Sosuite Partners with Clearing to Streamline their Trust Accounting
Discover how Sosuite streamlined their financial management and trust accounting processes with Clearing. Learn about their journey and the benefits experienced.
May 18, 2023
Corey
Overview of Sosuite
Sosuite is a hospitality company founded in 2019 by Jean-Emmanuel Losi and Simon Seroussi, offering accommodations in unique historical buildings in lively neighborhoods, primarily in Philadelphia. Inspired by their own travel experiences, they aim to provide a professional, personalized, and local experience for travelers. Their accommodations are equipped with smart devices, high-speed Wi-Fi, and are located in areas with access to local attractions. They also offer a membership program with benefits such as streamlined checkout, member discounts, and early access to new Sosuites.The company sets itself apart by providing a guide to the city's hidden gems, recommended by locals, aiming to give travelers a more authentic experience. Sosuite's mission is to revitalize the travel experience by combining the comfort and professionalism of a hotel with the personality and uniqueness of a home, thereby giving travel its "mojo" back.
Sosuite’s Financial Management Goals
When Sosuite first engaged with Clearing, they had the following vision for how they would like to improve their financial management and accounting processes:
- Move towards revenue and expense allocation by building, then ultimately unit;
- Gain granular insight into payouts from Airbnb and/or Stripe;
- Increase reporting capabilities to show unit level economics;
- Upgrade their Quickbooks capabilities which would allow class identification to be automatic
Challenges Faced Prior to Implementing Clearing
Before implementing Clearing, Sosuite faced significant challenges in managing their financial operations. The manual allocation of rent revenue from various online travel agencies (OTAs) to each listing was time-consuming and prone to errors. The lack of a detailed breakdown of revenue streams and efficient tracking of expenses per unit or building, led to confusion and inaccuracies in their financial reporting.
The manual reconciliation of transactions, done through a complex spreadsheet, was burdensome and slowed down Sosuite's operations. This lack of automation and scalability posed a significant barrier to Sosuite's growth. In essence, Sosuite needed a solution to automate and streamline their financial operations, improve accuracy, and allow the team to focus on strategic growth and customer service.
“Before Clearing, our financial management was a time-consuming and error-prone process. We were manually allocating revenue and expenses and struggling with a lack of granularity in our financial data. We needed a solution that could automate and streamline our bookkeeping operations, improve our accounting accuracy, and free up our team to focus on what we do best - providing a unique and local experience for our guests. That's why we turned to Clearing.” - Jean-Emmanuel Losi, Co-Founder at Sosuite.
Solving Sosuite’s Challenges with Clearing
Clearing provided a comprehensive solution to Sosuite's challenges by automating and streamlining their financial operations. Here's how:
- Automated Allocation of Revenue and Expenses: Clearing automated the allocation of rent revenue from various OTAs to each listing. It also allowed for efficient tracking and allocation of expenses per unit or building. This significantly reduced the time spent on manual reconciliation and improved the accuracy of financial reporting.
- Detailed Breakdown of Revenue Streams: Clearing provided a detailed breakdown of all line items, separating out specific fees (ie. cleaning fees, pet fees, late checkout, etc.) and categorizing them into different revenue streams. This made it easier for Sosuite to accurately track and segment their income.
- Improved Accuracy and Efficiency: By automating these processes, Clearing significantly improved the accuracy of Sosuite's financial data. This led to better budgeting and strategic planning. The automation also increased efficiency, freeing up the team to focus on strategic growth and customer experience.
- Scalability: Clearing's solution is scalable, making it easier for Sosuite to manage an increasing number of listings without a proportional increase in workload.
In summary, Clearing provided a solution that not only addressed Sosuite's immediate challenges but also set them up for future growth and success.
“With Clearing, I save at least 20 hours of manual bookkeeping every month with more granular visibility into each unit’s cashflow.” - Jean-Emmanuel Losi, Co-Founder at Sosuite.
To find out more about how Clearing can help your Short-Term Rental business, and streamline your financial management and Trust Accounting processes, feel free to reach out to us through our contact page - or Book A Demo Today!
Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.
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