“Humans of Finance” is a series about how embedded finance helps people and businesses in the real world.

Opening the door to unforgettable vacations

Brady Birkel is the owner of Downtime Vacation Rentals, a company based in Santa Rosa Beach, Florida. For him, it’s not just a job—it’s a passion.

“I love the outdoors, helping people, and solving problems,” says Mr. Birkel. “Property management lets me do all three.”

Mr. Birkel previously worked at another rental management company, where he learned the ropes. Then, in 2023, he decided to strike out on his own. His business expanded quickly into a team that oversees eleven luxury vacation-rentals along the Emerald Coast.

As the business grew, Mr. Birkel and his team needed a new way to administer their portfolio of properties. 

“We were looking for a more automated and efficient way to manage our business finances, instead of tracking expenses manually,” he recalls.

One financial workflow for each property

Managing vacation rentals involves a thousand tiny tasks: things like scheduling house cleaners, managing online property listings, and updating insurance.

But perhaps the most daunting task is managing the finances of each property. It involves things like paying vendors, tax prep, and managing the timing of income and expenses. Additionally, every expense must be captured, recorded, and assigned to the correct property by the end of the month. 

“As we scaled, we required a simpler way to do our bookkeeping,” reflects Mr. Birkel. “We wanted to get a single view into the state of our finances.” 

‍For Mr. Birkel and his team, Topkey provides a single platform from which they can manage their finances and expenses.

That’s when Mr. Birkel found Topkey, a financial management platform for vacation-rental managers. With Topkey, he and his team can easily organize his finances by opening multiple business bank accounts* for each property. Each account acts as a centralized hub for its property’s transactions, with separate accounts for rental income, expenses, and taxes. The accounts also offer cash-flow insights.

Topkey also simplifies expense management. Whenever the team gets a new receipt, they take a picture, and the receipt is immediately tagged to its respective property. To monitor their spend and keep their expenses organized, they use the Topkey Visa Charge Card* (both physical and virtual).

“Topkey is a game-changer,” says Mr. Birkel. “It helps us focus on making sure every guest has a great experience.”

“Our number one concern is hospitality,” continues Mr. Birkel. “Our priority is to provide an elevated service that our guests and homeowners deserve. Topkey helps us do that.”

Powered by embedded finance

When Mr. Birkel and his team use Topkey’s deposit account* and Bill Pay functionality to pay a vendor via ACH, that's an example of embedded finance.

Embedded finance is when a bank partners with a tech company to make financial products available inside the company’s app or website. In this case, Topkey partners with Thread Bank to offer business checking accounts, high-yield deposit accounts, and business charge cards.

For Mr. Birkel and his team, Topkey provides a single platform from which they can manage their finances and expenses. It helps them stay focused on growing the company and onboarding new properties. 

More importantly, they can provide a world-class experience and ensure that both homeowners and guests are prioritized. As a result, the team has tripled the number of properties they manage in less than a year.

“Starting a small business—and growing—is difficult,” says Mr. Birkel. “Thanks to Topkey, I can compete with vacation-rental companies that are five times my size.”

As Mr. Birkel looks to the future, he and his team are excited to bring Downtime Vacation Rentals to additional cities around the US. 

*Topkey is a financial technology company, and is not a bank. Banking services provided by Thread Bank, Member FDIC. The Topkey Visa Debit & Charge Cards are issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa is accepted.