The accounts department is usually the easiest and most straightforward department to get some quick wins in the offshoring journey.
This is one step in unlocking the hidden cost of administration for your business. If you are not sure what this is about or want to find out about potentially saving hundreds of thousands of dollars then check out this link.
There are 4 key areas that the Financial Services department works in:
- Property Management Trust Account
- Sales Trust
- General account
- Metrics and Reporting.
Under these 4 categories are many processes that all real estate businesses contend with.
This is not an exhaustive list of tasks that can be offshored. It is merely an indicative list. If you have specific roles that you are thinking of offshoring just ask us.
Typically, the accounts department is 95% administration. It makes sense to reduce that cost by 50% or more compared to the onshore costs that you are paying now.
So, what holds Principals back in making a decision to offshore?
How do I manage a team offshore?
It is surprisingly easy. However, there is some discipline involved.
UPS has put in place a tried and tested system of initial implementation and the ongoing management of your offshore team. We call it a co-managed solution.
It involves 6 key people. You as Principal and the Onshore supervisor and team member as well as the UPS team member, Team Leader and Head of Financial Services.
Reports are automated and are produced monthly or as often as you want. In addition, we have regular catch-ups to review progress and achievements
UPS walks beside you each step of the way making sure that your objectives are achieved.
How accurate is the data entry?
We operate with and train to detailed work instructions. When these are signed off by the onshore team in most cases the error rate is very small. But we are human and errors can occur. We work on a daily basis to minimise them.
What tasks can’t be done offshore?
We can do most of the administration tasks around a Real Estate business except for anything that the relevant legislation requires the licensee or officer in charge to perform such as authorising the upload of files to the banks.
In addition, some software has operational limits. This link explains more: https://marketing.upsystems.com.au/what-can-be-offshored
How can we go about setting up our business to offshore?
UPS has assisted dozens of businesses set up offshoring. There are 5 simple steps to follow. We can provide the tools and know-how. You just need the will to make it work.
You are not left to your own devices to make it work. We can assist every step of the way.
What about the protection of our data?
UPS goes to extraordinary lengths to ensure that your data is protected. Indeed, the data protection offshore is way more stringent than typically occurs in an onshore business. For a detailed explanation see this link: https://marketing.upsystems.com.au/asset-protection
What are the people like?
The people that we use are ordinary people just like any of us. All of the financial services team have an accounting degree, or similar, from University. This link will explain more: https://marketing.upsystems.com.au/what-are-the-people-like
What is important to remember is that at UPS all of the Head of departments are experienced Real Estate practitioners with decades of experience. In fact, 70 years of experience! So, you are in good hands with experienced operators looking after your team and the interface with your business.
If you are interested in saving money in your business by offshoring, please give us a call.