TOPS Accelerates Revenue for Management Startup, Saves $10,000 in Conversion Costs
The speed of the TOPS data conversion allowed us to rapidly deploy and implement our business plan with less cost and more revenue from the start.
— Mike Bono, President, Bono and Associates
Customer: Bono and Associates
Web Site: www.bonomgmt.com
Location: Central Florida
Industry: Community Association Management
Software: TOPS Professional Hosted
Website: www.topssoft.com
Hosting by: Trapp Technology
Customer Profile
Bono and Associates, a startup Central Florida community management company, provides management, governance and accounting services to seven community associations with approximately four thousand homeowner, condominium and townhome units. Mike Bono, President, an experienced Community Association Manager and former Community Board Member, launched the company January 1st, 2013 with the cloud-based community management system, TOPS Professional Hosted.
Mike Bono wanted to get the right tools for his startup management company to meet the unique requirements of community associations. “I’ve sat on both sides of the table,” said Bono. “As a former HOA president and an experienced LCAM I understand the challenges that you face.”
To maximize revenue in their first quarter of operation, Bono and Associates wanted to start billing associations for services January 1st but faced a short conversion window. Bono considered his options to get the operation going quickly and to allow for rapid future expansion.
Business Needs
Short Conversion Window
Bono and Associates considered the rapid conversion of client data to be an important factor in their decision to select software to manage the new company. “We realized we had to convert about 3,000 homes between Christmas and New Years,” said Mike Bono, President. “It becomes a tremendous problem to work effectively without all of the history. The need to have a very successful conversion outweighed other considerations.”
Minimum Capital
To conserve capital Mike Bono wanted to outsource his printing, phone system and IT. “I looked at the cost of buying servers and a part-time IT resource to install and maintain the server environment,” said Bono. “We decided to minimize startup costs and launch the business without a large capital investment.”
Easy to Expand
As the company expands, Bono and Associates will be looking for full or part-time portfolio managers in other cities. “With a cloud-based system I can bring them on board remotely and provide them everything they need,” explained Bono. “I’d like to have the collaboration between everyone without a big corporate office.”
Solution
TOPS Professional Hosted
As he planned the launch of his new company, Bono considered other hosted solutions but decided on TOPS. “The key thing was the short conversion window and the ability to bring over the history,” stated Bono. “We looked long and hard at other solutions. It was definitely the right call.”
Bono and Associates hit the ground running with expert assistance from the TOPS conversion team. “We picked up the files from four clients on December 22nd and were on the phone Christmas Night with TOPS and Trapp Online,” explained Bono. “January 1st we had 3,000 accounts up and running one hundred percent with all of the history. There were absolutely zero glitches.” Bono and Associates billed clients for services on the accounts from that point forward.
Outsourced IT
Bono and Associates implemented their TOPS Professional Hosted solution quickly without a large capital investment in IT infrastructure. “I don’t need to have special cooling or any kind of special environment,” explained Bono. “I don’t have servers running 24/7, which means less energy consumption and, compared to the client version of TOPS, we have much faster access to our data.”
Anywhere Access
With TOPS Professional Hosted, Bono works from anywhere he has an Internet connection. “If I’m at home, at work, out doing a drive-thru, or at a board president’s house, I’ve got full access to the entire TOPS system on my laptop or PC,” explained Bono. “Yesterday we had tornado warnings so I decided to work from home. I logged off went home and logged back on so I didn’t have to worry about it.”
Benefits
More Revenue, Less Cost
Bono and Associates realized an extra $50,000 in first quarter revenue, made possible by the quick conversion of history data. “January 1st, I was able to generate revenue from those companies immediately,” stated Bono. “Without TOPS I would have been able to manually convert only one client per month. My first four clients would still not be up and running four months later.”
The quick conversion saved Bono and Associates $2,400 or more per client, or approximately $10,000 in total labor costs. “We would have had to bring in additional staff to convert the data—a minimum of two people for two weeks for the first 900 unit client,” said Bono.
No CAPEX
With TOPS Professional Hosted, you pay as you go, which makes possible a capital-free investment. “It took all of the up-front IT-related costs away,” stated Bono. “If I want to add another user I just pay a little more to TOPS. Otherwise, with a client-based system I’m looking at more IT infrastructure to add additional locations.”
Increased Collaboration
TOPS Professional Hosted simplifies collaboration between Bono and his accounting manager. “Anywhere I’ve got an Internet connection I’ve got the full TOPS version,” explained Bono. “No matter where I am we’re looking at the same data, where before, I’d have to be back at the office with her.”
Bono always takes a laptop to board meetings. “We talk about AR and we’ve got a lot of history and violation reports to look at,” explained Bono. “Instead of presenting static data, we can respond immediately to questions and requests for history. Our boards are impressed that we have full access.”
Painless Growth
The option to quickly add resources to TOPS Professional Hosted simplifies expanding into new markets. “I could add another office within days,” said Bono. “All I have to do is buy another user, a phone, and a laptop and they’re up and running in a town 200 miles from here.”
Recruiting new community association managers will be easier. “My growth is going to be in managers who work remotely and come into the office once a week,” said Bono. “The flexibility will be attractive for them, which will help in recruiting good people—absolutely!”
A Successful Startup
Bono and Associates considers TOPS Professional Hosted an essential component of their success. “I could not be where I am now if I had gone with a client-based system,” stated Bono. “The rapid conversion, flexibility, increased collaboration, ability to work from anywhere, and competitiveness the product brings to me makes TOPS a valued partner in my success.”
If your company could benefit from cloud hosting in a similar way to Bono and Associates, feel free to get in touch with TOPS.