Property Resources Corporation

The Challenge
When PRC first looked to a firm that could handle the company’s accounting functions, it signed up with a close-to-home company in New York City. Disappointed with both the higher-than-expected cost and lower-than-anticipated efficiency gains, PRC looked again. Although Dynaxys was located farther away — in Silver Spring, Md. — PRC was impressed with Dynaxys’ partnership approach to client relationship management, beginning with the sales cycle and extending through implementation and beyond. PRC needed a reliable, responsive partner to take over the job — and make staff feel that the outsourced “accounting department” might as well be just down the hall.

The Solution
PRC managed conventional and affordable properties; its expertise lay in property management, not accounting. As it increased the number of properties it managed, it looked to business process outsourcing as a way to keep staff small and save on salaries and overhead.

PRC asked Dynaxys to take over all of its back-office financial and accounting functions: general ledger, accounts payable and receivable, etc. It also needed Dynaxys to handle all of its books and financial records and to house its servers. PRC staff still input data, but it wanted Dynaxys to take it from there, answering questions, taking care of problems, and working closely with PRC auditors.

Dynaxys began by installing, maintaining and operating commercial property management financial applications that would support PRC. We converted historical tenant and accounting transaction data from PRC’s legacy systems into one of the leading property and asset management financial applications and created a state-of-the-art, accounts payable system, all hosted within our Data Center. We also put in place automated procedures that streamlined the approval process and integrated orders with accounts for better control and scheduling of payments.

We also made certain that the financial solutions we created met compliance requirements for documentation, transparency, accountability and integrity to satisfy the requirements of corporate governance as well as federal and state laws and regulations.

The End Result
PRC spends fewer resources on purchasing as well as invoice and payment processing. Its accounting operations are supported by an enterprise-class data center and a service team of experienced CPAs, technology specialists, financial and business analysts, and processors. New gains in operational efficiencies plus overall cost savings enable PRC to focus on, and invest in the growth of, its core business, prompting PRC’s chief executive to say, “They might as well be right down the hall.”