How Buttonwood Property Management Streamlined Operations with Obox

In today’s competitive property management market, efficiency and accuracy are essential for growth. For Buttonwood Property Management, managing over 650 properties posed significant financial management challenges. They needed an accounting partner that could seamlessly handle complex transactions, keep up with ongoing reporting demands, and ensure regulatory compliance. That’s where Obox came in, providing a tailored, proactive solution that transformed Buttonwood’s accounting operations and allowed them to focus on what they do best: managing properties.

Scope of Work

Full-cycle accounting support, regulatory compliance, transaction processing, financial reporting, and process automation.

Results

  • Efficiency Improvement: Reduced manual accounting tasks by 40%
  • Reporting Accuracy: Achieved 99% accuracy in monthly financial reports
  • Turnaround Time: Cut reporting time by 50%, enabling faster decision-making
  • Regulatory Compliance: Ensured 100% compliance with industry regulations

CLIENT OVERVIEW

Buttonwood Property Management

Buttonwood Property Management is a mid-sized company handling a portfolio of 650+ properties. With such a large volume, they required a specialized approach to handle the complexities of their Accounts Payable (A/P), Accounts Receivable (A/R), tax compliance, and stakeholder communication. A proactive partner with deep industry knowledge was essential to keep financial operations running smoothly and ensure compliance with Canadian tax regulations for both local and non-resident property owners.

THE CHALLENGE

Managing Complex Financials for a Large Portfolio

Buttonwood’s challenges were multi-faceted:

  1. High Volume of Transactions: Managing monthly rent payments and payouts involved large-scale A/P and A/R processes across various stakeholders.
  2. Tax Compliance for Non-Residents: They needed assistance navigating the intricacies of non-resident tax management, including preparing and filing NR6 forms and ensuring timely monthly and year-end tax remittances.
  3. Intensive Month-End Processing: The month-end period demanded detailed attention, from calculating management fees to processing payouts for property owners.
  4. Real-Time Financial Reporting Needs: With live accounting requirements, Buttonwood needed immediate financial insights to make prompt, data-driven decisions.

OUR APPROACH

A Tailored, Proactive Solution

Obox crafted a specialized service plan for Buttonwood, providing full-cycle accounting support that streamlined operations and elevated financial visibility. Here’s how we did it:

THE RESULTS

Enhanced Efficiency, Reduced Costs, and Financial Clarity

By partnering with Obox, Buttonwood Property Management saw marked improvements in efficiency, communication, and financial control. Here are some of the key results:

  • Accurate and Timely Reporting: Obox’s real-time financial reporting enabled Buttonwood to make swift, informed decisions. Month-end processes were completed within a 7-day period, without delays or errors.
  • Improved A/P & A/R Management: Buttonwood experienced smoother cash flow and fewer outstanding receivables due to Obox’s proactive management of their A/P and A/R activities.
  • Seamless Tax Compliance: With Obox handling their non-resident tax obligations, Buttonwood was fully compliant, avoiding penalties and minimizing tax burdens for property owners.
  • Enhanced Stakeholder Relations: Clear and consistent communication with vendors, owners, and tenants improved relationships and reduced conflicts, allowing Buttonwood to focus on core property management activities.

CONCLUSION

Why Obox Outperformed Traditional Accounting Firms

Obox’s industry-specific expertise and commitment to proactive service distinguished it from traditional firms, which often lack the flexibility and depth required for mid-market property management. Here’s what made our partnership with Buttonwood a success:

Deep Industry Knowledge: Obox’s experience with real estate and property management accounting meant we could hit the ground running, offering specialized insights that saved Buttonwood both time and resources.

Customized Solutions: Unlike one-size-fits-all approaches, Obox tailored our services to Buttonwood’s unique needs, ensuring seamless integration with their processes and systems.

Flexible, Around-the-Clock Support: By adapting to Buttonwood’s real-time accounting requirements, we provided continuous support beyond the typical 9-to-5, ensuring uninterrupted financial operations.