KriyaGo - Blog #business process

KriyaGo Blox – Your one-stop solution to all property management needs

Mon, 29 Aug 2022 09:00:00 -0400

Real estate property management is much more than just making money. If you are a property manager and owner, it is challenging because you are forced to wear a number of hats. There are endless tasks that no one has prepared you for. But these property management tasks are crucial nonetheless and needs extreme efficiency to run a profitable business.

How you manage your property and what property management best practices you adopt will make or break your business. There are many property management software out there in the market to ease this process. But each software might have certain features that you might need. Do you buy them all and waste money? No. That is why KriyaGo Blox is here to help you integrate the best property management features from the best software out there. Read this blog to know how this will work.

Real estate property management is tricky

Real estate property management is exceptionally tricky and a complicated task. The tasks never end from tenant management, asset management, rent collection, maintenance, investments, and tenant onboarding. It is an almost 24*7 job which is nearly impossible for a human to constantly keep at it. The pandemic has left a further mark in the industry when physically visiting properties and meeting tenants has become an issue. This is why property management software use is on the rise.

How will KriyaGo Blox better your property management?

The right technology selection in project management can change the whole course of your real estate business. You are probably already using one or two property management software to manage your work. But the main problem here is that you can not use data from all software at one time under one dashboard. KriyaGo Bloxis your solution to this. Here’s how:

• Cut costs and save labor

When you integrate multiple property management software with KriyaGo Blox, you free-up valuable time for your employees. You can choose to work with a smaller staff to save costs or reassign this workforce to other matters of importance. With our services, you can also cut costs by not completely investing in each individual software. You can simply subscribe and pay for the features you use and positively impact your ROI.

• Easy data management

When you have multiple software to manage your real estate business, there are important data in each one. When you work with KriyaGo Blox transferring and using this data becomes more accessible. We can help you transfer and use this data from one system to another without disrupting work. You will not lose valuable data and easily access them from our dashboard.

• Seamless integration solutions

Are you finding it difficult to constantly keep shifting between multiple software to get the job done? Want to use Procore from construction management and Yardi for property management and back office work? KriyaGo Blox can seamlessly integrate all of these features under one platform. No more back and forth with your work between multiple platforms when you get us on board.

Unique solutions that KriyaGo Blox offers

Our technology experts and property management consultants will help you optimize your application solutions all under one platform. How do we do it?

• Connect multiple software

Back office work to budgeting forecasting or asset management, you can leverage the most popular software solutions in the market to manage your properties. Our team can help you connect software like Yardi, MRI, Procore, SAP Concur, Office 365 and many more to ease your property management plans. We will connect with you to understand your property management needs and suggest the most effective solutions. We will help you understand the software features which will work best for your real estate business and integrate them accordingly.

• Customized features and build new apps

At KriyaGo, we will help you customize and develop new apps and features using software tools like Microsoft Logic and Power Automate. Do you think your property management plans are not complete with the available features on this software? Software as a Service or SaaS integration and customizations in its proper form knows no bounds, and we are here to help you realize its full potential.

• No more complication between multiple APIs

If you integrate multiple software into your system, you also have to manage multiple Application Programming Interfaces (APIs). That alone can be a living nightmare for a property manager. You focus on your business growth plans while we take care of the APIs.

• Easy to use dashboard

When we integrate all the software features under one simple dashboard, you will not have to spend hours understanding its functioning. Using technology can be a daunting task, and we understand that your life is already very complicated in the real estate business. With our user-friendly dashboard and simplified interface, no more spending long hours on “how to” service calls.

How do we bring the best software solution together?

KriyaGo Blox is specifically designed to meet all property management needs. Our long years of experience working in real estate firms has helped us understand the core areas of importance. Managing properties and multiple systems can be an enormous burden on property management professionals. That is why the selection of technology in project management and finding a cohesive solution to making them work together is essential. We like to put it this way; our platform wants to make all the software “talk to each other”. We built this platform with the belief that these software need to coordinate and function well with each other to impact your business positively.

Final thoughts

Do not let the increasing property management needs and technology solutions intimidate you. Don’t worry! The KriyaGo team is here to help. We have designed our system to improve your workflow and smoothen the software integration process. No more breaking a sweat on complicated and multiple software integrations into your real estate property management plan. You can have it all with us, from cost-saving to customisations and easy-to-use dashboards.

Don’t wait to start the journey. Talk to us soon! Give us a call and discuss this in further detail.

SaaS Integration is Tricky, but the Right Partner Makes it Easy

Thu, 25 Aug 2022 09:00:00 -0400

Software as a Service (Saas) has many advantages when it comes to automating and running a business. But SaaS integration can be a tricky affair and comes with its own set of challenges. When you do not team up with the right third-party integration partner, you can be in for many problems. As SaaS gains more maturity over the years, its integration has also become a technical task that only industry experts can handle.

If the correct SaaS integration happens for your company, it can help optimize your resources and positively impact your ROI. But how do you know the right way? Read this article to know the challenges of SaaS integration and how the correct third-party integration partner can help mitigate these problems.

Challenges of SaaS Integration, Why it's Tricky

When companies use one or more software to automate their business process, they must work together cohesively. If your system does not support multiple APIs, you are in for a whole other problem. But more than 38% of businesses say they work entirely on SaaS. How did they get there? Here are a few of the challenges of SaaS integration that companies face. Know them in detail before you start your journey.

• In-house custom-built integration

Many companies try and develop their own SaaS apps and systems. That is an extraordinarily costly and time-consuming process. Employing, training and paying expert software developers is a big blow to your company funds. In-house SaaS development also needs custom coding, which hardly any new software developer can keep up with. You have to pay for experienced people and constantly keep them in your system. Why? Any software can face regular glitches, updates and bugs and that need for your developers to be constantly present to mitigate these.

• Time constrain issues

It becomes a substantially time-consuming affair when you do not use a proper third-party partner to integrate SaaS. Most companies opting for SaaS integration are in a hurry, but moving your manual office work and automating it can be a long drawn thing. Even if you have an existing software system, an inexperienced integration partner will need a lot of time to integrate new features and customizations.

• Insufficient integration

It is essential that whoever your SaaS integration partner is, they make sure that multiple software can work together in your system. Why? You might not need two different software right at the beginning, but your software needs will increase when you scale your business. If the integration process is insufficient initially, you will have to revamp your whole system when you want to integrate new features in the future.

• Little to no customization options

While you integrate SaaS into your system, you have to ensure that your partner offers customizations and adds features. Many players in the market offer very little to no customizations on their software. This can be a dangerous affair for your business. No two businesses are managed the same way; that is why you need customized features to stay ahead in the competition. When you onboard a third-party SaaS integration partner, you need to do your due diligence about the company. Ask the right questions and remember all these touch points when taking the first step.

How the Right SaaS Integration Partner Can Make it Easy

No more overhauling your whole system to integrate additional SaaS options and features. An excellent third-party integration provider will provide you with a seamless integration process where you can use features from various SaaS providers all under one dashboard.

• Quick deployment

An experienced SaaS implementation consultant will make the deployment real quick. Your work will be smooth, and no time will be wasted on in-house testing. All development and problem mitigation will be done on the software partners’ end, and you will never face its challenges.

The KriyaGo team provides such quick deployment of new software. Our expert team will integrate the new features and solutions into your system within days without disturbing your current work. We also provide employee training and support services to ease the change for you. We provide a holistic solution to all your technology implementation plans. We will guide you in the best selection of technology in project management to make it cost-effective and smoothen your tedious office work.

• Cost-effective

Any project management best practices will require your SaaS integration plans to be cost-effective. Otherwise, the whole purchase becomes redundant if it ends up costing as much as your manual labor. But scaling your business needs multiple ERP systems under one umbrella.

The KriyaGo platform helps you leverage, use and integrate only the features your system needs. You subscribe and pay for just the features you use, not the whole software solution. The lack of major initial investment in integrating these solutions is why most SMEs prefer third-party integration services to positively impact their ROI.

• Innumerable customization options

As you partner up with a SaaS integration company, they will allow you to implement the best software features in the market to reach your business goals. From CRM software to marketing solutions, customized features to cater to your specific business needs can be found with the right partner. You no longer need to depend on generic solutions to all your business needs.

Parting Thoughts

SaaS integration is like coins that have two sides. You need to rethink your strategy and leadership in the company to understand both sides of this service before you leap. Using technology to handle your business is not a one-day journey and not an easy one. That is why you need an expert integration partner to help you leverage the best software features to help you reach your business goals.

KriyaGo’s SaaS integration plans include three major brands, Procore, Yardi and SAP Concur. You can do all of it under one dashboard, from back office work to budgeting forecasting and even asset management and construction management. Partnering with our team, you will use the top features of all these SaaS providers without individual investments. Wonder how this can work? We are here to guide you every step of the way. Talk to us over a one-hour free consultation call, and we will help you understand the process in further detail.

7 Mistakes You Should Avoid While Automating Your Accounts Payable

Wed, 13 Apr 2022 10:00:00 -0400

Amidst the pandemic and the sudden growth of tech use in business, companies across the world are automating their back office work. From cutting costs to getting faster results, an automated system can have a lot of advantages. One of the biggest areas of interest is the automation of Accounts Payable (AP) to avoid loss of funds and monetary discrepancies from human errors.

According to Business Insider, anautomated Accounts Payable process cuts costs by 81%.That is some big savings to push you towards automation.

Maybe your business is actually ready to take the first step towards automating your Accounts Payable system. But there are multiple pitfalls in the process that you might not be prepared for. These might actually turn out to be really costly mistakes when it comes to the future of your company.

7 mistakes you must know about while automating your Accounts Payable

What exactly are these pitfalls that can become grave mistakes? How do you know them and make plans to avoid them? Worried about the next steps? Read on to get a better grasp of the situation.

1. When you don't know your "must-haves"

It is a great development that you plan to automate your accounting system. But do you have a list of what you actually want to gain out of an automated accounts system? If you do not know how an automated AP can benefit you, and you are starting it to get in trend. Then you are in for a real loss.

What to do about it?

Make a detailed cross-departmental checklist. You need to highlight your goals from an automated AP. You also should know your “must-haves”, the features you want your automation system to have. This will help ease the way forward.

2. Not adding up the present cost and time used in manual AP

You must know what time, labor and money that was spent on manually doing your AP before you go into an automated solution. Why? This will help you understand what kind of software you need and the impact of automation on your ROI.

Guess what? Data says the US companies which have an automated AP save as much as 71% more on time.

What to do about it?

Make a detailed study, cross-check all data internally. Understanding these will help you be at a point of advantage when you negotiate with an automation software provider.

3. Poor technology selection

Data says companies pay more than $9 per manual invoice and only $1.77 when AP is automated. But choosing the wrong technology solution for your business will leave you with a bad system and draining funds.

What to do about it?

From the ease of use and also analysing to see if the automation software is compatible with other software in your system. You need a good selection of technology in project management to do this.

The KriyaGo accounting professionals have years of experience in this field. From the best technology selection and customisation for you to leveraging this for growth, we do it all.

4. Not planning the future needs of the software integration

If you spend money to integrate software into your system then its use is not just for today. Your future business plans will also bank on this. If you do not follow a proper work structure, you will never know what your business's actual needs are.

What to do about it?

You must have the right roadmap for your business. Then only will you understand if your software is good enough to keep up with your business scaling plans. As your small business starts getting more clients, invoices and data is bound to increase, you must ensure that your automated system can handle that.

5. Not having all employees on board about automation plans

It is a major blunder to not have all stakeholders of the company agree to your automation plans. This is an inter-departmental system and their cooperation is crucial for a seamless operation.

What to do about it?

Individually talk to all members and get valuable insights on your automation plans. Understand the needs of other departments that might indirectly help in bettering your AP process. Address their concerns directly and give them a detailed understanding of your plans.

6. Not red-flagging fake invoices

It is a major mistake to get an automated AP system that doesn’t identify and alert you on fake transactions. Research believes that more than 50% of small businesses are at risk of getting fake invoices and eventually making extra payments.

What to do about it?

Get your AP software vendor to make you understand their fraudulent invoice identifying process. If you get outsourced accounting services to automate your AP you can hold them accountable. You can even get it customised to fit your requirements.

7. No clear invoice screening and payment process

Vendors and suppliers have innumerable ways to send invoices, from physical mails to handwritten sheets of paper and even e-invoices. Your automated system must have a screening and payment process for all kinds of invoices. Otherwise, you will be left with a jumbled system of doing half the work manually due to some incompetent software.

What to do about it?

Plan out the invoicing system in your organisation. Either get all your vendors to sign up for e-invoices (which is almost impossible) or get a customised automated AP provider who will process all kinds of invoices.

Final Thoughts

More than 44% of businesses are now looking to automate their AP process. This will help them cut costs and save time. But you must know your needs and prospects inside out to make a sound purchase.

You can avoid these mistakes by getting outsourced accounting services from KriyaGo. Our team already has access to all the platforms you need, you can simply leverage the ones that work best for you to get your work done. Book a call with the expert consultants of KriyaGo. Talk to us today, help us help you grow your business by automating your Accounts Payable system.

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.

The Top CAM Reconciliation Tips You Need to Know

Fri, 18 Mar 2022 09:00:00 -0400

Common Area Maintenance (CAM) reconciliation seems pretty simple at the outset. You just add up your costs and pitch them against your budget to close your books.

However, the reality is far from this ideal picture. Most real estate agencies are left scratching their heads trying to figure out what’s due from tenants or how much to pay back.

Undoubtedly, CAM reconciliation can turn out to be complex, especially for large businesses. You can lose your way in the expenses if you manage several properties.

However, worry not, as we have the best CAM reconciliation tips for 2022. You can implement them right away and optimize your CAM reconciliation process today.

Don’t Forget to Track Every Expense

CAM expenses can cover a wide range of activities. From general repairs to HVAC to the salary of staff, the expenses can become overwhelming.

In addition, property managers may make some expenses without recording them. These expenses may seem small at the occasion but can add up to a significant amount at the end of the year.

Each building you own or operate can thus have countless unaccounted expenses. Naturally, that will cause a dent in your profitability and eat up your revenues.

Therefore, it is necessary to track every expense you make for CAM, for all your properties.

Create a Single Source of Truth

It is much easier to track all your CAM expenses if you have a single source of truth. However, not all realtors or property managers follow this advice. They may maintain several spreadsheets or track their expenses based on vendor accounts.

The need of the hour is to switch to a single spreadsheet for each building. You can then get a ready source of data from a single source to perform your reconciliation.

Many real estate agencies today use digital solutions to manage their properties. However, these tools work in silos and don’t talk to each other.

As a result, the data in one tool is not available in others. So, your CAM calculations can go for a toss if you use several tools to track your CAM costs.

Therefore, use a single property management platform like MiCasa to manage your CAM reconciliation. Alternately, you can also integrate all your real estate tools to allow data to flow freely throughout teams and departments.

Be CAM Audit Ready

CAM expenses can form a large part of the lease payment for tenants. It can add up to become a significant amount as the price of goods and services increases.

For example, property taxes have increased by more than 2-times between 2009 and 2019. Services like pest control and security also experienced double-digit growth, as per the National Apartment Association survey.

As a result, your tenants can invoke their rights to audit your CAM reconciliation. The trend is more common when you are dealing with industrial, retail, or corporate tenants.

Therefore, always maintain a comprehensive record of your CAM expenses. You should also comply with the applicable accounting standards for your jurisdiction.

You can boost your reputation and improve tenant retention by staying audit-ready. It also shows you are transparent and don’t intend to take undue advantage of your tenants.

Factor In Your Tenant Occupancy

Are you reconciling your CAM expenses based on 100% occupancy?

This is a common mistake many real estate agencies make. They calculate the CAM costs considering full occupancy.

However, they forget to consider the changes in expenses that occupancy rates can impact.

For example, a tenant should pay for electricity, janitorial services, or water only for the months they occupy your space.

Therefore, you have to account for the number of days a tenant occupies your property. So, if a lease begins in April, the tenant should pay for these expenses for the remaining term.

On the other hand, some expenses don’t change with occupancy. The list may include payments for amenities, security services, and similar expenses.

As a result, consider every CAM expense individually and make your calculation.

Prepare Yourself While There is Time

CAM reconciliations are generally due within 3 – 4 months after the calendar year ends. The time may seem enough to match your books but not so in reality.

Most real estate agencies spend hours shuffling through countless leases. You might also have to pay your employees overtime to complete the workflow within the deadline.

Naturally, such a process opens room for errors and miscalculations.

Therefore, start early and prepare your spreadsheet beforehand. After that, you can start filling in your annual data.

The same applies to any software you use for CAM reconciliation. Set up your software in advance so that you can quickly record your data and get over with your CAM calculations.

This small step can go a long way to simplify your CAM reconciliation, says Colorado Real Estate Journal.

Outsource Your CAM Reconciliation

CAM calculations and reconciliation can become a burden on growing real estate agencies. It demands considerable resources and in-house talents to perform the process efficiently.

Additionally, you cannot take any shortcuts as your reconciliation affects your profitability. You also have to be 100% accurate as you don’t want to overcharge your tenants.

That could take a toll on your brand image and even make occupants leave.

As a result, it can be a strategic decision to outsource your CAM billing and reconciliation. However, you should always work with a reliable partner with due experience in your industry.

Real estate agents and realtors can partner with KriyaGo to outsource CAM responsibilities. We can help you enjoy a hands-off approach to boost your profitability and eliminate irregularities.

Additionally, you can always rely on our expert team for the best results. Get in touch with us now to discuss your requirements.

Final Thoughts

CAM reconciliation should be a well-thought-out process for every real estate agency. You should prepare beforehand and track every change over the year. In addition, calculate occupancy and maintain a single source of truth for accurate calculations. In the end, work with a reputed partner like KriyaGo to outsource your CAM reconciliation to save time and costs.

The Surprising Truth about Outsourcing Property Management Accounting

Wed, 23 Feb 2022 09:00:01 -0500

Managing a property is no easy task. You have to take care of endless responsibilities that include maintenance, coordinating with vendors, paying staff on time, and more.

Each property you manage brings more tasks to the table and can soon overwhelm your time. The situation is more common than you think and haunts countless businesses in real estate.

On top of that, agencies have to attend to back office duties and accounting.

As a result, things can go out of control and leave you in the lurch!

Outsourcing your property management accounting

Outsourcing has remained a top solution to achieve business growth. Over 1/3rd of small US businesses outsource a range of functions to chosen partners in different countries.

Real estate agencies can also outsource their back office tasks like property management accounting. It can free up your staff and help you deal with your priorities.

Best of all, accounting is one of the top functions to be outsourced. According to the US Small Business Administration (SBA), it is a perfect option for bridging a talent gap.

That means you don’t have to be a financial expert or even handle your books. In addition, you don’t need to invest time to learn accounting standards or tax rules.

Instead, you can outsource your accounting process and enjoy more efficiency. Moreover, you can take advantage of several perks that are mentioned below.

Ensure business continuity without exception

Businesses can experience a range of disruptions. We don’t have to look far to find an example for what we are saying.

All of us have gone through the pandemic that strained supply chains around the world. As a result, several businesses downed their shutters and stopped operating.

Those who survived were still dealing with inconsistent orders and increasing costs. The matter became so worse that many companies feared their existence.

Outsourcing can be a great option to sail the troubled waters during difficult times. It can take the load off your shoulders and give you space to focus on what’s important.

Therefore, you can delegate your property management accounting and free up your resources. Maybe it’s the reason business continuity was central to outsourcing in 2021.

Lower costs and operating expenses

Cost has always been a top priority for outsourcing back office accounting. Real estate agencies can save a whole range of expenses just by working with an adept outsourcing partner.

What type of costs can you curtail by delegating your accounting?

The first major expense you can save is on recruiting new employees. You don’t have to spend any resources to hire, screen, or interview accountants or bookkeepers.

In addition, you don’t need to pay any regular wages, bonuses, or incentives. There is also no need to offer retirement plans or any type of benefits.

Moreover, you don’t have to rent or lease office space or provide supplies. You can also save on overheads and paying utility bills.

As a result, a business can save 60% of overall costs by choosing to outsource.

Scale your business without restrictions

The demand for real estate is expected to surge in 2022 as we get back to normal. As per Deloitte, 80% of real estate agencies expect to earn more revenues next year than in 2021.

As a result, experts are predicting more demand for commercial spaces in the coming days. Firms can add more offerings to their portfolio to grow their business.

However, many firms are afraid to take advantage of the situation due to a lack of manpower. They don’t have the additional staff to take care of the accounting that comes with each new building.

Yet, there is a simple way to address the whole scenario, i.e., outsourcing. It can eliminate the need to hire additional staff by delegating any extra workload.

In addition, you also don’t have to spend time training your staff.

Instead, you can work with a reliable partner like KriyaGo to access expert accountants. We can provide you additional workforce as you grow your portfolio.

There is no need to wait as you can scale instantly to meet increased demand.

Boost productivity of existing employees

Your back office handles a wide range of tasks every day. The list includes coordinating with third-party service providers, maintaining records, assessing customer feedback, and more.

Along with that, they have to work on administrative tasks and property management accounting. Back in 2017, businesses spent 120 days per year on average working on such tasks.

Now, we have automation to save time, but many firms still rely on paper processes. As a result, they lose out on productivity by wasting countless hours every week.

Outsourcing can be an excellent technique to reduce workload for your existing employees. You can free up essential hours for each employee to be spent more productively.

For example, your back office can coordinate between your sales and marketing departments to convert more leads.

In addition, you will be able to streamline your processes and save more effort.

Choose your property management accounting outsourcing partner wisely

Outsourcing your accounting process is a proven way to boost productivity and efficiency. However, you need to join hands with a proficient partner for the best outcome.

KriyaGo is a leading choice of real estate agencies worldwide to outsource property management accounting. We have a team of adept accountants who have years of experience in working in residential and commercial real estate.

Therefore, you can access top expertise and take advantage of our proven processes. We can help you improve the accuracy of your books, lower costs, and gain more control over your expenses.

Final thoughts

Outsourcing is a proven method to reduce your workload and focus on your core activities. Real estate agencies can outsource their project management accounting to free up time and resources. It can also boost productivity and help you achieve efficiency in your processes. Best of all, you can stay free to scale your business up or down based on market demand.

When Should You Start Outsourcing Your Business Processes?

Mon, 20 Dec 2021 09:00:00 -0500

More companies are looking to outsource most of their business functions. According to Fortunly, about 54% of companies use third-party services to interact with their customers. While cost-cutting is a common outsourcing goal, companies have their own reasons for outsourcing. Some want specialized skills while others want to scale their business. If you also want to hire a service provider, read on to know the right time to start outsourcing your business process.

You Use Multiple Business Software

Using more than one software to meet your business requirements is a waste of valuable resources. For starters, employees have to engage in duplication of data. Most tools work with the same information but require their own database.

Additionally, entering the same data in different software makes it prone to human error. This can lead to poor client management and a decrease in revenue. A Gartner survey found that poor data quality leads to an average loss of $15 million every year.

You can avoid this by outsourcing software integrations. Service providers combine multiple software into a single platform that is suitable for your business. They can also add any additional features that aren't available in off-shelf tools. Apart from the cost benefits, software integrations also improve data flow and increase employee productivity.

You Struggle With Employee Retention

If you ever had an employee resign, you know the costs and struggles that come with it. According to Forbes, the year 2021 will see a higher employee turnover rate. As a result, companies have to bear the consequences such as loss of talent and decreased productivity.

Moreover, hiring new employees comes with its own challenges. Both, the lack of the right talent and the high cost of training someone new are distressing for the company. If your business also struggles with retaining staff or filling vacancies, then outsourcing is the best option for you.

Outsourcing companies have pre-trained staff that can handle your business tasks. It also gives you access to industry expertise which assures better work quality. Additionally, the large number of employees also makes them reliable. You can outsource your work without worrying about leaves, vacations, or resignations.

You Focus More On Non-Core Tasks

Every business needs to have a great accounting or marketing team. But as a real estate company, your main focus needs to be property management. If you spend more resources on managing non-core functions, it will affect your business productivity.

Many outsourcing companies offer services to help with non-core tasks. In fact, recent studies by Clutch found that accounting and IT services were the most commonly outsourced tasks. This lets business owners focus on their core competencies and allot adequate resources for them.

You Want To Avoid Unnecessary Tech Purchases

With advancing technology, most real estate businesses rely on various software for better efficiency. But for smaller businesses, purchasing quality software for their business processes is not affordable. Moreover, off-the-shelf software contains features that are often underutilized. Acquiring the right software also comes with additional costs. You need to It experts to ensure that everything runs smoothly.

Instead, you can outsource your IT requirements. Recent research by MIS Quarterly found that IT outsourcing significantly reduced operational costs, including non-IT expenditures. By outsourcing, you can access the necessary tools and technology without burning a hole in your pocket. Their experienced staff also take care of tech management and ensure your data is secure.

Your Employees Are Underutilized

For most businesses, employee compensations make up a large part of their total expenditure. But most companies don’t make full utilization of their workforce. According to Forbes, companies use only 40% of the talent and capabilities of their employees.

One of the reasons why employees are underutilized is the lack of work. For example, most real estate businesses won’t require a full-time accountant. Hiring one will be expensive considering the amount of accounting work required for your business.

A better option is to outsource temporary tasks to a third-party service provider. Depending on the tasks, you can hire them on a project-to-project basis. This can save you additional expenses as you will be only for the work done.

You Want To Be Ahead Of Your Competitors

According to Sprout Social, 1 in 3 people are willing to go to other companies if they are ignored. While having a huge client base is important, it is also essential to meet client expectations. If you lose clients, your competitors will gain an edge over your business. If you want to be ahead, consider outsourcing some of your business processes.

Handling a larger number of clients requires additional resources. Outsourcing companies can provide you with the right assistance. This can help in client retention and also increases business reputation.

Your Business Is Growing Fast

A fast-growing business is exciting but also comes with a higher workload. Hiring new employees every time your business makes an advancement isn’t feasible. This is when you should consider outsourcing.

Business calling is much easier with a third-party service provider. Outsourcing companies can meet your requirements, whether you want a team of 5 or 50. Before hiring an outsourcing company, you also need to decide the tasks you want to outsource. You can talk to your service provider to come up with an outsourcing strategy suiting your current and future business goals.

Outsourcing is a critical decision for every business. Though it requires some investments, the benefits often outweigh the costs. The right outsourcing partner can let you focus on business growth without worrying about other tasks.

Outsource Your Business Processes To KriyaGo

KriyaGo specializes in real estate business processes. We handle CAM reconciliations, lease abstractions, and back-office accounting. We understand your business requirements to suggest the right outsourcing strategy for you. Our team of skilled experts ensures continued support and also guides you on business improvement.

We also help our clients find the right technology for their business. By integrating popular real estate software like Procore, Yardi, and SAP Concur, we build software according to client requirements. Our software integrations improve business functionality and increase productivity. Our business strategies are unique to each client and ensure tailored results.

Looking for a reliable outsourcing partner? Reach out to KriyaGo!

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Signs That You Need to Outsource Your IT Requirements

Mon, 08 Nov 2021 13:30:19 -0500

Running a business is not a simple task. Entrepreneurs have to handle countless workflows and processes every single day. On top of that, they also have to manage the company's IT operations and digital needs.

At times, things go beyond the capability of entrepreneurs to manage IT requirements efficiently. As a result, the growth of the company is hampered, and your bottom line suffers too.

Therefore, it is necessary to spot the signs that tell your business needs professional assistance. Here are the top ones that indicate it's time to outsource your IT requirements.

Your costs are overwhelming

IT can incur huge costs, especially if you handle everything yourself. You will have to buy hardware, set up your servers, maintain an IT team, pay for maintenance, and more.

Therefore, your IT costs can add up to a staggering figure at the end of the month.

Entrepreneurs who find themselves in such a situation should consider outsourcing IT requirements. A survey by Deloitte also shows cost reduction is the top reason for 70% of businesses to outsource.

As a result, businesses can save considerably by eliminating the need to invest in hardware. They also don't need to pay salaries to an IT team or invest in maintenance.

Instead, they can enjoy world-class IT services for affordable monthly payments.

You experience too many bottlenecks

Businesses need a range of resources to manage IT requirements in-house. For example, you need qualified experts to manage your IT infrastructure and run maintenance.

Additionally, you need the right hardware to manage your IT services yourself.

However, not every organization has in-house expertise. Small businesses may not even have an IT team to manage their architectures.

As a result, you are bound to experience a lot of bottlenecks on a daily basis. No wonder 24% of organizations choose to outsource to improve efficiency.

In addition, 18% of businesses rely on outsourcing to access external expertise. Therefore, you can also outsource your IT requirements and boost your productivity.

Your business lacks automation

Automation is the key to grow your business. It can help eliminate manual processes and streamline workflow, irrespective of the industry. Additionally, automation can also reduce costs and save the effort of your workforce.

However, entrepreneurs need solid technical knowledge to implement automation. They need to be experts in technology to choose the right solution for their needs.

Sadly, that is not always the situation. As a result, businesses have to rely on outsourcing to unleash automation.

In fact, 75% of companies look for technologies like robotic process automation (RPA) while outsourcing. It helps them improve efficiency and even reduce costs by up to 60%, says Deloitte.

You cannot digitally transform

Most businesses have already transformed digitally and experienced massive growth. However, some entrepreneurs are still wondering if they should make a move. As a result, they are stuck in legacy systems and data silos that hamper business performance.

You need to outsource your IT processes if you find it difficult to transform digitally. An external partner with due experience can help you eliminate silos and make data free-flowing. Additionally, technologies like cloud computing can bring several advantages to the table.

69% of businesses had already adopted cloud in 2019 to enable digital transformation. It is now time for you to choose a reliable outsourcing partner and unleash digitization right away.

Your organization is target of cybercriminals

Cybercrime is on the rise, especially after COVID-19. Large-scale data breaches are now more common, with a growth of 273% in the first quarter of 2020. Along with that, other forms of cyber-attacks and hacking are becoming widespread, like:

Ransomware
Malware and viruses
Phishing

A single data breach can put your business and reputation at risk. Additionally, it can lower the value of your company by 7.27%.

You surely need to outsource your IT services if you are a victim of frequent cybercrime. It shows you are not capable of securing your investments. Therefore, you need an expert to guide you and make your business more secure.

Your business isn't agile enough

The success of a business depends on how quickly it can react to market changes. Entrepreneurs should always be ready and keep an eye on circumstances to stay agile.

However, many businesses can't respond to market changes as they can't afford the time. They are too tied up with managing their IT requirements. As a result, the entrepreneurs don't have the time to study the market and make accurate predictions.

Outsourcing is the way ahead if you find yourself in such a position. It will help you hand over your IT responsibilities to a proven partner while you stay free to stay updated on the market.

As a result, 40% of businesses choose outsourcing to stay flexible, as per Deloitte. Around 18% of organizations also outsource to become agile.

Moreover, 20% of businesses work with an outsourcing partner to improve speed to market.

Outsource your IT requirements with KriyaGo

KriyaGo can help businesses take advantage of cutting-edge technology to handle IT requirements. Take advantage of all the ERP systems you like and integrate everything together!

Our team has experienced IT professionals and accountants to manage your daily processes. With MiCasa, you’ve a real estate property management solution that works for you.

Additionally, we provide specialized outsourcing services to save your effort. We can handle crucial processes on your behalf, like back-office accounting or help desk for your system users.

With KriyaGo, it’s easier to make strategic decisions and grow your company. Since we have experience in working with businesses of all sizes, we understand your requirements clearly and provide a tailored service for unleashing innovation. With intelligent automation, we can help you create robots that do all the mundane, repetitive tasks for you.

Final thoughts

Outsourcing your IT requirements is the sure way to growth and transformation. You can cut your costs and boost operational efficiency by choosing to outsource.

Additionally, your business will become agile and stay flexible to react to market changes. You will also be able to boost security and protect your business from cyber-attacks. Moreover, you will be able to enjoy top expertise and guidance at affordable rates.

Top Benefits of Expense Management Software

Thu, 04 Nov 2021 15:56:33 -0400

Gone are the days when real estate agencies relied on paper processes and spreadsheets to manage expenses. Today, most of them have switched to expense management software to streamline workflow and improve productivity.

Are you wondering if you should make a move too? Do you need more information to make your decision?

In this blog, we will explore the top benefits of expense management software. We will provide you with accurate data so that you can make an informed decision for your business.

So, let’s start with the most important advantage of using a digital solution to manage your expenses.

Real-time visibility into financial position

You are bound to meet difficulties if you track all your expenses manually. The challenges grow as you manage more properties, tenants, and employees.

The situation comes to a point where you lose visibility into your company spending. As a result, you also lose control over your budget and end up making inaccurate forecasts.

Expense management software can provide real-time visibility into your real estate expenses. You will be able to track expenses as they happen, complete with all information like payer name, amount, time, and more.

Therefore, you can stay updated on every cent that leaves your business.

According to Gartner, real-time visibility enables entrepreneurs to manage risks better. They can also predict disruptions and save up to 20% of costs.

Best of all, you can gain complete control over your spending.

High-quality financial data for accurate predictions

Inaccurate financial data can take a toll on your bottom line. Additionally, they can end up in your reporting and  create a false picture of your financial position.

For example, you can report more profit than actual if your employees miss out on entering some expenses. As a result, you will now have to pay more taxes while filing your returns.

On the other hand, your business will look less valuable if you underestimate your profit.

An expense management tool can come to the rescue and improve data accuracy. It can help real estate agencies eliminate human errors and duplicate entries.

In addition, you can verify and cross-check data seamlessly. Therefore, your organization can aim for transparency and establish accountability for each expense.

Ultimately, you will be able to make accurate forecasts for more success.

Improved operational efficiency

COVID-19 had a detrimental effect on most industries, including real estate. The world around, commercial spaces close down as governments announced months of lockdown. Returns from properties also began to decline, putting entrepreneurs under stress.

According to McKinsey, the unutilized enterprise value of real estate dipped by 25% in most sectors. In the case of lodging, it went down by 37%.

As a result, real estate businesses are searching for ways to boost operational efficiency. They are looking to cut costs and optimize expenses to derive the most value.

Expense management software can go a long way to improve your operational efficiency and reduce costs. You can track every expense and find out whether it’s justified or brings returns.

Additionally, you can automate processes and improve efficiency. You can also reduce your payment cycles and avoid paying late fees.

In the process, you may even  improve your revenues by 20% to 30%.

Conserve resources, money and time

Real estate businesses spend endless hours on manual data entry and reconciliation. They also need days to approve expenses, collect receipts, and create reports that still contain errors.

Additionally, you also need to pay wages for the time given by your employees.

An Expense management solution can help entrepreneurs save time, resources and money in multiple ways. The top contributor is automation that can help organizations save $16 trillion in annual salaries.

You can automate your data entry, receipt collection, and even reconciliations. Additionally, you can create reports with a few clicks and get to the bottom of every transaction in seconds.

According to research, 54% of the workforce believes they can conserve 240 hours every year through automation. Additionally, you can also save the wages you would otherwise pay for those hours.

Moreover, real estate agencies can automate approvals with expense management software. They can also speed up reimbursements and pay your vendors on time.

Best of all, you can use your free time to grow your business and boost productivity.

Generate valuable insights

Expense management software provides real-time visibility and control over your expenses. Additionally, you get a host of reports and analytics to make out your financial position.

Entrepreneurs can use the data to spot trends and patterns in their business spending. They can drive actionable insights and optimize spending to generate more value.

For example, your software can help you zero in on expenses that are no longer necessary. You might find you are paying for a service that you don’t use anymore.

Therefore, you can take action and reduce your spending or choose another service.

In addition, you can integrate your expense management software with your accounting solution. The process will help you streamline processes further and simplify reconciliation.

You can also get ready information when you want to close your books or maintain your accounts.

Implement your expense management software with KriyaGo

Real estate agencies need to work with a solid partner to set up and implement expense management solutions. KriyaGo works with reputed software vendors to offer entrepreneurs the best experience.

We can help you get started with leading products like SAP Concur, Yardi, or Procore. Our team can also provide expertise, train your team, and help automate your business processes.

Get in touch with us today to tell us your requirements. You can also contact us for a free consultation of 1 hour to discuss your needs.

Final thoughts

Expense management software is the need of the hour for real estate agencies. The solution can help them save time, cut costs, and improve operational efficiency. They can also improve data accuracy, remove duplicates, and automate most processes to boost productivity. Additionally, a digital tool can provide complete visibility into expenses and help optimize business spending.

How To Outsource Back Office Functions Effectively

Thu, 07 Oct 2021 11:14:08 -0400

With the growth of your real estate business, non-core tasks such as accounting, administration, and compliance can become hard to manage. Instead of hiring more staff, you can choose to outsource these back-office tasks. Outsourcing has numerous benefits which is why over more than a third of small businesses outsource at least some of their tasks.

Regardless of the business size, every property management company can outsource some of its back-office tasks. Follow our tips to get the most out of back-office outsourcing for your business.

Know which processes you can outsource

Outsourcing can greatly improve the productivity of your business. Knowing which tasks can be outsourced can make this process easier. Hiring internal staff for non-core tasks such as accounting can be expensive. Outsourcing provides you with the required expertise without the additional costs of training a new employee.

Based on business requirements, you can hire an outsourcing service on a monthly basis or also on a per-project basis. Some of the most outsourced property management tasks are:

IT Management

IT outsourcing is popular in almost all industries including real estate. According to Statista, the global IT outsourcing contract value has reached 66.5 billion USD. IT services include tech management as well as maintenance and troubleshooting of any software issues. It can also help you scale your software and integrate new technologies depending on business growth.

Accounting

Being an ace accountant is hard when you are already a property management expert. That’s why accounting is one of the most common tasks outsourced in real estate. Accounting has a vast work scope which includes bookkeeping and audits. Outsourcing back-office accounting ensures that all your records are accurate and well-maintained.

CAM Reconciliations

As a property manager, you are well aware of the complications involved in CAM reconciliations. By outsourcing CAM reconciliations, you let experts calculate and manage the annual CAM reports. They can also resolve any irregularities which help you maintain your company’s financial health.

Lease abstractions and audits

Every real estate business deals with long, complicated leases. Lease abstraction is the summary of your lease which highlights the most important clauses. Hiring an outsourcing service to manage your leases can help ease the legal documents for your tenants. Outsourcing partners can also provide other benefits like multilingual abstracts and lease audits.

Find the right outsourcing partner

After understanding your business goals, you need to find an outsourcing partner that suits your requirements. While looking for a service provider, price isn’t the only factor you should consider. Finding a provider within your budget is important, but more than that, other factors to consider are:

Area of expertise

Look for service providers that specialize in or have previous experience in your industry. If your portfolio is residential real estate, then look for partners who deal with the same. Apart from this, you will also want your service provider to be a tech expert. Do they have the latest technology? Are their tools compatible with your business goals? These are some of the questions to ask before hiring a service provider.

Reviews and reputation

The best way to understand the quality of a service provider is through business reviews. You can easily find testimonials online or even ask people around you for recommendations. Or, you can ask the service provider for referrals in the same industry as yours. This can give you a better idea of the kind of service you can expect from the service provider.

Data security

Outsourcing requires you to share confidential company data with a third party. Data security is the top concern for 56% of the companies moving to the cloud. If you are also opting to outsource IT services, then it is important to know the steps taken by your service provider to keep your data secure.

There are several methods they can adopt such as multi-factor authentication and firewalls. Understand how your service provider protects your data as it is one of the biggest assets of any business.

Create an outsourcing strategy

Once you have found the right service provider, you can create a proper real estate outsourcing strategy with them. Every business is unique and requires a different plan for outsourcing.

Discuss your business goals

Your service provider should know your expectations from outsourcing. Do you want to reduce overall costs or do you want the latest technology for your task? Provide a clear picture of your business goals so your service provider can build a strategy accordingly.

Understand your involvement

What steps does the service provider take to keep you in the loop? Outsourcing your tasks does not mean a lack of supervision from your side. Ask your service provider about how you will be updated about work progress. Most companies use periodic reports and discussions to keep the client updated.

Discuss the cost and budget

Your service provider should provide an estimate of the cost of your project. Most companies create a strategy that fits their client’s budgets. Knowing the expected cost beforehand is important as you can negotiate and choose a plan without spending a fortune.

Smart small

It is tempting to outsource most of your tasks as it is economical and productive. But if you are new to outsourcing, test the waters by outsourcing small tasks first. Consider starting with a real estate outsourcing project before hiring the service provider for a longer term. This way you can understand the compatibility between your business and the service provider before investing too much money.

KriyaGo: Your perfect outsourcing partner

KriyaGo helps its clients boost their productivity by handling their back-office tasks. We provide various outsourcing services such as back-office accounting and lease abstractions. Our experts understand the clients’ requirements and build a strategy according to their needs. We also help our clients integrate property management software and benefit from multiple features on a single platform. By outsourcing to KriyaGo, you can effectively manage your business and also access expert resources.

Want a trusted partner for your outsourcing journey? Reach out to KriyaGo!