KriyaGo - Blog #financial tasks

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.

Why Every Company Needs To Outsource Their Business Tasks

Fri, 23 Jul 2021 13:00:00 -0400

Outsourcing is a popular option for companies that want to expand their workforce. It is estimated that every year about 300,000 jobs are outsourced in the US. Companies prefer outsourcing as it provides flexibility, expertise and cost savings. This is especially beneficial for small businesses who do not have the resources to manage all their business tasks.

So, they outsource several processes such as IT services, human resource management and accounting. Regardless of the size of your company, outsourcing is helpful in many ways.

Read on to know more about how you can benefit from outsourcing your business processes.

Benefits of Outsourcing

Reduced labor and operational costs

Companies pay their in-house employees a fixed salary. This is regardless of the amount of work done. Gallup reports that 67% of the employees globally are disengaged. The resulting low productivity can cost the company around 18% of their annual salary.

You can eliminate these additional costs by outsourcing small but essential tasks. Since you pay only for the work done, you don’t have to worry about low productivity. The outsourcing service may bill you additionally for the service provided. But the money saved on expenses outweighs the service costs.

In Deloitte's 2020 Global Outsourcing Survey, 70% of the participants listed cost-cutting as their outsourcing objective. By managing labor and operational costs, you can channel the money into other revenue-increasing activities.

Focus on essential business functions

Your business has several core tasks that need your focus. But with back-office operations, HR, and marketing, your employees will have a lot on their plate.

Without strategic planning of core functions, your business can suffer. To avoid this, you can outsource important repetitive tasks. For example, if you have a property management company, you need to focus on selling your property. You can outsource other tasks such as data entry, client support, and CRM.

If a company has financial or labor constraints, it can consider outsourcing. This frees up the company's resources to hire experts for core tasks.

Flexible cash flow

The problem with handling every task through internal teams is the fixed employee expenses. By outsourcing, you can convert this into a variable component. Sometimes, your business can see a dry run, while other times, the sales double up. You can scale your outsourcing accordingly and pay only for the tasks you got done.

This frees up your budget for other revenue-generating tasks such as marketing. This is especially important for small businesses, who have limited cash flow. More than one-third of small businesses currently outsource at least one service. By doing so, they are focusing on generating more revenue and increasing efficiency.

Access to expertise and technology

Outsourcing companies have trained staff to handle your business requirements. This significantly cuts down the cost of hiring and training a new employee. Moreover, outsourcing companies have years of hands-on experience in the same field. Given a task, they can suggest the best strategy and resources to get it done in a limited budget.

They also have the necessary infrastructure and software for all your requirements. These tools can be costly and are an unnecessary purchase for your company. Based on your requirements, the company can provide the right combination of expert knowledge and new technology. You can also choose from a broader range of skill sets and people who specialize in a particular area.

For example, if your company outsources ad campaigns, you do not need to invest in image editing and videography software. Accessing the right software for your ad campaign is the responsibility of the service provider.

Reliability

No matter how many internal employees you hire, there are always risks of employee turnover. This can harm the productivity and progress of your company. Through outsourcing, you can have a reliable resource base. Outsourcing companies have a large number of people handling the same tasks. Even if one of their employees is on leave or resigns, they have enough resources to complete your project on time. Instead of worrying about filling an open position in your team, you can outsource to complete projects with almost no risk of employee turnover.

What tasks can you outsource?

IT Operations

IT operations are one of the most outsourced business processes. Any company except for IT businesses will find IT operations expensive. It requires specific infrastructure and tools as well as expertise. Outsourcing your IT operations can be an excellent financial decision for your company.

Accounting and financial tasks

Managing your company's finances requires expert resources. Outsource your bookkeeping, accounting, and other financial tasks. You can also outsource payroll processing, financial analysis, and planning. A service provider can handle all these tasks as a single project. Since the financial workload is greater during tax season, you can also scale it quickly.

Marketing and lead generation

Every small business starts with marketing. It is easy to manage initially, but marketing campaigns also need to keep up as the company grows. By outsourcing, you can ensure better results from the marketing and increase lead generation and retention. Service providers have tested marketing strategies that can meet your requirements.

Human resources

Human resource teams handle everything right from hiring a new employee to managing the work teams. As your company grows, human resource tasks also increase. So, it is good to outsource human resource management to an experienced service provider. Since it involves multiple tasks such as recruitment and payroll processing, you can also hire more than one service provider for the tasks.

Outsource your back office tasks to KriyaGo

You can make the best out of outsourcing only when you hire an experienced service provider. Managing an in-house back office team is expensive. Instead, you can outsource your business processes to KriyaGo. We understand your requirements and provide you a smooth, hassle-free outsourcing experience. With our reliable team of experts, we can handle various tasks like bookkeeping and accounting.

By outsourcing to KriyaGo, you will get professional resources and software at affordable costs. We also keep your data secure and offer you more control over all the processes.

Learn more about back-office outsourcing by booking a consultation with us!