XU Magazine - Issue 17

How Proptech can help transform your accountancy business

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The rise of digitisation has revolutionised working practices in almost every sector. Accountancy has been affected more than most, as the nature of the work lends itself to automation and streamlining. Similarly, the property industry has seen a major shift in the way it operates, with businesses embracing new technology to broaden their offering to customers.

A great way for accountants serving the property industry to take advantage of both these changes and gain a competitive advantage is to also adopt the latest trends in technology; Cloud-based software being at the leading edge. As an innovative, Cloud-based software and leader in the Proptech industry, Arthur Online’s revolutionary platform can help accountancy firms achieve efficiencies and offer tailored client services like never before.

This case study focuses on how Kounteq, a forward-thinking accountancy firm, has used Arthur Online to expand its offering and streamline its existing operations. The case study also looks at Caridon, a letting agent based in London and one of Kounteq’s main clients. Caridon sought a system that could streamline and simplify its daily operations while keeping its financial statements current in real-time, and found that Arthur Online ticked both these boxes. The relationship between Kounteq, Caridon and Arthur Online began in January 2018, since then Caridon has expanded its portfolio to over 1,400 units, which are managed by a relatively small team.

Expert Integrations

Past generations of property management software have been prohibitively expensive or too difficult to integrate. The only option for technologically minded property managers was to combine several different tools to deal with the various parts of the tenant journey. Arthur Online was built to be a cost-effective, integrated, end-to-end solution, making the power of Cloud computing available to property managers of all sizes. Kounteq’s Mohamedali Walji described his experience of using past generations of property management software as ‘’disjointed and inefficient’’, by using Arthur Online he is ‘’no longer limited by two or three disconnected packages.’’

Arthur Online has an open API infrastructure, enabling it to easily combine and integrate with market leading services. Zapier, Rightmove, Zoopla and Xero are just a few of the products that integrate seamlessly with Arthur Online, which give users the most popular platforms in one convenient place.  

Simple Financial Management

The integration between Arthur Online and Xero creates a complete management and accounting solution. For Kounteq’s Mohamedali Walji, the integration was described as a ‘’great time saver’’ and a major factor in what initially attracted his firm to Arthur Online. After considering over 40 other property management software providers, Kounteq found that other platforms lacked a simplified financial management integration.

Live accounting was also cited as a deciding factor: Arthur Online allows the reporting and forecasting features in Xero to generate real-time cash flows on individual properties.

Cloud-based Software

The Cloud-based aspect of Arthur Online can give businesses such as Kounteq a ‘’greater overview of finances and simplify tasks’’. Arthur Online feeds rent charges to Xero, which then matches the charge against its corresponding receipt from the live bank feed, enabling fast and easy rent reconciliations.

Given how fast-paced businesses can get, with cloud-based software any information is accessible at anytime from anywhere. As a client of Kounteq, Caridon’s Ben Pavesi described the Cloud-based aspect of Arthur Online as one of the best parts of the system, allowing him to efficiently collaborate with his team by sharing tasks via one of Arthur Online’s apps which are fully integrated with the web-based platform.

Automation

At the heart of Arthur Online is the automated events feature. For example, booking a viewing for prospective tenants on Arthur Online is as simple as clicking a few buttons. The system will notify the existing tenant, assign a task to the property manager to carry out the viewing and arrange a convenient time for all parties.

The ‘automation’ function works alongside the Cloud-based aspect of the platform making viewings easier and faster. Caridon’s Ben Pavesi noted that this was a ‘great time saver’. He recalls times when he has been able to create tasks and assign them to specific team members, all while being on-the-go.

Accreditation

Arthur Online acknowledges that accounting can be complex, particularly when combining financial reporting with day-to-day management. Therefore, bespoke training for Xero accredited accountants is offered on a regular basis to ensure full understanding of the system and the best possible experience for clients. The services of Arthur Online accredited accountants are advertised to Arthur Online’s 1,000+ property managers.

The accreditation courses also work to enhance the knowledge of how the system and integrations work, helping accountants and bookkeepers save time and money.

Both Caridon and Kounteq have harnessed the power of Arthur Online to enhance their operations, and highly recommend Arthur Online to all accountants with property managing clients. Arthur Online has helped them achieve efficiencies and save countless hours.

Further, Arthur Online continually updates its platform with the latest advances in Cloud-based technology and offers unrivalled customer support, so users are well informed and always at the cutting edge.

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About the author

Patrick Caulfield ACA

Associate Director, Arthur Online.

After graduating from Durham University with a Masters in Economics, Patrick joined EY (London) where he became a chartered accountant. He then spent 3 years in M&A and investment banking with Citi Group and an early stage VC. Patrick now works at Arthur Online where he manages everything finance and investor related, from fundraising to shaping and rolling out Arthur Online’s ambitious growth plans.