BK Management's Efficiency Leap: Consolidating Accounting Operations with AppFolio
Technology Category
- Infrastructure as a Service (IaaS) - Cloud Databases
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Buildings
- Finance & Insurance
Applicable Functions
- Facility Management
- Procurement
Use Cases
- Inventory Management
About The Customer
BK Management is a property management company established in 2011 and based in West Lafayette, Indiana. The company manages over 1,200 units and has experienced a growth of 400 units in just one year. BK Management primarily caters to owners of student housing around Purdue University. The company's mission is to provide quality, affordable, and safe housing to students while continuing to grow the business. BK Management values efficiency and innovation in its operations, as evidenced by their decision to consolidate their accounting operations using AppFolio.
The Challenge
BK Management, a property management company catering to student housing around Purdue University, was initially running its corporate accounting and property management accounting on two separate platforms. The company was using QuickBooks for corporate accounting and AppFolio for property management accounting. This lack of integration led to inefficiencies and workarounds as they had to run separate reports from both platforms and then attempt to consolidate the data. The process was clunky and time-consuming, preventing the company from achieving optimal efficiency in their operations.
The Solution
BK Management decided to migrate all their accounting operations over to AppFolio. This move allowed them to have a single source of truth for all their accounting needs, eliminating the need for constant workarounds and dual entries. AppFolio's customizable GL codes, cloud-based nature, single entry feature, and owner portal significantly improved the company's workflows. The owner portal, in particular, was beneficial to property owners who appreciated the detailed reporting and the ability to receive ACH payments. AppFolio's continuous software innovation also allowed BK Management to become more efficient with each new feature added. For instance, the addition of eCheck payouts for security deposit returns, the ability to assign costs to different projects, and the creation of estimates for major renovations were all features that BK Management found extremely useful.
Operational Impact
Quantitative Benefit
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