Are you overwhelmed by the increasing and complicated accounts payable lists of your company? Then outsourced accounting services might be the best solution for your business. KriyaGo’s back office accounting services can help you automate your system. We will guide you every step of the way and make the transition smooth and hassle-free. Pick up a call with us today and discuss your business needs with us. This will ease the life of your back office employees and you can reassign them to better front office work.  

Here are a few of the reasons why you should start automating the accounts payable system immediately. 

MiCasa is a software with multiple uses that can help automate your tasks. This technology selection in project management will transform how you view your real estate business. Read on to understand the diverse offerings of MiCasa. 

When you run a real estate business, it is crucial that you know the status of your properties, renovation needs and more. MiCasa can help you automate these tasks without breaking a sweat over them. No more keeping tasks for the last minute. Being an Enterprise Resource Planning (ERP) solution MiCasa will help you plan your way ahead regarding inventories. 

Tenant communication and constant property maintenance services are everyday tasks for any property manager. Well, you can streamline those tasks with MiCasa. You can automate it all from janitor and plumber services to vendor management. You can also check tenant status when managing evictions or onboarding new tenants to ease your work. 

Purchasing and onboarding new properties and units are important matters for a real estate business. The easy to use MiCasa dashboard lets you track all purchases and investments without any chance of human errors.  

Back office work like invoice filling or in-office communication can be streamlined with MiCasa. Setting up meetings or creating a workflow plan can all happen with this software solution.

Last but not least, the MiCasa software and its integration plan are highly affordable, making it a favorite among growing businesses. Integrating this software will not come as a big blow to your accounts and will help you reassign your funds to further growth plans.  

TheKriyaGo team has years of experience integrating SaaS for our real estate business partners. This has helped us understand that every real estate business has its own specific needs, and no two integration plans can be the same. We make unique and new integration plans for our customers to help them stay ahead of the competition. We individually assess and comprehend each company's business needs we work with and then propose solutions. Here are a few ways we can help you integrate MiCasa into your system and help you grow. 

We have helped many companies leverage the best software solutions and features to automate their property management plans. We access each company's market and business goals and budgets and then propose solutions based on them. We do everything from integration to customized solutions and data migration based on what your business demands. When we integrate MiCasa with our team, we will make sure you have the best adaptive tech solution in the market.  

We plan our software integration strategy based on direct customer interviews and interactions. For us, the customer comes first. We will keep everything within your budget and growth plans and solve all property management and internal work needs in the process. We will never let your real estate business suffer from repeated strategy plans. We do our individual research for every business and develop integration plans accordingly customize the solutions. Book a free consultation plan with the KriyaGo team to give us a detailed understanding of your business. It will also help you understand our work process and help you make a conscious decision. 

Keeping track of all your payments, incoming and outgoing, is a major part of the cash flow management process. Incoming cash is made from payments received from clients, vendors, asset sales, loans, and interest on idle cash in the bank. Outgoing cash consists of payrolls, invoice payments, daily operation expenses, and bill and interest payments to various parties. 

The strategy and leadership must take a closer look at all of these to get a stronger hold on the cash flow management to shorten the cash conversion cycles and make cash from sales faster than before. Releasing payments from your side as soon you receive services and sending out invoices immediately after making a sale is essential to speed up the cycle. 

No matter how well you know a client or your personal relations with them, you should never extend your credit timelines for anyone. Keep it professional and demand payments exactly when it was agreed upon during the sale. Sending reminders to your clients at regular intervals to remind them of upcoming payments. If you extend credit for one client, it is sure to open up the floodgates, and many more of your clients and vendors will ask for such extensions, and your cash conversion will suffer in the process.  

You can renegotiate with your vendors and service providers about restructuring your payment schedules to stabilize the the cash you have in hand. Though it is always good business to disburse payments as soon as you receive a service and helps builds good relations with partners, you can try negotiating if you have a cash crunch.  

Turning over your sales inventory is a very effective way to shorten your cash conversion cycle. The faster you drive up sales and manage your inventory better, the more money comes into your banks and converts into an actual money-making business. You can even integrate CRM software into your system to keep track of your inventory in real-time and stay on top of your game. Do not keep inventory management for the last moment; pre-plan your steps with a good look at your business process overview.  

Your bank will help you manage your holdings better to get better cash liquidity, speed up your asset sale process, and help in amping up business. There are treasury management options that can help you in your cash collection process from clients and vendors alike. This will further help you assess your financial risks and take measures to mitigate them before they become a major hurdle for your business.  

You can start asking for up-front payments and immediate release of funds when you are running low on cash. You can also use an automated AR system to fasten the process. This will also help with smoothening your supply chain system and getting cash into your bank accounts much faster than before. Do not negotiate with your clients on payment terms, and you can even start fines for making late payments or bounced checks. This will push them to pay on time and help in your CCC process.  

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. 

The pandemic has negatively impacted more than 47% of small businesses in some way or the other. Do not let vendors and customers drag you down even more. It is true that many people are not able to pay up on time and that has made businesses give their loyal customers more flexible credit terms. But is this setting up your business for further cash problems? 

Credit terms or scheduled due dates are based on different factors like long-term clients, personal relations, payment history, etc. Though this might help you build a great rapport with the customer, it will gravely impact your cash in hand. Giving out long drawn credit options can be a major roadblock. You need to make some standardized guidelines for credit return and invoice payments to handle this. You can even employ a revenue collection partner who will automate the collection system to avoid further feud.  

Internal audits for your accounts department and is extremely important to ensure good health. This will eventually help in better budgeting and forecasting for the business. In an in-depth internal Accounts Receivable audit you will understand where your business stands. How much money it has in hand to work on your growth plans or how deep you are in bad depth. You need to get these data and analyse things like turnover, payments, collection times, credit times, etc. Not all will you know your business inside out post this audit, you will also know which areas need more focus. Knowing the pressure points in your business will help you make a scalable plan for your way forward. 

The coronavirus changed many business processes and working conditions. However, most of the focus remained on the client-side teams that deal with customer interaction. 

Yet, the back office is a vital foundation that impacts the overall productivity of the company. This department handles crucial processes that support the day-to-day operations. 

The employees in the back office also work in moderate close physical proximity. Therefore, the risks of spreading the virus were ever-present. 

As a result, companies were forced to allow employees to work from home. Additionally, a team of few people visited the office occasionally to manage the paper processes. 

Somehow, businesses were able to perform back office duties without giving it a hard thought. 

Back office accounting in any industry involves dealing with a lot of data. Unfortunately, real estate agencies are still using paper processes or spreadsheets for the process. 

As a result, they have to deal with huge volumes of manual data entry that take a painstakingly long time. 

In addition, manual data entry leads to errors. Research shows the probability of human error is 18% to 40% while recording data into a simple spreadsheet. 

For complex data spreadsheets, the probability jumps to 100%. 

It is not easy to rule out manual data entry so easily. However, brokers should make an effort to automate as much of the process as possible. 

For example, integrating your existing tools can be an excellent way to automate data entry. You can capture invoices from your property management tool and have the data recorded in your accounting software automatically. 

The process saves time and improves data accuracy. Additionally, you can look forward to a boost in productivity. 

A good real estate business relies on effective financial management. Along with generating profit, it is also essential to plan and utilize cost-effective strategies that facilitate business growth.  

Cost-cutting is the top priority of 59% of real estate companies that outsource their tasks. For a business that is restricted in terms of space and money, outsourcing can be the ideal way to afford additional staff. 

Irrespective of the size of your company, you can outsource your tasks. Service providers also offer various packages for different budgets. Depending on your needs, you can hire them on a per-project basis or monthly basis. They are also reliable if you need more staff to handle your work. The cost flexibility that comes with real estate outsourcing is something you cannot get with an internal team.  

A good real estate business relies on effective financial management. Along with generating profit, it is also essential to plan and utilize cost-effective strategies that facilitate business growth.  

Cost-cutting is the top priority of 59% of real estate companies that outsource their tasks. For a business that is restricted in terms of space and money, outsourcing can be the ideal way to afford additional staff. 

Irrespective of the size of your company, you can outsource your tasks. Service providers also offer various packages for different budgets. Depending on your needs, you can hire them on a per-project basis or monthly basis. They are also reliable if you need more staff to handle your work. The cost flexibility that comes with real estate outsourcing is something you cannot get with an internal team.