According to Entrepreneur Magazine, HomeVestors of America® is one of the country’s fastest growing franchises. The company helps its franchisees build their real estate portfolios by acquiring homes at discount prices, renovating them, and then either selling them to home buyers or renting them. Since its founding in Dallas, Texas nearly 30 years ago, HomeVestors has expanded to more than 800 franchises and purchased over 75,000 houses.
With 50 percent franchise growth in just the past two years, the company has attracted a diverse mix of large and small customers across the United States, and its mission is to empower these real estate investors by providing world-class products, services, and training. To support expanding operations and demonstrate its commitment to franchisees, HomeVestors recently decided to upgrade from its on-premises Epicor ERP software and replace its home grown customer payment system with a more intuitive solution. The finance team worked with CPA and advisory firm, BKD, to find an integrated cloud solution that could meet its needs.
Previous business challenges
- Cumbersome accounts receivable processes
- Franchisees visibility into real-time account balances
- Consolidations for the business’ four entities
- Annual audits
Results with Sage Intacct
- Shortened DSO by 2 days, freeing $120,000 in cash
- Software paid for itself in <4 months
- Enabled to scale easily despite growth
- $150k saved through delayed headcount
- Saved 30+ hours per month managing A/R