KriyaGo - Blog #financial services

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.

The Top Real Estate Processes You Should Outsource

Fri, 20 Aug 2021 09:00:00 -0400

Working in the real estate industry is not easy. Expanding client base, handling tenants, and marketing properties--real estate management constitutes a multitude of tasks. While each of them is equally important, you can manage your work better by outsourcing a part of your property management.

According to a survey by JJL, facilities and property management is the most outsourced CRE activity. Whether you want to improve your marketing or lower your workload, here is a list of all the tasks you can outsource to streamline property management.

Lead generation and nurturing

Successful property management depends on market creation and retention. Lead generation is necessary to expand your clientele. For a highly competitive industry like CRE, lead generation and nurturing is a continuous process that can take up a lot of your time.

By outsourcing this task, property managers can not only focus on other business tasks but also generate leads more effectively. A report by Fearless Competitor states that outsourcing lead generation can give 43% better results than having an in-house team.

Digital marketing

Digital marketing is one of the best ways to increase brand visibility. With more than 3.96 billion people using social media, it has become the biggest platform for advertising. Digital marketing agencies can help market your business by targeting the right audience. They have the required tools and technology to quantify viewer responses. By outsourcing digital marketing, you can increase sales by displaying ads in front of an interested group.

For example, if you want to advertise commercial properties, LinkedIn serves as a better platform. Similarly, digital marketing agencies can find the right groups and platforms and increase brand awareness.

Back office accounting

Every real estate business needs accurate accounting. As it is not a core task, an internal team dedicated to accounting will be expensive to maintain. Onboarding new members and training them will not only cost you more but will also be a lengthy process. And if you hire experienced accountants, the employee compensation will be very high.

By outsourcing, you get access to trained resources and better software while ensuring that the accounting processes are in safe hands. You can take better control of your finances and also leverage accurate data.

Data analytics

Investments in real estate are directed by data and insights. If you use any kind of real estate software such as accounting or CRM, the huge data it generates can be converted into valuable insights that drive company profits. Identifying trends in the consumer behavior can also help you improve relationships with tenants and clients. Instead of intuition-based decisions, data lets you make informed investments.

But to analyze the data accurately, you will need the right balance of human resources and technology. Outsourcing companies dedicated to data analysis generate relevant insights through their trained staff and analysis software.

CAM Reconciliation

Common area maintenance expenses can be difficult to calculate. As they vary every year, CAM reconciliation consumes a lot of time and resources. Lease duration, occupancy, and local laws all come into consideration while calculating CAM expenses. Any error in reconciliations can have a direct impact on company revenue.

Hiring a managed service provider like KriyaGo is one of the best ways to manage common area maintenance expenses. Through trained accountants, your CAM reconciliations are accurate and balanced. You can also access periodic reports to understand CAM expenses and ensure compliance.

Bookkeeping

You need to regularly keep track of your business revenue and expenses. With many tasks at hand, managing ledgers and accounts can be tedious. A missed entry, a duplicate transaction, or inaccurate details can cause problems during tax season. That’s why property managers hire real estate bookkeeping services.

The service providers manage your expenses, reconcile the books with your bank account and point out any discrepancies. They also keep track of your accounts payable and receivable and regularly update your records as needed.

Lease abstraction

The real estate industry is incomplete without lease papers. Most tenants fail to understand the legal jargon in the lengthy lease documents. So, property management companies prepare abstracts for a better understanding of leases.

These abstracts are condensed versions of the existing lease. The right service provider will identify the important terms from the lease and provide you templates for the abstracts. Depending on your requirements, you can also get the lease abstracted in multiple languages.

Lease audits

One reason why leases are complicated is that they need to account for every possible situation. This adds more clauses allowing more room for error. Even if you prepare abstracts, lease audits let you ensure that both your documents are error-free.

Whether it is inaccurate data or missing clauses, a single mistake in the lease costs a lot of money. Managed service providers handle validity checks, resolve disputes and verify data to make your leases and abstracts accurate.

Property management tech solutions

Property management is easier by leveraging technology. Various software and tools are designed to assist real estate managers in different functions. From maintenance to CRM, property management software can handle almost every task. But efficient software usage requires relevant skills and experience.

Outsourcing your software requirements gives you access to state-of-art tools, resources, and platforms. The service provider can also help you customize the software for additional features according to business needs.

Outsourcing your real estate processes to KriyaGo

Property management has several options for outsourcing. You can reduce your workload by hiring a managed service provider. Companies like KriyaGo understand property managers and provide services like CAM reconciliations, lease abstractions, and lease audits. We also handle your finances through back-office accounting services.

Our experts and top resources make us one of the best options for outsourcing. We listen to your requirements and create strategies that suit your business. No matter the size of your business, KriyaGo offers outsourcing services to everyone.

We also understand that your data is valuable and ensure that all the information is safe with us. By choosing KriyaGo, you can streamline your property management through outsourcing.

To know more about our services--reach out to KriyaGo!