Efficiency Study Enhances Productivity and Cost Savings for National Self-Storage Firm

Client Profile

Industry:	Self-Storage Management
Entity Type:	Corporation
Ownership Structure:	Private
Geographic Footprint:	National
Annual Revenue:	$5.7 Million

Issue

A national self-storage management firm approached CBIZ Outsourced Accounting Solutions to have its accounting department processes analyzed and asked for a comprehensive department efficiency study. Leaders at the firm wanted to see if there was a cost-effective way to open capacity on its accounting team without hiring new employees.

Solution

Our Outsourced Accounting Solutions team reviewed three key areas of the firm’s accounting department process and conducted extensive interviews with the accounting staff and managers. We identified several consistent pain points and inefficiencies centered around manual processes and a lack of training among team members.

By streamlining accounts payable management through software isolation and process automation, our team saved 134 hours in processing time annually. This efficiency resulted in a $36,000 reduction in labor costs for the firm and enhanced the team’s ability to handle more clients without the need for additional hires or overtime.

Our review also revealed out-of-scope tasks within the accounts receivable team. By implementing changes suggested by our outsourced accounting solutions experts, the firm can save $15,000 annually in labor costs and reduce manual entries by 47 hours each month.

Outcome

The firm upgraded to advanced accounting software and eliminated non-essential tasks, enhancing efficiency and paving the way for future growth. Leaders also encouraged and welcomed feedback from the accounting team, who were more willing to engage in the changes when they saw how it would make their workloads more manageable.

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*MHM (Mayer Hoffman McCann P.C.) is an independent CPA firm that provides audit, review and other attest services, and works closely with CBIZ, a business consulting, tax and financial services provider. Copyright © 2023, CBIZ, Inc. All rights reserved.