KriyaGo - Blog #expense management

How KriyaGo's Integration in SAP Concur Can Help in Expense Management

Mon, 21 Aug 2023 21:54:18 -0400

The global tourism sector is expected to grow its GDP contribution to $15.5 trillion by 2033, showcasing 11.6% of the global economy, and will expect to employ around 430 million people all over the world—that’s quite incredible!

Expanding global business and mobility has increased the global demand for corporate tours and travel. According to Global Bussiness Travel, we will witness an uptick in corporate tours in 2023 compared to 2022.

However, you must know business trips need to clear travel expense policies, employee reimbursement, and real-time analytics and also require to follow other steps to manage the travel and spending. But you can make the whole corporate trip easy by using KriyaGo and the advanced travel expense management software SAP Concur.

KriyaGo & SAP Concur in Expense Management

SAP is a US-based company mainly dealing with travel and expense management solutions. Since 2014, SAP used Concur technology and has started to upgrade its software to control travel booking seamlessly and conveniently. Moreover, it also introduced expense tracking software so travelers can easily manage their spending.

Additionally, by collaborating with KriyaGo, which offers software support and consultancy, many small and large businesses are now streamlining their travel and expense management more efficiently. So, let’s take a quick look at how KriyaGo can be helpful with SAP Concur for businesses to manage their expenses.

Help to manage your expenses

KriyaGo and SAP Concur help business enterprises stay updated by integrating Machine Learning and Artificial Intelligence Technology. With this expense management service, it is simple to control all the travel expenses even before going through any kind of booking. Moreover, through the virtual purchase, you can capture real-time data and add more value to it.

With KriyaGo integration, it is also possible for business firms to automate different types of tasks, like submitting a request for travel, making bookings, and many more. It helps employees to receive an enhanced user experience that ultimately allows them to provide the best presentations to boost the business decision.

Bringing innovation in travel

The scenario of the global corporate sector is changing very fast. That’s why conventional booking will not help businesses drive expected ROI anymore. However, KriyaGo and its innovative techniques have started to benefit companies by bringing all the data together to book corporate tours quickly. Besides that, integrating KriyaGo and SAP Concur can help businesses in many other ways.

Providing travel management practices: KriyaGo integration with SAP Concur comes with effortless and modern strategies for business travelers, which include detailed planning, expense policies, and built-in compliance.

Automatic rejection or approvals: KriyaGo can set up user permission for the software according to your needs. That will help authorized users to access all the data using any device from any location. Also, with this, businesses can approve or reject travel requests whenever they want.

Providing real-time reports: It is easy to get insights, reports, and key performance indicators of your travel expenses in real-time. Business firms can also monitor and compare expenses with previous years.

Integrating mobile application

In recent times, the travel industry has started to speed up with the integration of effective travel apps. It is easy to get all travel-related information from a single platform nowadays. You can plan your trip, strategize your expenses, book, and report to your employees with just a few clicks.

KriyaGo can integrate SAP Concur products with multiple operating systems. And, businesses can integrate the Concur system with real-time data synchronization using any device. That also includes smartphones to manage all types of work, even on the go.

How KriyaGo can help with SAP Concur in Expense Management

Businesses can utilize the SAP Concur completely when they integrate it with KriyaGo. Together with SAP Concur, KriyaGo will help you to get the full advantage of using ERP software. Moreover, KriyaGo will help businesses use all SAP Concur products, which includes expense tracking, simplifying the workflow, and generating reports of your business expenses.

With 25 years of experience in the market, KriyaGo expense management is helpful for real estate property owners, investors, or managers. There is no doubt that KriyaGo is taking the real estate market to the next level by developing this integration. Thus, it can easily eliminate the technological gap by connecting Concur Expense to real estate ERPs.

Solutions businesses can get with this integration

KriyaGo specifically has come into the market to deal with complex real property accounting needs. That includes:

Property and expense accounts will determine how statements are distributed for corporate credit cards.
Multiple properties or legal entities can distribute the expenses, even if the corporate office pays them
Starting expense reimbursement through payroll and creating an account entry in the ERP
Charging expenses back to tenants
Initiating inter-company transactions

KriyaGo can help businesses by eliminating data mismatches and other quality issues without replacing the system and using multiple integration endpoints. Also, you will be able to maintain a single source of truth by enabling data to flow smoothly across the enterprise system in real-time.

Moreover, with the automated KriyaGo system, businesses can easily get rid of manual work, reduce tedious tasks, and boost the entire data quality. In a word, with KriyaGo integration, you can strategize better and make better decisions for your company.

Expense Management with KriyaGo

KriyaGo is the solution you need for managing all expenses and travel management processes. When businesses are focusing on boosting revenues, KriyaGo, with SAP Concur, will be helpful in managing all the reports and real-time analysis. Additionally, the collaboration with SAP Concur, KriyaGo, can help business firms enhance the control and visibility of travel expenses and save extra time for manual work.

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Top benefits of KriyaGo Expense Management

Mon, 21 Aug 2023 14:49:07 -0400

Management of expenses is a vital task for any kind of small or large business, which comes with monitoring, recording, and organizing the expenses to boost profitability. Employees need to submit their expense reports for out-of-pocket expenses that are later processed and rejected or accepted. Managers have to keep track of all these reports and expenses and present the analyses.

However, with the introduction of KriyaGo, which works with advanced expense management software, the whole tracking and recording process became automated. It made the employee expense claim request pretty easy to submit and approve. You can easily identify how using this expense management service has changed the whole scenario of profit and efficiency numbers compared to traditional expense management.

Furthermore, by taking help from KriyaGo, you can easily boost your company’s productivity by making the overall expense-related functions simpler and more effective.

Benefits of KriyaGo Expense Management

Here, in this section, let’s check out what the companies can expect when they collaborate with KriyaGo to get the best expense management help for their business.

Real-time visibility into your expenses

One of the incredible benefits of using KriyaGo expense management is to monitor the real-time visibility of your financial position. With the expense management software dashboard, you can easily check all the vital data in one go. Moreover, the easy-to-understand display and graphs are super-beneficial to comprehend the whole thing if you are naive in this field.

Besides that, it also helps with real-time visibility of fund movement. It means with the approval of an expense claim; the system will update everything from payment initiation to the employees finally receiving their payment.

Reduce the expense-related errors

Making expense management completely error-free is crucial for any small or large business. KriyaGo expense management is the best solution when you want to automate and integrate software with your accounting system for complete accuracy.

It is very natural to make mistakes like double entering the numbers or missing them when manually entering the expense data into the accounting sheet. However, the expense management software will eliminate all these errors and help you create an accurate and to-the-point database and accounting entry.

Improved fraud protection

It is hard to manually manage all the expense claims, receipts, and employee payments. This may lead to errors or inaccuracies in audits and accounting. However, when you get help from an expense management company like KriyaGo, it is easy to identify any errors.

Moreover, there will be no possibility to make any kind of changes in expense data numbers by employees. As it is understandable to overlook any well-camouflaged fake entries by the contractors or employees. Only some authorized people from the company should have access to change the data when needed. A global estimate of $4.7 trillion in revenue is lost due to fraud each year, according to the Association of Certified Fraud Examiners. (ACFE).

Establish policy enforcement

Staying updated all the time and enforcing every new expense policy is a pretty challenging task for companies. Also, it is nearly impossible to check on every employee whether the expense policy is being followed or not.

However, by using KriyaGo and expense management software, you can make it possible by having a customized expense policy according to your business needs. So, whenever there is a possibility of any changes in the policies or new additions, that will be updated automatically into the system.

Employee reimbursement process

When you incorporate an expense management system, all you have to do is instruct your employees to submit their expense receipts and raise a claim. Afterward, the manager or approver scans those receipts and checks the necessary details. Next, the manager will approve the request, and the employee will receive the money. That’s it—a straightforward process for expense creation.

This reimbursement process is seamless for both the manager and employees. There is no need to use any paper expense claims, go around to the manager, or run for wrong numbers or missing receipts. Everything will be so easy by collaborating with KriyaGo expense management.

Boost the operational efficiency

In a McKinsey Global Survey, it was found that companies that made quick decisions were twice as likely to be successful, suggesting that racking up data or lingering over a course of action is not always the best decision.

Integrating KriyaGo expense management with the business enterprise resource planning software can be beneficial in preparing expense reports, tracking the reports, and giving approvals. Expense management automation can improve the cash flow and productivity of a company when both the manager and workers benefit from it.

There will be no need to continue with the boring and repetitive work that software can handle easily and accurately. It makes time for employees to invest in other important tasks like going through sales calls, preparing strategic plans, and financial forecasting to add some extra value to the business. This management service is the reason for the increased popularity of start-up businesses in recent times.

Enhance Compliance

With Expense Management, you can make your company stay on the safe side with the state, local, or federal tax agencies. Travel and office expenses can be categorized and tagged appropriately in a business.

Some expenses are now tax-deductible, such as most entertainment and dues for country, golf, and athletic clubs. The inclusion of these expenses may bring the IRS' attention. In addition to providing easy access to electronic receipts and reports, the KriyaGo expense management is invaluable for the audit.

Bottom Line

Businesses must integrate expense management services to improve efficiency, save time, build policy enforcement, and eliminate errors. This system is also helpful for detecting fraud, visibility into expenses, and boosting productivity. In short, you can take your business to the next level using KriyaGo, which mainly works with top-rated software vendors.

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Top 7 Best Practices for Better CAM Reconciliation

Thu, 20 Oct 2022 09:30:00 -0400

A real estate business has a lot of paperwork; it might be monotonous, but it is extremely important to run the business smoothly. One of these crucial but tedious works is CAM reconciliation or Common Area Maintenance Reconciliation work. Though this is a part of the more extensive lease agreement, a CAM reconciliation alone can be an overwhelming task. When not followed to the T, you can be up for more significant legal and compliance battles.

CAM reconciliation in itself involves a lot of legal documents and complex language. But property management must go through them with a fine-tooth comb to never overcharge or undercharge tenants and lose money. How do you do it? Here are a few project management best practices for excellent CAM reconciliation work. Read the full blog to know where to start.

Why do you need flawless CAM Reconciliation?

An essential need of CAM reconciliation is the money property managers, and owners retrieve from CAM can be reused to maintain the property. Another primary reason is that most tenants feel they are not supposed to pay for the things they are made to pay for. With proper reconciliation practices, you can make your tenants understand why the money is essential and how it benefits them in the end.

7 ways to get better CAM Reconciliation?

CAM reconciliation is an extensive and strenuous task; here are a few of the best practices that can ease the job for you.

1. Begin with a detailed expense review

This is the first step to getting a spotless CAM reconciliation report for your real estate business. Make sure all expenses and spending are accounted for. Every penny counts, and you need to have proper documents before you present it to the tenants. Never give your tenants a chance to question your integrity due to gross human errors in reviewing expenses. This must include month-to-month expenditure and vendor invoices. You can also go the extra mile and compare your CAM reconciliation with last year’s to get a better internal review.

2. Never negotiate on your standard maintenance fees

When you send out a lease and sign a contract with tenants, new or old, you must ensure that there are no discrepancies in maintenance fees. Be it 3-4%, make sure that your tenants understand that the money is for their benefit at the end of the day. Due to unprecedented events, you choose to waive off the fees for some tenants; you might open up flood gates for other tenants to ask for such favors constantly.

3. Be updated about special requirements

As a property manager, you must know that CAM reconciliation in real estate is not the same for all kinds of tenants. Restaurants, stores and office spaces all have special CAM reconciliation rules and regulations. If you are not updated about them, it is a major fault in your system.

4. Keep your documents audit-ready at all times

From getting third-party documents to keeping track of invoices, keeping your documents lease audit-ready has many different tasks. If you need reports from your insurance providers or need invoices from vendors, do not forget to ask for them and get them documented before you finish your CAM reconciliation.

Lease auditors cross-check with lease agreement data with actual charges made in CAM reconciliation to keep work on track. This is a very detailed process, and you can land in a lot of legal trouble if not.

5. Consider outsourcing your CAM Reconciliation work

Back office outsourcing services are becoming increasingly prevalent to help companies save costs and labor. Without adequate expert staff, you can lose out on money and land in trouble. CAM reconciliations are filled with legal jargon and complex clauses, and it is best to get the work outsourced. Outsourcing the work will get you the best resources, and you pay for them when you need them. You do not have to pay for these expert staff full-time. They will help obtain comprehensible data that you can work with and streamline your workflow for better management.

This is why more than 78% of businesses across all domains are outsourcing their tedious office work for better efficiency. The KriyaGo CAM reconciliation services provide your real estate business with professional resources and boost profitability. Our team also helps you solve all irregularities in your documents and save you additional money on audit issues.

6. Put careful thought into checking accuracy

Run your internal due diligence and ensure that all CAM charges are calculated and filed as per gross leasable area occupied. Before you present your reconciliation to your tenants, you must ensure that all charges are accurate. You need to calculate gross-ups and expense caps, account for capital investments, and confirm the tenant stay term. You must also keep track of tenant turnovers and move-out timelines to allocate charges accordingly.

7. General ledger review

Though this might be one of the most boring and time-consuming tasks, it is one of the most essential too. As a property manager, you must ensure that all bills are sent to the correct buildings and units. Handling multiple real estate properties under one portfolio might make mix-ups real easy, but you can not keep any window. You must review and recheck the general ledger multiple times to ensure that every account is filed to the right property and reconciled on time. If you do this with proper care, you can even file escalation charges when things are not paid on time.

Summing Up

Proper technology selection in project management can be challenging. That is why at KriyaGo, we let you leverage the best of technology in real estate property management and back office work to get the job done. Your CAM reconciliation work will no longer be a significant monetary affair and an extra burden on your shoulders. We will do the heavy lifting of back office tasks while you focus on growth.

If you want to simplify and streamline your CAM reconciliation process, get in touch with the KriyaGo consultants. Talk to us in detail to know more.

Why is Expense Management Important for Real Estate

Tue, 14 Dec 2021 11:00:00 -0500

Real estate firms incur expenses just like any other business. According to the National Association of Realtors, real estate agencies have a median business expense of $6,290.

As a result, it makes sense to manage your expenses to derive more value. It will help you gain control over your business spending and improve your bottom line.

Let’s explore why expense management is so essential for the real estate industry.

A look at real estate business expenses

The top expense for realtors in running their business is vehicle costs. They have to travel through town and beyond to evaluate properties and spaces. As a result, an average real estate firm spends $1,400 on travel, as per the National Association of Realtors.

Additionally, realtors spend on accommodation if they have to stay out of town. Large firms with several employees can run up thousands of dollars covering their travel and lodging expenses.

Moreover, real estate businesses may spend on various software services. They may also pay for marketing, advertising, and promotions. A part of the expense also goes for printing cards, flyers, and brochures.

In addition, you also have petty expenses like utility bills, postage, office supplies, and more. Therefore, an average real estate firm has to handle a range of expenses every day.

Why expense management is crucial for real estate

Expense management refers to the processing and paying your business expenses. Additionally, businesses also conduct audits to ensure every transaction is valid.

The process may seem easy on paper but can get challenging, especially if you depend on manual management. As a result, it is really necessary to manage your expenses to derive the following benefits:

Building resiliency

COVID-19 has affected every industry adversely, including real estate. The demand for rental or leased spaces has gone down as more people avoid gatherings.

As a result,  real estate firms are looking to reduce costs by 20% for 2021 and beyond, says Deloitte.

Expense management is not cost-cutting but can help businesses generate more returns. It can help entrepreneurs improve operational efficiency and tackle the lack of market demand. 

Realtors can also assess every expense and find out if it’s absolutely necessary.

For example, many businesses pay software subscriptions on auto-mode. However, your employees may not be using the tools to the fullest. Or, there may be better technology in the market that costs less and provides more value.

Expense management can make real estate firms more resilient for the future.

Removing data blind spots

Businesses need updated data to make effective financial decisions. However, that is not possible for most realtors as they don’t track expenses in real-time. Instead, they use spreadsheets or paper processes to record payments at the end of the month or week.

As a result, entrepreneurs are more likely to make inaccurate predictions based on inadequate or old data. In fact, 81% of financial decision-makers experience blind spots related to business expenses.

Real estate firms can use expense management software to track expenses in real-time. Every expense will then show up on your dashboard instantly for verification.

In addition, realtors will be able to eliminate data silos and facilitate the seamless flow of information.

Conserving resources

Real estate firms run up huge costs processing business expenses. Additionally, they take countless hours to validate expenses, approve claims, and record data.

As a result, businesses waste many precious hours that can be spent on growing the business. Additionally, accountants or finance teams undergo terrible frustration and stress process all expenses manually.

Expense management based on a structured approach can help realtors save time, effort, and money. They can take advantage of automation and use an expense management platform to process spending.

Fortunately, entrepreneurs realize the need for automation, including realtors. As a result, 70% of businesses are looking to invest in automating accounts payable and business expense processes.

Along with that, the cost of processing expenses is also coming down. Accounts teams also have more free hours to guide the company in making strategic financial decisions.

Making better forecasts

Efficient expense management provides you with real-time actionable data. You gain complete visibility into your business spending and track every expense. So, you clearly know how every dollar of your budget is being used.

Additionally, entrepreneurs can track the spending behaviors of employees. It also becomes easier to detect frauds and validate every expense with proof. With our intelligent automation solutions, your business can automate all those important tasks - and save time and money.

Real estate agencies that manage expenses digitally with MiCasa can also get advanced analytics. They can generate vital insights and even predict disruptions in the future.

Best of all, you will be able to make sound forecasts and respond to market changes quickly. The whole process will provide your business a competitive advantage over your rivals.

Managing expenses like a pro with KriyaGo

Real estate agencies that manage expenses digitally with MiCasa can also get advanced analytics. They can generate vital insights and even predict disruptions in the future.

Best of all, you will be able to make sound forecasts and respond to market changes quickly. The whole process will provide your business a competitive advantage over your rivals.

Final thoughts

Every real estate firm needs to manage expenses. They need a structured approach and a precise workflow to process and audit spending. Additionally, realtors should develop a clear expense policy and communicate it to each employee of the firm.

With products like MiCasa, KriyaGo makes it possible for entrepreneurs to easily consider automating expense management. Our digital solution can eliminate manual processes and help you streamline workflow.

Additionally, you can save hours and conserve your resources and labor hours. You will also gain real-time visibility into your expenses for absolute clarity.

In the end, real estate firms will be able to make better predictions and sound financial decisions. They can also gain full control over their spending and company budget.

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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.