LAS VEGAS - Ascent Multifamily Accounting was formed in 2016 by one of the industry’s most respected accounting experts-Scott Seegmiller. Seegmiller and his team have worked together for more than 10 years managing the accounting services for properties across the country. Seegmiller has worked in the multifamily industry for more than 30 years and is known as an industry expert in its accounting, both for his innovations with software and streamlining multifamily accounting processes.
Ascent currently manages the accounting for more than 11,000 units in the United States, all from its office in Las Vegas, Nevada. The team handles accounting processes including:
Account reconciliations for bank accounts and credit card statements
Accounts payable processing and management
Financial statement and custom reporting
Human resources and training and development
Ascent also helps its clients in their overall financial strategies with services including business transformation, tax credit consulting and acquisition and due diligence services.
Ascent has saved its clients from $50,000 per year up to $4 million per year in streamlining this critical function for multifamily property owners and management firms.
“For example, if you manage a portfolio of 15 properties, it’s not unusual to have an accounting staff of four people at an average cost of $30,000 per month,” said Seegmiller. “That is not the most efficient way to manage this function anymore. Outsourcing to experts with a deep understanding of your business and goals saves more than just money. It saves on office space, software expenses and costly mistakes that often happen with junior level accounting staff.”
Given the complexity of an accounting department and significant commitment to payroll, rent, IT and training, Seegmiller said the opportunity to outsource this function has helped Ascent grow twice as fast as its predictions for the first year. “By outsourcing the accounting function, this typically high fixed-cost overhead component becomes a 100 percent scalable, variable cost service,” he said. “You pay only for what you use, so concerns over adding properties to management or selling assets no longer impact overhead adversely.”
Ascent’s longevity in the multifamily industry help the firm look for cost savings at every level: from the cost of trash service to HUD audits. Both small and large-scale property owners have realized immediate benefits to outsourcing their accounting with Ascent.
One Ascent client, Roland Stewart of Paramount Investment Corp. in Dallas, said that by outsourcing his accounting he was able to devote more time on his properties…resulting in more cash to his bottom line. “Ascent has provided us the ability to focus our energies on revenue management, cost controls and direct property operations. Clearly, we have increased our bottom line substantially. We continue to see our annual revenue and NOI increase, year after year. The HR and accounting services provided us by Ascent are extremely efficient and hassle free to us as owner-operators. The monthly reporting received is custom tailored to ours and our lenders’ requirements. They are truly a great value add to our company’s operations.”
Another Ascent client experienced a 63 percent monthly savings on its accounting services by outsourcing. “They were previously spending more than $75,000 a month,” said Seegmiller.
“Outsourced accounting services are responsive and flexible, so property owners and managers don’t have to worry about adding or decreasing staff depending on the properties they have under management at any given time,” said Seegmiller. “And with real-time reporting, they can find out the status of each property at any time on a cloud-based network. It allows them the time and resources to focus on managing their assets and acquiring new business.”
The team at Ascent is well-versed in the most popular platforms for multifamily accounting, including RealPage, Yardi and Entrata. Seegmiller also works directly with software companies to develop new functions and features for their multifamily clients. “Our knowledge of industry software makes the transition from in-house to outsourced accounting platforms virtually seamless,” he said. An industry expert, Seegmiller is often cited as a source in reviews for new and currently available multifamily accounting software.
“We believe that with the right tools and knowledge, the accounting functions in our industry can be our biggest asset,” said Seegmiller. “For many property owners and management firms, the accounting function is their biggest headache and one of the largest annual costs. This function is transforming, through the help of companies like Ascent, to become the most reliable and profit-generating functions a company can have. It frees up more time and resources for property owners to focus on what is most important in their business: property management and business development.”
Many of Ascent’s clients work with the firm’s management consulting division to streamline their operations. Mike Ballard leads the firm’s consulting and tax credit practices to help owners save additional money in their operational budget and through both New Markets Tax Credits and the Section 45L tax credit program.
For more information on Ascent Multifamily Accounting and its services, visit www.multifamilyaccounting.com or call 702-998-5030.