Here’s why Qornerstone Business Process Outsourcing (BPO) Finance makes perfect sense for:
Put Your MCST Accounts in Trusted Hands
How does Qornerstone Outsourced Finance help Managing Agents (MAs) improve MCST management
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’ MCST Finance experience with leading MA companies in Singapore. We hire staff with minimum 5 years’ MCST Finance experience and all reports are subjected to tight quality control processes.
Scale up (or down) quickly and flexibly
We know of many MAs who had to turn down jobs because of manpower constraints. Either their Finance team was already overloaded or they didn’t want to employ one extra headcount just for one project. Outsourcing gets around this problem by giving you the flexibility to scale up (or equally important, scale down) quickly and easily. Your supply of Finance manpower is now flexibly matched to demand for your MA services.
It really does cost you less to outsource
That’s because we take advantage of the automation features on Qornerstone Estate software to largely 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.
To manage Accounts Receivables, SPs can view and pay their bills on an app or PayNow QR codes. Payments are then automatically reconciled to invoices by the system, which then issues a receipt to the SP and updates the SOA and debtors’ ledger.
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 like most MAs you’re having trouble hiring locally in Singapore, think of all the time wasted applying for permits and on the actual hiring process. Then just when you think the team is stable, a staff leaves because a competitor offered a $100 more a month. By outsourcing, you leave these headaches to us.
Improve customer satisfaction with e-payments
Our outsourced Finance service is offered on the Qornerstone Estate platform, which is a modern, cloud-based ERP platform customised for MCST property management. SPs can receive their bills by email, or view and pay with PayNow on the Qommunity Resident app
Council members who use ERP systems at their workplace will appreciate features like purchase orders (POs) matching with supplier invoices, FM budgeting linked to GL codes, electronic approvals of POs, supplier invoices and payments.
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Data Setup Scope of Services
One-time setup charge of $300 per estate 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 2 weeks to migrate and setup strata title and financial data in the Qornerstone Estate platform. But this may vary depending on availability of manpower so please provide at least 1 month advance notice before commencement of service.
2. Who does the taking-over from outgoing MA?
The incoming MA shall be responsible for taking-over and follow the business-as-usual process for taking over the finance and strata title roll data, before handing this over to Qornerstone Outsourced Finance team.
3. Who will liaise with SPs on Accounts Receivables?
The MA will act as main point of contact for all enquiries from SPs and Residents, including questions on accounts receivables. If the MA subscribes for a Qornerstone Estate software license, we can provide Read-Only access to site staff to immediately retrieve SOAs and send to SPs. 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 our MA contract is terminated?
You just need to give us one (1) month’s advance 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. SPs 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 the Management Council members?
Yes, please contact us here with your request.
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.