Q&A with SAM Chief Financial Officer, Tom Schmitz
Q&A with SAM Chief Financial Officer, Tom Schmitz
Q: What information does SAM provide to our clients in financial reports?
A: SAM provides a very robust set of financial statements to our clients. A high-level summary gives a quick overview of the activity at each store over a trailing 12-month period. This allows our clients to see how they are trending over the year in key areas such as occupancy, revenue, and rates. We also provide a standard financial package consisting of Balance Sheet, P&L, Cash Flow and transaction level detail. In addition, we can provide ad hoc analysis for clients as needed. Our goal is to help our clients understand the financial health of their facility to help them make informed decisions.
Q: How does our finance team ensure accuracy and timeliness in reporting for our clients?
A: Our accounting and finance team ensures accuracy of the financial statements through a rigorous review process. We leverage our ERP system to automate process such as bank reconciliations to add more reliability to our reporting. Our property accountants are working to close the books in a timely manner so our managers have the opportunity to review the financial statements prior to distribution to clients. We are always looking for ways to keep our team updated on best practices and to make our processes more efficient.
Q: How do you plan to leverage data analytics to provide more insightful reporting to clients?
A: SAM has many opportunities to leverage data analytics to provide more insightful reporting to clients. As we continue to roll out new tools and improve our data integration, we can consolidate data from various sources to create a comprehensive view that would benefit clients. We can utilize real-time dashboards to monitor key performance indicators (KPIs), predictive modeling, and customized reporting that provides actionable insights for our clients, facilitating timely decision-making.
Q: How does our finance team support clients in making data-driven decisions for their storage facilities?
A: Our finance team plays a pivotal role in empowering clients to make data-driven decision for their facilities. They leverage data analytics and financial modeling and forecasting to provide insights that help clients understand their revenue potential and operational costs and opportunities. We are here to support our clients so that they can confidently make choices to drive continued success.
Q: How do you plan to foster collaboration between departments to ensure financial and operational success?
A: Collaboration between departments is crucial to ensuring financial and operational success for our clients as well as SAM. Alignment around our core strategy and goals, communicating clearly and effectively across the entire organization, and being accountable to our team and our clients are all necessary to drive success. Additionally, I believe in recognizing our collaborative efforts. By highlighting and celebrating successful partnerships within the company we can motivate teams to work together more frequently. I am committed to these principles and to helping our clients and SAM achieve their full potential!
Are you interested in how our third-party management solutions can enhance your business? Send us an email at info@storageasset.com to connect!