KriyaGo - Blog #business

7 Most Common Real Estate Accounting Mistakes to Avoid

Fri, 05 Aug 2022 09:00:00 -0400

The real estate business is tricky and volatile, to say the least, if you add bad accounting particles to this mix, then it gets even more complicated. It can end up costing you millions and also cost you your reputation as an authentic real estate business.

Accounting and back office are not the first things that real estate property managers think about. It is almost like an afterthought for most. But part of knowing the insides of your business lies in accounting. Why? Simply because accounting forms the backbone of your real estate business. From payments, cash flow, basic finances, budgeting, everything depends on your accounts. Though this might be uninteresting work, it can make or break your business, to say the least.

7 common mistakes to avoid in real estate accounting

You need to start from scratch when it comes to accounting. You need to get a better understanding of accounting in general and the specific accounting needs of your system.

There are an umpteen number of mistakes that businesses commit along the way. Though these are very gross mistakes and seem negligible to the naked eye, they make up a very faulty system. So, how do you not let accounting become a big issue? What signs should you look out for? Here are the most common mistakes that real estate businesses make in their accounting process. Read on to know in detail.

1. No proper data classification in departments

Classifying financial data in real estate can be tricky. From separating capital expenditure from normal maintenance and repair costs, there can be a lot at stake. Discrepancies in these data can also send wrong indications to auditors and tax departments. This is exactly why you need to clearly divide data based on departments and expenditure types.

It is also crucial that you back up these data in a cloud platform. Why? Studies say that more than 40 - 60% of small businesses close down permanently after a complete data loss. A real estate firm of any size deals in millions and has multiple stakeholders to answer to. If you lose crucial financial data you will set yourself up for bigger problems. So set up the safety net of cloud data backing to avoid this.

2. Incorrect financial record keeping

If you are a real estate project manager or business owner loans are essential for construction work. But if you do not have your financial records straightened out then no banks and financiers will disburse loans to you. It will eventually delay your work and affect the credibility of your business. It is in the best interest of your company to keep the financial records healthy to avoid such scenarios.

3. Disbursing funds before deliveries & services are finished

It is quite an informal but known practice where real estate agents release trust or escrow before official confirmation. You might be dealing in good faith with your long term clients and vendors by disbursing funds based on word of mouth. But it is also an open avenue to initiate fraudulent payments. If not that renegotiations can also take place at the last moment and the actual commissions may end up changing. This difference in amount may cause a problem during month-end book closing.

4. Not separating personal and business bank accounts

The real estate business has a sort of personal touch to it when there is client handling. Buying, selling, renting homes is bound to have that when real humans are involved. But some real estate managers end up mixing the personal and professional even in their accounts. It causes confusion and is financially unhealthy for all parties involved. This will only lead to jumbled up bookkeeping at the month-end. You will need to manually scavenge through your personal and business bank accounts to add up your transactions and close the books.

Separating the accounts will also save you from other audit liabilities, tax problems and legal issues.

5. Failing to keep up with tax filings

Filing taxes on time and following all regulations will benefit you by staying in the good books of the IRS. If you fail to keep up with these you will be liable to fines and penalties, eventually losing out on a lot of money.

6. Not having experienced accounting staff

When there are budget issues sometimes real estate companies use staff from other departments to do the accounting. But accounting is a highly skilled job. The overhead cost of having your own expert accounting team is expensive and can burn a hole in your pocket.

This is where KriyaGo’s outsourced bookkeeping services can help you. Our team of professional accountants can streamline the work and flag all discrepancies and close the books on time. More than 24% of small businesses get outsourced help to ease their work. You need to take inspiration from it and outsource your back office work to save more than 60% in costsand time.

7. Trying to track commissions separately

If you track and check commissions separately from other account works then you are simply doing the same data entry twice. You are wasting manpower and spending money on it. Multiple data entry only sets up your system for more human errors. You need to merge your commission tracking and accounting system. You can effortlessly track what is owed to which agent and also avoid all data overlap.

Final Thoughts

In the present world, there is enough technology out there to make accounting work easy for your real estate business. As a real estate property manager, you just need to know which works best for you. A good technology selection in property management and accounting can help in your growth.

The KriyaGo team of expert accountants and technology consultants can do that for you. Do not let the monotonous office work get to you. Our outsourced accounting services will get the tedious accounting work done for you. Our team of experts have been solving accounting problems for clients for years and have helped them save both money and labor. Book a consultation with us to know more about our services.

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.

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.

7 Clauses You Must Have In Your Lease Agreement

Tue, 11 Jan 2022 12:37:03 -0500

If you're planning to lease out your property, you may have to consider getting a lease agreement prepared before looking for tenants. Lease agreements are written documents to safeguard your property from damages or any legal issues with the Tenant. All the clauses mentioned in this agreement should be crystal clear and easily understood by potential tenants to avoid confusion.

Every lease agreement will be different depending on several factors such as property type, area, state laws, and more. However, some clauses are common in all the lease agreements that are a must-have. Let's take a look at each of them here.

7 Must-have clauses in your lease agreement 

Preparing a lease agreement can be a daunting task, but here are the seven clauses that you must have in your contract before leasing your property to tenants. Knowing what to include can ease the process and cut down the time required to write your agreement. Here are the seven clauses to include in your contract.

1. Security deposit terms

As the name hints, security deposits are promises made by the tenants to keep your property secure and cover-up for damages done by the tenants. As a property owner, it's important to add this clause in your lease agreement to reduce your liability in case of any events. Here are some of the things to add to this section:

The exact amount that should be deposited. 
The interest rate and the way you store the deposit
Add how you return the deposit amount

You should also specify the reasons in case of deducting the amount

2. Maintenance and repair clause

Maintaining your properties is crucial, and it's an ongoing process. As a landlord, you will be responsible for recurring maintenance such as gardening and plumbing. Specify that in your lease agreement and also the steps to place maintenance requests when the need arises.

Adding this to your lease agreement can reduce the chances of huge damages to your property and ensure all the maintenance requests are placed and inspected on time. Ensure you mention every detail clearly in legal jargon and simple words so that it's easily understood by the tenants to avoid misunderstanding.

3. Rent payment clause

It is a must-have in any lease agreement. You should add the entire lease amount along with the rent charges every month and the due date in your contract. 

The Tenant agrees to deposit $xxxx as security and agrees to pay $10,000 rent to be paid like $833 per month due on the 5th of each month. A grace period of 5 days is allowed, but payment after the 10th of each month will result in additional charges, and the Tenant must pay $30 as an extra for every late payment. Upon signing this agreement, the Tenant agrees to comply with these terms.

4. Duration of the lease

Having a well-worded written document and getting it signed is one of the most crucial steps before leasing your property to tenants. You need to specify the duration of the lease along with the due date. It's also important to add the notice period. It goes something like the example below:

"The lease on the property begins on March 10, 2021, and ends on March 31, 2022."

5. Renewal clauses and other responsibilities

One of the must-haves in your lease agreements is the lease renewal clause. It's important mainly because if the tenants choose to stay after the set period, it's important that they notify you regarding the same.

If they decide to leave the property, tenants should inform you a month or two in advance, so it's easy for you to fill the vacancy during the time. Specify the renewal terms, and for new lease agreements, KriyaGo can help you do just that. We help you automatically renew lease agreements to ease the process. 

6. Restriction and breakage clauses

You need to write whether pets are allowed or not and regarding any such restrictions in this step. Some landlords have a strict no pet policy, conditions on excessive noise in and around the property, and many more. If there are any such restrictions, you need to add them to your lease agreement as it prevents covering up damages done by pets.

It also prevents disturbing the neighborhood with loud noises or pet litter on your property. You should also include breakage clauses in the agreement to avoid paying more for damages done by the tenants on your property. It clears any misunderstanding by having a legal written document signed by both parties. 

7. Termination clauses

As the property owner, you have the right to terminate the Tenant during the term. In case of any damages or misconduct, you can notify your Tenant to leave your property, so it's always better to have an agreement signed. Termination clauses specify certain conditions under which the Tenant can be terminated.

Finally, make sure all your property and tenant details are mentioned and that the Tenant has read the whole agreement before proceeding to the next step. It’s important that you do a thorough background check and Here's an example of what can be written at the end of your lease agreement:

By signing this, the Tenant agrees to have fully read, understood, and adhere to the terms and conditions mentioned in this lease agreement.

Create your Lease Agreement with KriyaGo

If you're having difficulty creating a lease agreement or lease abstraction for your real estate business, let KriyaGo do it for you! We can also customize property management software for your business, prepare lease abstractions, back-office accounting, and a lot more.

Our team of experts will help you find the best solution for your property business and ensure a smooth flow of processes, right from hiring tenants to creating automatic lease agreements for you. To know more about it, talk to our team of experts today!

References

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.

Common Lease Abstraction Issues and How To Solve Them

Fri, 03 Sep 2021 09:00:00 -0400

Leases are bulky but essential documents in every real estate business. These documents carry important clauses, making lease management even more difficult. Reading leases every time a tenant wants to sign them can be time-consuming. Instead, lease abstracts serve as a summary of the original document. These abstracts contain important clauses which make them easier to understand.

Even though they sound simple, lease abstracts are complicated to prepare. Since they represent the lease, abstracts need to be accurate and contain all the details. If you want to prepare lease abstracts for your properties, our guide on how to solve the common lease abstraction issues will help you.

Why are lease abstractions important?

Lease abstractions are not mere summaries of leases but also have numerous benefits for the real estate business.

Easily explains lease terms to tenants. Tenants can skip reading the bulky lease and choose the abstract which contains the extract of the same information.

Improves investment by providing information to calculate risk factors. Lease abstracts collect all information in a single place that lets you study it easily and determine market risks.
Determines values of the portfolio by collecting relevant information.
Lease abstracts are easier to present to clients. They can go through and understand your property management process without reading complex clauses.

Typically, a lease abstract is about 3 to 5 pages long. To condense the lease within these limits, employees have to face numerous challenges.

Common lease abstraction issues

Compliance with lease accounting standards

The Financial Accounting Standards Board (FASB) has released new lease accounting standards. This has set new guidelines for lease data management, making abstractions more complex. Real estate companies without organized data management plans find it difficult to meet these new guidelines.

Lease abstracts need adequate data to comply with the new standards. But many real estate businesses lack the storage and information to ensure FASB compliance. This can be a significant lease abstraction challenge. If the abstract doesn’t comply, then the business can face legal consequences. Adding to it, FASB standards also change from time to time, which means the leases need to be updated.

Bulky documents

Bulky lease documents and complex terms are the hardest to abstract. Since lease abstracts need to be short, you have to find important clauses from the document while making sure nothing is left out.

The real estate industry also uses traditional methods even if it is slowly upgrading to technology. So, most leases are manual work that requires employees to study them extensively to prepare the abstracts.

Moreover, disorganized data requires employees to scour through multiple documents to obtain the required information.

Extracting important data

Identifying which clauses are important is another challenge of lease abstractions. Bulky leases have more important clauses but the abstracts still need to be short. It is a task to summarize bulky leases by filtering additional information.

A lease abstraction typically includes:

The property address and basic tenant information.
Rent and security deposit information.

Any information regarding tax, maintenance, and CAM.
Lease renewal and termination clauses.
Lease termination clauses

Apart from these, any other information that can impact tenancy should be included in the abstract. Companies that do not create and store leases online face difficulties while recovering relevant data for their business. Excluding even a single important detail in the abstract can have a negative impact on tenants.

How to overcome these challenges?

Lease abstracts are challenging. But with the right resources, you can create accurate, legally complying abstracts. The below solutions help you clear your lease abstraction issues and also create better abstractions.

Use the latest technology

Lease data management is the basic challenge property managers encounter during abstractions. If you manage leases on paper or spreadsheets, then it is time to upgrade to new technology. According to Market Watch, 88% of spreadsheets have errors. Instead, you can use specific software to organize and manage data.

You can choose off-the-shelf software that is designed to suit most businesses. Or, you can integrate multiple software on a single platform, which lets you customize the software according to business needs. Companies like KriyaGo help integrate top property management software so you can leverage all the features in a single place.

Update lease data

Currently, leases are made in compliance with the FASB standards. As times change, these standards are also continuously updated. Though lease abstraction is a one-time process, it needs to be regularly updated with the latest information. This is to ensure that you are legally safe and disclose all the information as directed by law.

Tag the abstracts

Lease abstracts have their origin in the lease documents. If you are making leases online, then it is easy to tag any important terms and clauses in the abstract. This will help you look up the clause in the lease.

By keeping track of what information goes on the abstracts, you can also change them according to standards. Bookmarking also helps you review and remake abstracts, in case they are too long or short.

Outsource lease abstractions

The best way to create perfect lease abstracts is through outsourcing. Managed service providers have expert employees with relevant work experience. These experts identify important clauses and create lease abstracts suiting your requirements. They can also update leases from time to time and keep track of any changes in the FASB standards.

Outsourcing lease abstractions can also help you save money while ensuring quality. Good abstracts have a positive impact on tenants and help you build a better brand image.

Create perfect lease abstract with KriyaGo

Can’t manage the bulky paperwork? Let KriyaGo handle it for you! Our experts have relevant experience in creating lease abstractions for real estate businesses. Regardless of the size of your business, we can strategize and help you with lease abstractions and administrations. We also help our clients with back-office accounting and CAM reconciliation.

KriyaGo also integrates real estate software to create bespoke software for businesses. Whether you want better CRM software or want to organize your data, we have the right tools for you. Integrate more solutions and streamline productivity the easy way. Take a look at KriyaGo Blox today!

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!

How Low-Code and No-Code Software Can Help Your Business

Sun, 25 Jul 2021 19:00:00 -0400

Low-code and no-code software are meant to build tools for business automation. Unlike traditional software, these tools require little to no coding knowledge. Instead, they use simple features to enable non-IT developers to build applications.

Just like their names, no-code requires no coding whereas low-code requires little coding for app development. In the coming years, the low-code/ no-code market is expected to see tremendous growth. A report by Forrester projects the low code market to reach $21.2 billion by 2022.

Companies need to start utilizing these platforms to build simple tools for automating various business tasks. Before getting started, understanding the advantages and applications of both platforms can make automation easier for you.

Advantages of low-code platforms

Faster and easier software development

Since these platforms require zero to minimal coding, developing tools using them is much faster. Low-code/ no-code platforms help you:

Simplify software building through drag-and-drop functions and flowcharts.
Eliminate the learning curve as no knowledge of coding is required.

Make easy changes through one-click processes

Through these features, you can easily make software without coding knowledge.

Wider resource pool

Through low-code/ no-code platforms, non-IT people can also assist in app development. Instead of hiring IT experts, you can allow your employees to build apps that suit your business requirements. Many citizen developers with brilliant ideas also build apps through such platforms.

Business agility

As market trends change, a company’s software requirements also evolve. Low-code/ no-code platforms allow you to make quick changes in the software. Whether it is current trends or a customer request, you can add and remove features to make it more convenient. Without disturbing the code, you can make simple alterations in the software’s structure to suit your requirements.

Save on costs

Companies rely on full stack developers for building and maintaining their software requirements. The average annual salary of a full stack developer in the US is above $80,000. This can be expensive especially for small businesses. Through low-code/ no-code platforms, companies can get equivalent results at half the costs. Even full stack developers can use these platforms to complete mundane tasks while focusing on other important ones.

Higher productivity

These platforms allow you to skip repetitive and unimportant coding. Through their various features, you can build custom made applications. This improves the productivity of your developers as they can work on more complex code. It also lets you tweak your application, so you can have different versions of software according to client requirements.

When to use low-code and no-code

Both low code and no code platforms are built to improve speed and agility. But, one works better than the other for different software requirements.

If you are looking for a simple one-time software or portal, no-code is a better option. It is easier and has multiple features to suit your requirements. But, if you want additional features or customizable applications, you need to choose low code.

For instance, a simple app for displaying activities on a dashboard can be built through no-code. But if you want to customize the same for different clients, then low code will provide you the flexibility to do so.

Challenges with low-code/no-code platforms

Even though these platforms are built for easy usage, there are some challenges while implementing and using them.

Low-code/ no-code platforms have pre-coded templates and features. These are good for quick usage but do not allow much room for innovation.
Integration using such platforms is challenging. This makes it difficult to scale your software according to your business growth.
Since these platforms allow easy creation of software, it is difficult to track the number and kinds of applications made. This can pose a threat to company and user data.
Scaling and managing software through these platforms might require some IT knowledge.

Opportunities with low-code/no-code platforms

Low-code/ no-code platforms provide various scopes for business automation. There are four popular ways to get the best out of these platforms.

Workflow technology

Companies use multiple software and applications for different tasks. At the end of 2018, large companies were using an average of 129 business apps. Through low-code/ no-code platforms you can streamline all your business apps on a single platform. Workflow technology solutions allow you to automate various tasks and also integrate them on a platform of your choice.

Custom app building

This is the basic purpose of low-code/ no-code platforms. These apps are not only easy to build but also easy to maintain. Features like drag and drop allow citizen developers to build apps from their own ideas. For full stack developers, these platforms help in building more apps by providing pre-coded templates for common features.

Robotic Process Automation

Single applications built on low-code/ no-code platforms are not suitable for extensive automation. Through RPA, low code apps can repeat human tasks such as responding to emails and texts. Involving both RPA and low-code/ no-code allows you to automate tasks on a greater scale. These allow apps to mimic human tasks across multiple channels. A combination of both can achieve hyper-automation in any business.

Intelligent Process Automation

IPA is based on RPA but has an additional feature of artificial intelligence to it. IPA tools overcome most of the drawbacks of RPA. They are capable of making complex decisions and handling advanced tasks.

Get started with Business Automation through KriyaGo

KriyaGo helps property management companies automate their business tasks in different ways. We work with state-of-art software like Yardi and Procore to provide you with the latest innovations. According to your requirements, we can integrate multiple software so you can benefit through their best features.

Dozens of companies have already benefited from KriyaGo’s software integrations. Through our professional team, we provide unique insights, market expertise, and solutions for your software requirements. From finding the right tools to training and onboarding, we can handle the complete integration process.

At KriyaGo, we believe in prioritizing digital transformation. Book a consultation with us to know more about our services!