Blog January 14, 2022

3 ways MRI Accounting Services empower residential properties and public housing authorities

By Chris Vroman

No matter what corner of the real estate industry you occupy, your organization faces numerous challenges that can hinder day-to-day operations and lead to serious long-term problems. Without accounting services that help with efficient budgeting, accurate data, and auditable documentation, your residential property or public housing authority (PHA) could be burning through time and funds in order to simply operate and remain in compliance with state and federal regulations.

Outsourced accounting services can help both residential property management organizations and PHAs with recurring account services, giving them visibility into their financial performance and enabling them to overcome their daily challenges. Let’s take a look at how MRI Accounting Services can help your housing-based organization increase operational efficiency, make more informed decisions with accurate data, and guarantee success through frequent communication.

Streamlining operational efficiencies

When it comes to outsourced accounting services, many real estate organizations fear that their operations won’t receive the full attention of an outside team. But MRI Software’s accounting team knows that at your organization, whether residential or public housing, your time is valuable, and you should be able to run your business the way you need it to run. With this commitment and by getting to know your processes, MRI’s Accounting Services team can help your organization increase in operational efficiency.

This was the case for CMT Properties, a small firm that manages residential housing. By leveraging MRI’s Accounting Services, CMT Properties has been keep costs down while remaining up to date on their most important work. With a reliable team taking care of standard data entry and day-to-day system support, CMT Properties can focus on moving forward without being burdened by time-consuming accounting tasks.

Initially, I was unsure if MRI Accounting Services could take care of all my needs, but they accomplished everything I required. I don’t know where we would be without the support setting up our systems and for the data entry of the existing accounting information.​

Walt Cameron, President and CEO
CMT Properties

Providing accurate financial data

No matter what challenges they faced, many of MRI Software’s expert clients in the housing space agree that a vital benefit of MRI’s Accounting Services was the access it gave them to comprehensive and accurate data. For the Poplar Bluff Housing Authority and Bryan Texas Housing Authority, MRI’s accounting team provided them with critical insight and services that helped bolster the consistency of financial information. This included preparation of monthly financial statements, unaudited Financial Data Schedules, and Management’s Discussion and Analyses. MRI also assists these housing authorities with their operating subsidies and budgets, and these PHAs have saved significant time and capital by having these statements created by the accounting team.

One finance director, Angela Cochran of Poplar Bluff Housing Authority, dove into details about how the data they get from the team isn’t just accurate – it’s insightful. When Angela receives statements from the accounting team, she sometimes finds that anomalies in their financials have been noted and key data points are highlighted to help out at future board meetings. This kind of data enables public housing authorities and residential properties to better understand their performance and see how they’re tracking to meet their goals.

Enabling frequent communication between teams

For both residential properties and PHAs of all sizes, transparency and proper documentation play a critical role in long-term strategy and budgeting. One of MRI’s clients in the public housing space, Sheryl Swendson, stepped in to serve as Executive Director to several small PHAs who had limited access to CFP funds. Given their size and need, these entities required rock-solid financial documentation to ensure that public funds were being used properly and effectively.

With MRI’s accounting services, a constant line of communication stays open between the accounting team and clients in order to ensure that all necessary information gets relayed in a timely manner. When asked about the greatest benefit she sees from accounting services, Swendson mentioned the frequent calls from her accounting team that helped to not only guarantee that the data provided had been received, but also to make sure it was properly understood. With MRI’s financial advice, Swendson was able to run her consortium of small PHAs efficiently, using the CFP funds that were available and leaving a clearly auditable trace of work.

Both residential property management firms and public housing authorities have a lot of hats to wear, and with a service as important as housing, your business shouldn’t have to go it alone. By partnering with MRI Software’s accounting services team, you’ll be able to bring consistent data, efficient operations, and transparent auditability back into your processes. Learn more about how accounting services can benefit your PHA or residential organization.

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