Here’s why Qornerstone Business Process Outsourcing (BPO) Finance makes perfect sense for:
5 Reasons Why MCSTs Should Outsource Finance to Qornerstone BPO team
1. Reduce Operating Costs
Managing the financial accounts for MCSTs involves many repetitive processes like billings, bank reconciliation, cheque preparation and others. Doing such tasks manually using paper-based processes is expensive and creates room for error.
Qornerstone BPO Finance uses a modern, cloud-based ERP platform leveraging on e-payments and software automation to do these tasks faster and with less risk of errors.
2. Experienced and Professional Team
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.
3. Implement Tighter Financial Controls
Qornerstone BPO Finance combined with a direct subscription to Qornerstone Estate platform allows MCST estates to implement the following controls:
a. Separation of duties with Finance now an independent function reporting directly to Council;
b. Electronic matching of Purchase Orders and Supplier Invoices;
c. Procurement approval policy based on value of contract;
d. Management and Sinking Fund (FM) budgeting with caps on spending set on individual GL line items; and others.
4. Live Data Financial Records
e-Payments with automated payment reconciliation is used for both Accounts Receivables and Accounts Payables. Accounting ledgers and Owners' account statements are automatically updated every time they make a payment, or when supplier invoices are paid.
Owners enjoy instant payment confirmation and can check their live account balance on the condo portal app. Council Members can login to the back-end system to view Financial Statements on demand*.
* Requires separate subscription to Qornerstone Estate starting from $1 per unit per month.
5. Directly Control Estate Data
All estate data like financial records, PO approvals, receipts, payment vouchers, supplier contracts and others are safekept and under the direct ownership and control of MC members*. Data is stored safely on Microsoft Azure cloud with daily back-ups for as long as estate maintains an active subscription. Data can be downloaded at any time in properly formatted Excel files.
*Requires separate subscription to Qornerstone Estate starting from $1 per unit per month.
Get A Quote
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 the MA?
Our team will liaise with your MA for taking over the finance and strata title roll data.
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 we wish to terminate the services?
You just need to give us one (1) month’s advance notice to terminate Qornerstone Outsourced Finance services. If you subscribe to the Qornerstone Estate platform directly, the data will remain on the platform under your direct control and the Qornerstone team will help to create new user accounts for the new Finance team.
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 our Council members and Residents?
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.