KriyaGo - Blog #expenseKriyaGo - Blog #expensehttps://www.kriyago.com/blogs/tag/expenseThu, 23 Apr 2026 14:53:23 -0700http://zoho.com/sites/<![CDATA[Top 7 Best Practices for Better CAM Reconciliation]]>https://www.kriyago.com/blogs/post/top-7-best-practices-for-better-cam-reconciliationA 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 crucia ]]>
Top 7 Best Practices for Better CAM Reconciliation

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. 

]]>Thu, 20 Oct 2022 09:30:00 -0400<![CDATA[Why is Expense Management Important for Real Estate]]>https://www.kriyago.com/blogs/post/why-is-expense-management-important-for-real-estateReal estate firms incur expenses just like any other business. According to the National Association of Realtors, real estate agencies have a  median b ]]>
Why is Expense Management Important for Real Estate

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

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. 

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. 

Get Started Now
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