KriyaGo - Blog #business opportunities

7 Biggest Account Payables Mistakes Your Business Must Avoid

Wed, 06 Apr 2022 12:00:00 -0400

Your business can incur endless problems if your accounts payable is not flawless. Post pandemic all kinds of businesses have suffered from the unpredictable scenarios coming their way. The situation has become extremely volatile and sensitive. When you are working in such unpredictable scenarios not having impeccable bookkeeping and accounting records can be a grave mistake.

From incurring losses to legal and tax issues at the year-end, the problems of bad accounting are endless. The core of accounting lies in keeping track of accounts payable. What you owe to people is directly dependent on the company's cash flow and money store. Gross mistakes in accounting can lead to unsolvable discrepancies resulting in major roadblocks in business.

Top Mistakes in Account Payables Your Business Needs to Avoid

1. Double payments and lost invoices

Physical paper and invoices are always a high risk affair. A human can simply misplace or lose it any given time. This puts you up for a lot of trouble. When you have no evidence to prove your accounts payable then releasing double payments can become a real thing. Your word of mouth literally holds no value if you lose your invoices and records of payment. This is exactly why automated invoices are important. Additionally they also help reduce costs substantially. Businesses save more than 29% by automating their invoice processing.

2. Manual invoices

Almost 53% of Account Payables believe that manual invoices are the biggest reason for data discrepancies and want to do away with it. Are you getting troubled with pilling up manual bills? You need an implementation consultant to get a better plan in place to tackle this. Vendors are of not much help in this because to date most of them send invoices on paper.

You need to shift to a technical account management system to battle this problem. That might seem like a lot of extra costs for you to do it in-house and get an additional team for it. But it is within KriyaGo’s area of expertise and we are here to provide you with the right tools for your growth.

3. Minor errors in data entry

When you manually input the data from physical invoices and print and share invoices on paper there remains a chance of data entry errors. Though it is an understandable human error, it will also give your vendors to hold you accountable for it. It will give them the chance to question the transparency of your work and eventually lose business. In the long run, this will spread a bad image about your brand and set you on a downward slope from thereon.

As per market research the usage of automated accounting reduces data entry discrepancies by 90%. Wondering if your business should finally get back office outsourcing services for accounting? Contact KriyaGo to learn more over an hour long free consultation call with our experts.

4. Not taking online payments

If you do not take online payments then data forging in payments can be a big concern. You will not have data evidence other than pieces of papers to prove your dues. Cheque based payments can also lead to inconveniences like no way to track payment status.

The major benefit of taking online payment is keeping track of all transactions and retrieving payment data in a click. Whenever there is doubt or data mismatch you can easily go back to tracking every single piece of transaction if your data is online. There are innumerable online payment methods these days and now you can work them to your advantage.

5. Poor record keeping and data tracking

Poor accounting system can have multi-layered effects on your business that can last longer than you would expect. From failing to meet up with tax compliances, monthly audit reports and increasing unretrievable payments, the problems are endless. You need efficient bookkeeping reconciliation services to overcome these.

If you get outsourced bookkeeping services you can always hold them accountable for all your records. If they take on your business as a client then they are responsible for all accounting problems as well. This helps in getting more transparency in business and better vendor and client relations.

Even Fortune 500 companies have lost more than $480 million due to poor record keeping. If you think you can get away from it so easily, you might want to rethink that.

6. Releasing payments before service is completed

Dealing with long-term vendors can lead to a lot of unsaid rules like trusting them with payments and deliveries. This is a very dangerous avenue to go down. Once you become complacent with delayed deliveries by vendors yet you release payments on time, it opens up doors for fraud. No matter how strong and old relations are with a vendor, you should have strict guidelines in place for all accounts payable. Yes, sometimes paying beforehand may entitle you for some discounts and benefits. But releasing payments before your rightful service is completed can result in a lot of pending work with huge loss of money.

7. Allowing unauthorized purchases without formal invoices

There are many companies who let unauthorized purchases go on without proper documents. You might trust one particular employee in keeping transparency in conducting this. There is hardly any guarantee that other employees and vendors will not steal from you. If you do not make formal invoices compulsory you can be held responsible for accounts payable that may not even exist. To stop such data forgery you need a proper automated system in place.

Major Takeaway

As a business owner when you avoid such gross accounts payable mistakes, you help stabilise your position in the market. Outsourcing and automating your accounting needs will benefit keep your life hassle free and let you focus on scaling the business to new heights.

KriyaGo’s team of experts and consultants can make the process easy and effortless for your team. We will together create your custom-built expert accounting system to reduce hassle and cut costs and improve profits.

How To Select The Right Real Estate ERP Software?

Wed, 23 Mar 2022 09:00:00 -0400

ERP is a proven tool to manage your business proficiently. 95% of businesses that implement an ERP experiences improvements in business processes. In addition, 82% of companies that use an ERP generated expected ROIs within desired timelines.

As a result, an ERP is a great investment for any business, especially real estate agencies. However, how do you select the right real estate ERP for your business?

What factors should you consider?

Let’s find out!

Establish Your Needs to Choose the Right ERP

ERPs come with a range of varying features that differ based on industries. Therefore, you should select an ERP that is designed for the real estate industry.

In addition, go for a tool that aligns with your real estate sector. For example, construction businesses will need an ERP that lets them plan and manage projects.

On the other hand, agencies in commercial real estate will have different needs. You may want a solution that helps you manage all your properties from a single interface.

Therefore, consider your business and operations to choose the right ERP.

In addition, establish what you want out of your software. Or, determine the tasks or goals you want to achieve with your software. You can then decide the features you need in your software and choose the right option accordingly.

For example, you may want to rely on your ERP for:

Managing inventory
Create a single database of all your properties
Manage, sort, and report on finances

Automation of pre-sale process, like email replies

Look for High Customizability

Around 50% of all ERP implementations fail at the first attempt. One of the biggest reasons for the failures is the inability to tailor a solution based on your needs.

The truth is, there is no one-size-fits-all when it comes to choosing an ERP. That’s why we recommended determining your needs in the first step.

However, there is another step you need to ensure to make your implementation successful. Look for an ERP that you will be able to customize based on your unique business needs.

Otherwise, you will be left to use a solution designed with someone else in mind.

The best way to get past this challenge is to talk with your software provider. Tell them your needs and see if they can tailor their offering to meet your circumstances.

Focus on User Experience

Not all ERPs are made the same. Some are simple, easy to navigate, and let you focus on what’s important.

On the other hand, you may come across ERPs that make your life unpleasant. The problem is more common than you think, with user experience being among the top areas an ERP falls short.

As a result, it is necessary to select a solution that is easy to use. However, the management should not be the only one to make the decision.

Your employees are going to use the software after all; so, you should gather their feedback before making the final call.

Get a few employees to test the trial version or demo of the ERP you want to choose. You can then find out how good or bad the user experience is in a jiffy.

Additionally, you can research reviews of the software for more information.

Look for a Mobile-Friendly Real Estate ERP

60% of employees today use mobile apps to work productively. In addition, 21% of workers rely on department-specific apps to get tasks done.

The trend is pretty prevalent in real estate where you need to send employees to the field. From property managers to sales reps, most workers use their phones to work on the go.

As a result, your ERP should come with a mobile extension to facilitate work. It will allow your employees to work from outside the office and boost efficiency.

Best of all, you can even improve employee productivity by 34%. It will help you enjoy more returns from your investment along with your regular ROI.

However, ensure that the ERP you choose has strong security. It should be able to secure users, data, and processes without any exception.

Make Sure Your ERP is Interoperable

Real estate agencies use a range of tools to manage day-to-day operations. You may use a real estate project management tool to stay on track of your projects. In addition, you may rely on accounting software or expense management tools to manage your finances.

Some agencies may even use an CRM to boost leads and handle customers.

However, most of these tools are not interconnected. Adding a new ERP to the system, therefore, will not add much holistic value.

For that, you need to connect all your disparate real estate tools. As a result, look for an ERP that you can easily integrate with your existing apps.

You will be able to achieve seamless exchange of data and open the doors for new possibilities. In addition, you will be able to gain complete visibility across your business processes.

Choose a Real Estate ERP with Dedicated Support

We saw how more than half of all ERP implementations fail. Users also experience issues with usability and operational disruption.

As a result, it is better to be cautious and go for an ERP that comes with dedicated support. This is more important when you don’t have enough technical expertise in-house. You will need someone to resolve your queries and find your way around the new product.

Therefore, never select an ERP that has a questionable support team. You can always get in touch with your vendor and ask a few questions to test the support quality.

Final Thoughts

A real estate ERP is a great investment to streamline operations and boost productivity. There are several quality options in the market that you can choose based on your needs. For example, MiCasa is an apt ERP for real estate agencies looking to improve efficiency. It comes with all the vital features to grow your business and stay in control. In addition, you can be sure of ongoing support for your complete peace of mind.

Kriyago Blox - The Top 10 Advantages for Your Business

Wed, 11 Aug 2021 09:00:01 -0400

Technology has changed the way real estate property management functions. From marketing to management--every real estate process can be automated. Often, property managers find themselves using multiple software to manage all their activities. This solution comes with its own problems. Instead, we offer you a better solution--KriyaGo Blox!

Our software lets you connect all your platforms and eliminates data transfers. The integration provides the benefits of multiple software in a single place. How else can KriyaGo Blox benefit property management? Read on to know more!

1. Integrate different platforms easily

Popular software like Yardi and MRI have different tools for property management. Depending on your needs, you might find few features of each software better than the others. You can use more than one software to meet your business requirements. But it also means more workload and decreased efficiency. Managing multiple platforms can also be a hassle for your employees.

Instead, you can integrate different platforms easily - through KriyaGo Blox. Our software uses ‘blox’ to connect multiple software into a single platform. This lets you access all the features in one place, saving you time and money.

2. Transfer data between systems seamlessly

Now, you may use more than one software to leverage all the features. The downside? Each software requires its own database. Even if all of them are property management software, they cannot access each other’s data.

KriayaGo Blox solves this problem by integrating all your tools into a single platform. With a single database, each software can access the required data from other tools. For example, your forecasting software requires data from your CRM software. By connecting it with KriyaGo Blox, it can access the required information anytime without relying on manual data entry.

3. Build more the smart way

Can’t find the required features in available platforms? You can build your own tools that suit your business requirements. KriyaGo Blox lets you customize software features through platforms like Microsoft Logic and Power Automate. Instead of building software from scratch, which often overruns estimated cost and time, you can use KriyaGo Blox to customize existing software and add more tools.

This meets all the goals of building bespoke software without investing as much time and money into it. Since it is also easier, you can customize as many tools as you require, according to your business growth.

4. Skip managing APIs

The importance of APIs cannot be stressed enough in software integration. Whether it is machine data, software, or sensors, APIs can connect almost anything. But managing APIs can be difficult considering the security risks of unmanaged APIs.

With KriyaGo Blox, you don’t need to learn or manage APIs to connect various software. Our no-code software lets you integrate through ‘blox’, which are easy-to-use components. These blox are not only limited to integration but can also be used for custom software building by your internal team.

5. Streamline data management

The more tools you use, the more data you have to manage. Since all the tools are similar, they also use the same information to perform tasks. This can lead to bad data management, or worse, duplicate data entry.

According to Gartner, coordinating master data is essential for CRM optimization. It also stated that bad data management leads to a 25% decrease in potential revenue gains. By using KriyaGo Blox, you can build a single database through software integration.

Each of your property management tools will access the same pool of information. This lets you minimize manual data transfer and also reduces duplicate data.

6. Improve customer experience

Better data management is the key to happier customers. According to Experian, 98% of Fortune 500 companies use data to improve their customer experience. By organizing data, you can streamline your sales and marketing strategies.

By integrating all the information, marketing software can access and utilize data from other platforms. This improves sales processes like lead nurturing, cold calling, and email marketing.

7. Decrease labor costs

Using multiple software requires the same number of employees to manage them. Moreover, all these employees have to work on data transfer from one platform to another. This is a non-productive and inefficient use of labor. By using a single integrated platform, you can decrease labor costs by eliminating unnecessary manual tasks.

Since all platforms can access the same data, the need for data transfers will decrease. You will also require fewer resources for software management. This decreases the workload on your staff and lets them work efficiently.

8. Easy to use

Most software building and customization require in-depth knowledge of coding. Instead of spending more on getting expert resources, you can simply use Kriaygo Blox. It is a no-code software which means you don’t need IT experts to manage and use the application.

Apart from software integration, it also lets you easily build tools for your business without any extensive knowledge requirement. Your internal team can use KriyaGo Blox by undergoing simple training. Whether you want to customize or integrate, you can do so without any coding knowledge.

9. Focus on core business tasks

Software integrations save you a lot of time, money, and resources. As a property manager, you can focus on your core business tasks such as maintenance and marketing. Since KriyaGo Blox is easy to use and requires minimal resources, you can manage the software without a dedicated team. This lets you channel your resources into important business tasks.

10. Improve business insights

Data plays a huge role in developing the right business insights. Instead of extracting data from individual software and developing multiple reports, you can use information from the integrated database. Reports generated through this data give you collective insights into various business processes.

Try KriyaGo Blox!

KriyaGo Blox is a simple solution to a common property management problem--data transfers. While a multitude of software offer various features for property management, they fail to communicate with each other. We eliminate this problem by integrating all your software into a single platform.

Unlike other integrations, KriyaGo Blox uses easy, no-code components. This lets your internal team build and customize software without complications. We can integrate popular software like Yardi, MRI, SAP Concur, and Office 365. We can also enable you to build your own tools through Microsoft Logic and Power Automate.

To know more about KriyaGo Blox--reach out to KriyaGo!

Why Every Company Needs To Outsource Their Business Tasks

Fri, 23 Jul 2021 13:00:00 -0400

Outsourcing is a popular option for companies that want to expand their workforce. It is estimated that every year about 300,000 jobs are outsourced in the US. Companies prefer outsourcing as it provides flexibility, expertise and cost savings. This is especially beneficial for small businesses who do not have the resources to manage all their business tasks.

So, they outsource several processes such as IT services, human resource management and accounting. Regardless of the size of your company, outsourcing is helpful in many ways.

Read on to know more about how you can benefit from outsourcing your business processes.

Benefits of Outsourcing

Reduced labor and operational costs

Companies pay their in-house employees a fixed salary. This is regardless of the amount of work done. Gallup reports that 67% of the employees globally are disengaged. The resulting low productivity can cost the company around 18% of their annual salary.

You can eliminate these additional costs by outsourcing small but essential tasks. Since you pay only for the work done, you don’t have to worry about low productivity. The outsourcing service may bill you additionally for the service provided. But the money saved on expenses outweighs the service costs.

In Deloitte's 2020 Global Outsourcing Survey, 70% of the participants listed cost-cutting as their outsourcing objective. By managing labor and operational costs, you can channel the money into other revenue-increasing activities.

Focus on essential business functions

Your business has several core tasks that need your focus. But with back-office operations, HR, and marketing, your employees will have a lot on their plate.

Without strategic planning of core functions, your business can suffer. To avoid this, you can outsource important repetitive tasks. For example, if you have a property management company, you need to focus on selling your property. You can outsource other tasks such as data entry, client support, and CRM.

If a company has financial or labor constraints, it can consider outsourcing. This frees up the company's resources to hire experts for core tasks.

Flexible cash flow

The problem with handling every task through internal teams is the fixed employee expenses. By outsourcing, you can convert this into a variable component. Sometimes, your business can see a dry run, while other times, the sales double up. You can scale your outsourcing accordingly and pay only for the tasks you got done.

This frees up your budget for other revenue-generating tasks such as marketing. This is especially important for small businesses, who have limited cash flow. More than one-third of small businesses currently outsource at least one service. By doing so, they are focusing on generating more revenue and increasing efficiency.

Access to expertise and technology

Outsourcing companies have trained staff to handle your business requirements. This significantly cuts down the cost of hiring and training a new employee. Moreover, outsourcing companies have years of hands-on experience in the same field. Given a task, they can suggest the best strategy and resources to get it done in a limited budget.

They also have the necessary infrastructure and software for all your requirements. These tools can be costly and are an unnecessary purchase for your company. Based on your requirements, the company can provide the right combination of expert knowledge and new technology. You can also choose from a broader range of skill sets and people who specialize in a particular area.

For example, if your company outsources ad campaigns, you do not need to invest in image editing and videography software. Accessing the right software for your ad campaign is the responsibility of the service provider.

Reliability

No matter how many internal employees you hire, there are always risks of employee turnover. This can harm the productivity and progress of your company. Through outsourcing, you can have a reliable resource base. Outsourcing companies have a large number of people handling the same tasks. Even if one of their employees is on leave or resigns, they have enough resources to complete your project on time. Instead of worrying about filling an open position in your team, you can outsource to complete projects with almost no risk of employee turnover.

What tasks can you outsource?

IT Operations

IT operations are one of the most outsourced business processes. Any company except for IT businesses will find IT operations expensive. It requires specific infrastructure and tools as well as expertise. Outsourcing your IT operations can be an excellent financial decision for your company.

Accounting and financial tasks

Managing your company's finances requires expert resources. Outsource your bookkeeping, accounting, and other financial tasks. You can also outsource payroll processing, financial analysis, and planning. A service provider can handle all these tasks as a single project. Since the financial workload is greater during tax season, you can also scale it quickly.

Marketing and lead generation

Every small business starts with marketing. It is easy to manage initially, but marketing campaigns also need to keep up as the company grows. By outsourcing, you can ensure better results from the marketing and increase lead generation and retention. Service providers have tested marketing strategies that can meet your requirements.

Human resources

Human resource teams handle everything right from hiring a new employee to managing the work teams. As your company grows, human resource tasks also increase. So, it is good to outsource human resource management to an experienced service provider. Since it involves multiple tasks such as recruitment and payroll processing, you can also hire more than one service provider for the tasks.

Outsource your back office tasks to KriyaGo

You can make the best out of outsourcing only when you hire an experienced service provider. Managing an in-house back office team is expensive. Instead, you can outsource your business processes to KriyaGo. We understand your requirements and provide you a smooth, hassle-free outsourcing experience. With our reliable team of experts, we can handle various tasks like bookkeeping and accounting.

By outsourcing to KriyaGo, you will get professional resources and software at affordable costs. We also keep your data secure and offer you more control over all the processes.

Learn more about back-office outsourcing by booking a consultation with us!

6 Advantages Of Outsourcing Back Office Operations

Tue, 13 Jul 2021 09:30:00 -0400

A company's back office employees do not directly contact a client. They are also not the face of the company. But the back office handles crucial tasks and functions to make front office management easier. Back office staff usually handle administrative and operative functions.

Why is Back Office important?

The back office handles several key tasks like database administration, HR management, finance, IT, and technical support. Having an efficient back office helps in the smooth functioning of your business processes. Additionally:

They handle multiple tasks

Your back office handles most of your financial tasks. They manage accounts, keep track of revenue and expenses, and ensure that all functions go smoothly.

They ensure front office productivity

While the front office focuses on building the company's image, the back office handles all tedious tasks. They make sure that front office employees have all the information they need. This ensures the front office is productive and focused on building the brand reputation.

They manage company data

Every day the company generates a lot of data in the form of client information and transactions. Your back office collects, organizes, and stores the data on a secure platform like the cloud. More than 90% of companies worldwide store data on the cloud. They also help make the data ready for analysis to gain valuable insights from the information.

Get more from back office functions through outsourcing

Having excellent back office management is crucial for a company's growth. The company relies on the back office for a majority of its functions. But, 60% of customer dissatisfaction is traced back to the company's back office teams. If you find it difficult to manage another in-house team, you can outsource your back office operations. Outsourcing has several benefits over managing an internal team.

They manage company data

Even if you have to pay for outsourcing services, it can reduce the overall costs of your back office operations. Companies that provide back office services have pre-trained staff that have hands-on experience. You can cut down on training and induction costs through outsourcing. They also have a well set out approach to all back office functions. This increases productivity and cost-effectiveness. According to EY estimates, you can save from 20-60% by automating your back office operations.

Moreover, most outsourcing services operate from cities with lower living costs. This can reduce your back office expenses while providing you better services than an in-house team.

Since the primary goal of the back office is cost reduction, outsourcing to an expert team is a smart choice.

Better resource management

Most businesses do not have a consistent workload for their back office team. For example, during tax season, the back office team may have to work overtime. This company will have to increase its employee compensation to account for the extra hours. While in other months, the back office team may not have much work at all. Regardless of the workload, the company will have to keep paying them a certain salary.

With outsourcing, you can utilize the services as per your requirements. Most outsourcing companies require payment on a project-to-project basis. You can hire them during a busy season and keep away from back office expenses when the business is slow.

Easy scalability

Depending on your clientele, your company may require additional back office staff. Or, you may also need to lay off a few employees if there is no business. With an in-house team, it is difficult to do so every time your clientele changes. Back office outsourcing provides easy scalability options.

These services have a team of experts working on different projects. You can always increase or decrease the amount of work assigned to them and pay accordingly. By outsourcing, you can improve your clientele without worrying about finance and data management operations.

Better expertise, services and technology

Back office functions require more than just trained staff. If you handle large amounts of data every day, you will need specific tools and software to make your back office functions more efficient. For different operations, you will require additional software. These tools can be expensive and add unnecessary expenses to your company's budget.

You can also choose to host your data on the cloud to make it accessible to you at any time. This keeps you in the loop with your back office operations while also leveraging the benefits of outsourcing. Data storage on the cloud also ensures that your data is secure.

Outsourcing services have a variety of software available with them. Companies like KriyaGo can also integrate features from multiple software to fit your requirements. This can save costs of buying and training staff for different digital tools.

Investment more time in other business functions

Outsourcing services take care of everything from employee training to payrolls. This reduces the burden of managing an in-house team. You can focus on other business operations such as marketing and data analysis. Tasks that increase the company's revenue, such as market expansion and product management, require more attention.

Outsourcing frees up your time to concentrate on your company's growth.

Better business opportunities

With easily scalable back office operations, your company can focus on increasing your client base. Most back office services use software capable of bulk work. Whether it is payroll management or bank reconciliation, back office services can handle everything. As you increase your market reach, you can scale your back office operations accordingly.

Automate your back office operations through KriyaGo

At KriyaGo, we believe the back office is the backbone of your company. Our back office services offer you better software and expert resources at lower costs. By outsourcing to us, you can drive core functions, ensure data security and get better control over the operations.

Additionally, we offer other software solutions for property management companies. If you are looking to integrate the best features from various software, KriyaGo is the right place for you. We work with platforms like Yardi, Procore, and SAP Concur to build customized software for our clients.

If you want to get the most out of back office outsourcing, book your consultation with KriyaGo!