Here’s why Qornerstone Business Process Outsourcing (BPO) Finance makes perfect sense for:
Put Your Leasing in Trusted Hands
How does Qornerstone Outsourced Finance help Building Owners
Like having your own highly experienced Finance team but without the big wage bill.
The Qornerstone Outsourced Finance team is led by a manager with over 15 years’ experience managing recurring billings at property management companies in Singapore. We hire staff with minimum 5 years’ Finance experience and all reports are subjected to tight quality control processes.
Improve efficiency of leasing operations
Building owners may be concerned about the rising cost of manpower in Singapore, or may be looking for more efficient ways to manage their leasing processes. Building owners can now reduce their reliance on manpower by leveraging on software automation instead.
Outsourcing can reduce the cost of leasing operations
That’s because we take advantage of the automation features on Qornerstone Estate software to automate bookkeeping tasks that used to take hours. This means less manual data entry errors and cost savings that we can pass on to you.
For example, tenants are able to view and pay their bills from our tenants' mobile app through PayNow QR codes. Payments are then automatically reconciled to invoices by the system which also does the receipting immediately and automatically.
Reduce your manpower costs
If you add up all the time and company resources spent on managing manpower, it quickly becomes obvious that it’s better to outsource. Especially if you’re having trouble hiring locally in Singapore, think of all the time wasted applying for permits and on the actual hiring process. By outsourcing, you leave these headaches to us.
Improve tenants' satisfaction levels
Our outsourced Finance service is offered on the Qornerstone Estate platform, which is a modern, cloud-based ERP platform customised for leasing and property management. Tenants can receive their bills by email, or view and pay with PayNow on the Qommunity Resident app
Finance teams will appreciate features like purchase orders (POs) matching with supplier invoices, while Operations teams will find the FM budgeting, asset management and CMMS modules very useful.*
*Requires separate paid subscription to Qornerstone Estate.
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Data Setup Scope of Services
One-time setup charge of $1,500 per portfolio assuming raw data is provided as properly formatted .csv files. Additional charges may apply for data prepping if converting from PDF files.
1. How much advance notice is required to engage our services?
We need at least 4 weeks to migrate and setup rental contracts and financial data in the Qornerstone Estate platform. But this may vary depending on availability of manpower so please provide at least 1.5 months' advance notice before commencement of service.
2. Can you help with data migration?
Yes but this is a separate chargeable service.
3. Who will liaise with tenants when they have questions?
Building Owner's Operations team will be main point of contact for all enquiries, including questions on accounts receivables. If you subscribe for a Qornerstone Estate software license, we can provide Read-Only access to site staff to immediately retrieve SOAs. Alternatively, site staff can relay any enquiries to Qornerstone Outsourced Finance team for the appropriate follow up.
4. Who will liaise with vendors on Accounts Payables?
Please see reply to question no. 3 as the same procedure will apply.
5. Is a license to Qornerstone Estate software required?
- Direct control and access to all MCST data;
- If MA is ever dissatisfied with Qornerstone Outsourced Finance, the MA can terminate the service and employ your own Finance or another company without any disruption to service since you can just switch off our user accounts and create new ones for the new service provider;
- Additional user accounts for yourself, your managers and site staff so that you can respond more quickly to questions from customers.
6. What happens if a tenant contract is terminated?
You just need to give us one (1) month’s advance notice to terminate the rental contract or you may also give the same notice to terminate Qornerstone Outsourced Finance services.
7. Why are there discounts for e-payments?
E-payments allow the Accounts Receivables and Accounts Payables workflows to be automated on Qornerstone Estate. Automation reduces manual data entry and eliminates user errors (e.g. tenants forgetting to include their unit number when making payment) and data entry errors. This reduces our workload and we can pass on the cost savings to you.
8. Are there materials available for us to explain QuickPay and e-payments to our tenants?
Yes, please contact us here with your request.
Data Set Up Scope of Service
Scope of Work to be Performed by Qornerstone and the Company
Generate one set of financial statements and match against the set provided by outgoing Managing Agent (MA) and check for accuracy and completeness;
If the Company subscribes for Qornerstone data setup service at $4 per unit (one-time charge), or such other rate quoted, then Qornerstone will prepare data from outgoing MA in Qornerstone’s standard data upload templates
Prepare the estate’s financial data and audit schedule (Notes to Accounts including Fixed Assets Schedule, Fixed Deposits and others) in Qornerstone templates, if the Company does not subscribe for Qornerstone’s data setup service.
Generate monthly late payment interest billing;
Generate monthly or quarterly billing of Management Fees and Sinking Funds (MFSF);
Generate statement of account as PDF files to send to MA for printing and postage; and/or send to SPs by email;
Reply to queries from Residents received through the Company.
Provide bank statement or viewing access banking dongle;
Manage all liaison with Residents as main point of contact.
Create payments (either cheques or e-payments on banking portal) once a month;
Perform monthly bank recon to update Payables ledger balances and cash balance;
Reply to queries from vendors received through the Company.
Raise POs in Qornerstone Estate for all purchasing;
Receive, approve and scan supplier invoices together with supporting documents into Qornerstone Estate;
Act as main point of contact for all vendors.
Update the audit schedule (Notes to Accounts including Fixed Assets Schedule, Fixed Deposits and others);
Enter all transaction information based on listings provided by the Company;
Prepare monthly financial statement including Debtor's Aging, Payables Aging, Trial Balance, Income & Expenditure and Balance Sheet with Monthly, Budgeted and Variance;5. Prepare quarterly GST report, if applicable.
To perform GST filing from Qornerstone Estate (training to be provided) direct to IRAS with Corppass login.
Provide access for external auditors to financial records to conduct annual audit and reply to auditors’ questions;
To provide eligible voter listing based on financial records for the annual general meeting (AGM);
In the event of termination of the Services, Qornerstone shall export all data in properly formatted .csv files (Excel) and return to the Company.