In the heart of the vibrant rental markets of Central Texas, CtxBnb stands out with its eclectic mix of properties, including a unique combination of duplexes and tiny homes. With a portfolio of five distinct units, they expertly manage a blend of short-term and long-term rentals. While thriving in providing exceptional rental experiences, CtxBnb encountered challenges in financial management, particularly with their existing system, Quicken. This led them to seek a more integrated and comprehensive financial management solution capable of handling the nuances of their diverse property portfolio.

The Challenge: Inadequate Financial Integration and Limited Capabilities

Before partnering with Clearing, CtxBnb was using Quicken, OwnerRez, and various booking platforms like Airbnb and Vrbo. However, they faced challenges with integrating financial data across different platforms, particularly in trust accounting and long-term rental finances. The need to track revenue and expenses per property, further added to the complexity. Their existing systems were unable to provide a consolidated financial view, leading to inefficiencies and a lack of comprehensive financial oversight.

Clearing's Solution: Streamlined Financial Management Across All Rental Software

Clearing provided a tailored solution that catered to CtxBnb's diverse needs. The platform's ability to integrate with various booking platforms and Stripe, along with its robust trust accounting features, addressed the core challenges CtxBnb faced. Clearing's system allowed for seamless integration of financial data from CtxBnb’s external bank accounts, simplifying the transition to the platform and ensuring continuity in business. The platform's capabilities in handling both short-term and long-term rental finances, as well as personal home finances, provided the versatility CtxBnb needed.

The Outcome: Unified Financial Oversight and Enhanced Operational Efficiency

Since the integration of Clearing's platform, CtxBnb has experienced a significant transformation in their financial management. The automated reconciliation of bank accounts against payout information and the clarity in transaction lists for each asset has brought about a new level of financial control and insight. The ease of tracking different income streams and expenses for each property has streamlined operations, allowing CtxBnb to focus more on growth and less on administrative tasks.

Laura Wooly, a founder of CtxBnb, reflecting on the impact, states: "Clearing's platform has revolutionized the way we handle our finances. The ability to manage all aspects of our rental properties, from STRs to LTRs and even our personal finances, in one system has been a game-changer. We now have a clear and complete financial picture, which is invaluable for our business."

Looking Ahead: Expanding with Confidence and Clarity

With Clearing's comprehensive financial tools, CtxBnb is now poised for further expansion. The efficiency and clarity gained from the platform have not only simplified day-to-day operations but also equipped CtxBnb with the confidence to explore new opportunities in the rental market.

Laura adds: "Our partnership with Clearing has set us on a path of accelerated accounting and administration. We are now more confident in our financial decisions and better prepared to take on new challenges. Clearing has not just been a solution provider but an operations enabler for CtxBnb."

If you'd like to learn more about Laura's story, or how Clearing can help you with your financial management, feel free to schedule a personalized, free demo.

Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.