance so that they had visibility to their revenue, expenses, and profit for each unit. This made tracking and expense management much easier, minimized errors, and freed up time.
Gusto had been a part of the MarketSpace payroll system for quite a while when we stepped in. Although they were using it efficiently for certain entities, there was one in particular that wasn’t following the same trajectory. Monily was called in to helped MarketSpace integrate Gusto for payroll management of that entity.
This was a strategic move that led to multiple benefits for MarketSpace. With Gusto, payroll became automated, reducing the manual input required and minimizing errors. The platform handled all aspects of payroll, including salary payments, tax deductions, and benefit allocations. With this, the payroll execution was much faster and more accurate.
Although MarketSpace was already using SOS when we came into the picture, there was a lot more potential efficiency to be explored. Monily stepped in to train their staff to understand SOS better, help them resolve issues in their SOS inventory, and develop procedures that could support them when they needed it.
Effective accounting and payroll processes set in place allowed MarketSpace to reduce the time it took for them to fulfil administrative tasks.
With basic accounting systems, we helped them grow in a way that was sustainable for their business.
For MarketSpace, automation wasn’t a new addition. However, we helped their staff understand the systems in a way that would help them gain the ability to resolve issues that arose in the future.
Monily’s financial consulting services positively impacted my business. I no longer have to worry about paying taxes on time or processing the payroll, as now I know my business financials are in the hands of experts I trust. I couldn’t be more satisfied with their services.
Family Medicine Austin
Our experience with the Monily team was excellent. Their financial consultants managed our books and streamlined our finances accurately and professionally. They were always at the end of the phone to promptly answer all our queries and present strategic solutions.
Health Grade Accounting
Team Monily was incredibly helpful and responsive. They kept me updated about the progress and went above and beyond to get the project completed on time. I am super happy with their services.
Really Local Marketing
