How iQ Offices Manages Multiple Serviced Office Centers Successfully

iQ Offices rapid expansion in the last few years came with the challenge of too much operational overhead, inability to report on key business metrics, and the management of centers in multiple markets, with multiple jurisdictions.

The OfficeRnD coworking software plays a key role in helping them scale operations by:

• Integrating memberships, one-off purchases, and bookings with billing
• Enabling members to self-service themselves
• Providing quick and easy access to key workspace business metrics
• Staying on top of managing centers in different markets

The iQ Offices team has always offered an extremely high level of service, but it became harder to maintain it when the company decided to hit the growth pedal.

They went from 2 locations to 5 locations almost overnight, and with ambitious plans to double that number again in 2019, they identified a number of challenges that had to be addressed:

• Growing operational processes

Main operational processes such as managing memberships, bookings, and one-off purchases were not integrated into their billing system, which made sending out invoices at the end of the month too time-consuming and error-prone.

• Lack of visibility on business metrics

They didn’t have a quick and easy way to track key business metrics such as inventory, vacancy rates or forecast revenue.

• Managing sites in multiple markets

Their centers are located in multiple markets, with multiple jurisdictions, which required them to manage multiple Quickbooks accounts. It was too much manual work.

• Integrating memberships, one-off purchases, and bookings with billing

The tight integration between OfficeRnD’s billing module (and it’s integration with Quickbooks) and the other key operation pillars the system handles (Memberships and Contracts, One-off purchases, Bookings) took away a big chunk of the administrative responsibilities of the team.

• Enabling members to self-service themselves

OfficeRnD’s mobile app allowed members to have control over basic everyday tasks such as booking a meeting room, downloading their past invoices or seeing what their balance is. This also lifted a great administrative burden from the IQ Offices team, allowing them to focus on spending quality time with their members and making sure that they’re tending to their needs.

• Providing quick and easy access to key workspace business metrics

OfficeRnD’s pre-built flexible workspace reports provided iQ Offices team with quick and easy access to key metrics such as occupancy and vacancy rates, revenue occupancy, forecasted revenue, and more.

• Managing multiple billing entities seamlessly from a single account

OfficeRnD’s multi-site management capabilities allowed the iQ Offices teams to operate all centers from a single account. They manage multiple billing entities through it, each of which is integrated with its own Quickbooks account, making sure that accounting records are always up to date.