CMT Properties uses MRI Managed Services for Property Accounting to ensure business continuity
About CMT Properties
CMT Properties provides third-party property management services to owners of commercial office buildings, retail centers, and industrial complexes. Their primary goals are to provide tenant comfort and client satisfaction by focusing on the financial, operational, and mechanical stability of their portfolio. CMT Properties and its owner, Walt Cameron, seek to bring a personalized experience and high quality monthly financial and operational reports to their clients, which are paramount in a transparent relationship.
Business Challenge
Opening in 2021, CMT Properties faced many challenges in the onset and transition of business. The focus was ensuring that clients transitioning to CMT Properties continued to receive the same level of services or better than they experienced in the past. Cameron states he “strives for seamless transitions” and needed to deliver this to his new clients.
Quality and accurate financial reporting are key components for any company, but as a third-party management firm, it is vital our reporting is professional and accurate.
– Walt Cameron, Owner, CMT Properties
Additionally, with a highly skilled team of industry experts in property management, it was clear that financial accounting was a business gap that needed to be filled. To keep operating costs low and minimize training and onboarding risk, CMT Properties needed outside assistance to deliver the same level of accounting services and expertise its clients were accustomed to. CMT Properties decided to outsource its accounting functions to ensure high quality, accurate financial reporting.
Solution
CMP Properties selected MRI Managed Services for Property Accounting which offers access to experienced CPAs to produce monthly financial statements, extensive analysis of balance sheets, and overall accounting support. Additionally, CMT properties chose MRI Vendor Pay powered by AvidXchange to automate the entire Accounts Payable (AP) process to facilitate invoice payments.
Business Impact
By adding MRI Managed Services for Property Accounting and MRI Vendor Pay to its technology ecosystem, CMT Properties saves time, automates complex processes, and increases accuracy in reporting, which delights clients and ensures the expected level of expertise.
Hiring and training an entire accounting team was not part of CMT Properties’ original business plan – the business model maintains minimal corporate overhead, which enables CMT to charge lower management fees than its competitors and offer a higher level of service to tenants and clients. Outsourcing to a team of MRI accounting experts allowed the property management team to focus on the bigger picture and kept overhead costs low.
“As a smaller firm, using MRI’s accounting services was very cost effective. Initially, I was unsure if MRI Managed Services could take care of all my needs, but they accomplished everything I required,” says Cameron.
The MRI Managed Services for Property Accounting team are experts in MRI’s systems, allowing them to take the burden off small businesses with no additional training. The team uses existing MRI property management software data to populate reports and turn around financial statements in a timely, consistent manner.
The Managed Services for Property Accounting team at MRI has been amazing, and they have been fundamental to our early success. The team genuinely cares about the client and has been a problem solver and advocate for CMT Properties throughout the process.
Because of their MRI and accounting expertise, the Accounting Services team can flex to meet the needs of each individual client, address challenges as they arise, and grow as the business requires.