Case Study: American Landmark Apartments
American Landmark Apartments is one of the fastest growing multifamily real estate management companies in the United States. Their portfolio currently includes over 70 properties, comprised of approximately 23,000 units in Florida, Georgia, South Carolina, North Carolina, Tennessee and Texas. Their corporate headquarters are located in Tampa, FL. They have been a client of SX Business for just over 5 years. SX Business currently handles their entire accounts payable functions. SX also implemented and supports their Nexus platform.
In 2014, American Landmark was faced with the declining unemployment rate, making it extremely difficult to hire and retain employees. The company was also preparing for a major merger which would effectively double their number of properties. At the time, their AP department consisted of two employees. Their employee turnover, along with employee searches, was costing the company greatly, both in time and money. They also did not have a current, automated Accounts Payable software system. Instead, they were using a system of uploading and storing their invoices on their server, which was time consuming, prone to errors and difficult to manage.
SX Business came on board, providing American Landmark with immediate access to the human resources bandwidth they needed and by streamlining their AP process. SX was able to provide the experienced staffing that was needed to prepare for the merger as well as set up for future growth. The SX team continues to provide the accounts payable headcount required to process the thousands of invoices and payments per week for the numerous properties that American Landmark has today and for those that will undoubtedly be gained in the future. SX filled their technology void by implementing the Nexus AP Automation Software. The software allows the company to streamline their AP procedures from the vendor set up to the payment process, including generating their 1099s. American Landmark has since grown from 12 properties to over 70 with SX Business continuing to provide the staffing and support needed during their ongoing expansion.
Value Provided by SX Business
SX Business has provided a cost savings of, at a minimum, 36% related to employee salary, benefit, recruitment and facilities costs over the past 5 years. Furthermore, SX was also able to provide access to employees that are at 100% productivity on day one rather than up to the 6 months it takes a new hire to reach full productivity. This allowed American Landmark to be well prepared for the increased workload related to its upcoming merger. American Landmark has also been unaffected by the continued decrease in the unemployment rate of accounting personnel that is currently at a shockingly low rate of 1.6% as of 4th quarter, 2018. SX provided the latest in accounting software by implementing Nexus AP Automation Software to streamline their workflow, saving time and reducing errors while improving visibility and control. Nexus allows for the paperless tracking of invoices throughout the entire payment cycle, setting up workflows with approvals through the entire company. The benefit of saved time and money provided by SX Business has assisted American Landmark in its expansion from the original 12 properties to the more than 70 properties American Landmark expertly manages today.