KriyaGo - Blog #outsourcing property management accounting

7 Reasons Why Your Business Needs Accounts Payable Automation

Wed, 14 Sep 2022 09:00:00 -0400

There are multiple layers of work in an Accounts system. Accounts Payable is probably one of the most crucial parts of it. It is what runs the cash flow of the company and determines your expenditure. From invoice tracking, recording keeping, processing and clearing payments, it has many different aspects.

When the bookkeeping season starts the process becomes even more hectic because of a lot of extra work to close books. It can become extremely hard to keep track of all accounts if your business is set out for growth. But you also can not afford to miss out on payments to avoid conflict. An automated Accounts Payable system is the best answer to this.

7 Reasons why an automated Accounts Payable system will work for your business

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.

1. Save overhead cost

When you automate and outsource your Accounts Payables you get expert help when needed. Highly skilled professionals will work on your account and there will be no chance of discrepancies. Why is this important? Not only do you not have to pay for these experts throughout the year, but these people will also give you valuable insights. Your in-house semi-skilled team might not be well equipped with the minute industry knowledge and will reflect in your bookkeeping if you don’t take charge. These insights will also save you from further penalties.

More than 60% of companies feel that they have very little knowledge of accounting and that is the crux of the matter. You need to identify your weakness and get back office outsourcing services to address the matter.

2. No chance of losing manual invoices

If you have an automated system then both your invoices and payments will be electronic. This leaves no chance for disparities and loss of documents or money. As many as 64% of businesses across the world insist that they want to shift to e-payments to avoid the hassle.

The automated system will not need you to process each payment individually and there will be no delay. You shed the load off your back and reassign your staff to other work. Get the heavy lifting accounting work done by the outsourcing partner.

3. Complete track of all transactions

When you do things online or in the cloud all transactions have history and evidence. There is hardly any chance for fraud or missing cash in such systems. There can be no financial fraud because all payments in an automated system are approval based. No transactions can work without the authorities giving a go-ahead, saving you the headache of money loss.

When the system is automated you also have evidence of who authorised which payment making the process hard to breach.

4. Get easy and quicker approvals

When vendors are breathing down your neck, getting manual approval on each invoice can become a hectic task. When all the invoices are uploaded in the automated system you can get approvals on the go and process transactions in a few clicks. You can also process approvals and payments remotely without physically being at your office desk.

5. No chance for human errors

Human errors in the Accounts Payable process can lead to a lot of double payments or non-payments due to gross overlook. Any vendor or supplier is bound to lose trust if they do not receive payments on time due to minor errors by your accounting team. To avoid such bad business you need an Accounts Payable automation system in place.

The data tells you why. Market statistics say that a business that depends on automated system accounting is 33% more likely to pay their Accounts Payable on time than manual ones.

6. Benefit from early payment discounts

There are many vendors out there who give early-bird discounts to loyal customers. You can reap the benefits of this with an automated Accounts Payable system. Re-evaluate your strategy and leadership well and understand how this can save money for you. Vendors provide as much as 1.5-2% of average discounts on early payments which means you can add them up and save thousands of dollars at the end of the year. The same survey also reveals that more than 62% of vendors want to be paid early. You can leverage this data with an automated Accounts Payable system to spend less money.

7. No legal or audit issues

As an automated Accounts Payable system works in a systematic manner there can be no delay in payments. All transactions work on their own based on set dates and other criteria. You can land into legal or audit issues due to non-compliance with regulations. The analysed data will be quickly ready on the automated system and can be readily produced in front of audit enquiries.

KPMG findings also say that audit and tax are making a digital shift all across the world, post-pandemic. This means if you automate your accounts system then the whole system will be easier for you as well. Audits will no longer mean sweating over discrepancies in Account Payables and Receivables and an easy end to the tax season.

Final Thoughts

Research data says that when a company automates their Accounts Payable process it cuts down paperwork significantly. It also increases the work efficiency of employees when the tedious data entry is lifted off their shoulders.

Handling this humongous and complicated process on your own is troublesome. You must get outsourced accounting services to simplify it. We at KriyaGo are waiting to help you get your Accounts Payable system automated and error-free. Want to know the minute details about how it works? Book a free consultation with and talk soon.

The Surprising Truth about Outsourcing Property Management Accounting

Wed, 23 Feb 2022 09:00:01 -0500

Managing a property is no easy task. You have to take care of endless responsibilities that include maintenance, coordinating with vendors, paying staff on time, and more.

Each property you manage brings more tasks to the table and can soon overwhelm your time. The situation is more common than you think and haunts countless businesses in real estate.

On top of that, agencies have to attend to back office duties and accounting.

As a result, things can go out of control and leave you in the lurch!

Outsourcing your property management accounting

Outsourcing has remained a top solution to achieve business growth. Over 1/3rd of small US businesses outsource a range of functions to chosen partners in different countries.

Real estate agencies can also outsource their back office tasks like property management accounting. It can free up your staff and help you deal with your priorities.

Best of all, accounting is one of the top functions to be outsourced. According to the US Small Business Administration (SBA), it is a perfect option for bridging a talent gap.

That means you don’t have to be a financial expert or even handle your books. In addition, you don’t need to invest time to learn accounting standards or tax rules.

Instead, you can outsource your accounting process and enjoy more efficiency. Moreover, you can take advantage of several perks that are mentioned below.

Ensure business continuity without exception

Businesses can experience a range of disruptions. We don’t have to look far to find an example for what we are saying.

All of us have gone through the pandemic that strained supply chains around the world. As a result, several businesses downed their shutters and stopped operating.

Those who survived were still dealing with inconsistent orders and increasing costs. The matter became so worse that many companies feared their existence.

Outsourcing can be a great option to sail the troubled waters during difficult times. It can take the load off your shoulders and give you space to focus on what’s important.

Therefore, you can delegate your property management accounting and free up your resources. Maybe it’s the reason business continuity was central to outsourcing in 2021.

Lower costs and operating expenses

Cost has always been a top priority for outsourcing back office accounting. Real estate agencies can save a whole range of expenses just by working with an adept outsourcing partner.

What type of costs can you curtail by delegating your accounting?

The first major expense you can save is on recruiting new employees. You don’t have to spend any resources to hire, screen, or interview accountants or bookkeepers.

In addition, you don’t need to pay any regular wages, bonuses, or incentives. There is also no need to offer retirement plans or any type of benefits.

Moreover, you don’t have to rent or lease office space or provide supplies. You can also save on overheads and paying utility bills.

As a result, a business can save 60% of overall costs by choosing to outsource.

Scale your business without restrictions

The demand for real estate is expected to surge in 2022 as we get back to normal. As per Deloitte, 80% of real estate agencies expect to earn more revenues next year than in 2021.

As a result, experts are predicting more demand for commercial spaces in the coming days. Firms can add more offerings to their portfolio to grow their business.

However, many firms are afraid to take advantage of the situation due to a lack of manpower. They don’t have the additional staff to take care of the accounting that comes with each new building.

Yet, there is a simple way to address the whole scenario, i.e., outsourcing. It can eliminate the need to hire additional staff by delegating any extra workload.

In addition, you also don’t have to spend time training your staff.

Instead, you can work with a reliable partner like KriyaGo to access expert accountants. We can provide you additional workforce as you grow your portfolio.

There is no need to wait as you can scale instantly to meet increased demand.

Boost productivity of existing employees

Your back office handles a wide range of tasks every day. The list includes coordinating with third-party service providers, maintaining records, assessing customer feedback, and more.

Along with that, they have to work on administrative tasks and property management accounting. Back in 2017, businesses spent 120 days per year on average working on such tasks.

Now, we have automation to save time, but many firms still rely on paper processes. As a result, they lose out on productivity by wasting countless hours every week.

Outsourcing can be an excellent technique to reduce workload for your existing employees. You can free up essential hours for each employee to be spent more productively.

For example, your back office can coordinate between your sales and marketing departments to convert more leads.

In addition, you will be able to streamline your processes and save more effort.

Choose your property management accounting outsourcing partner wisely

Outsourcing your accounting process is a proven way to boost productivity and efficiency. However, you need to join hands with a proficient partner for the best outcome.

KriyaGo is a leading choice of real estate agencies worldwide to outsource property management accounting. We have a team of adept accountants who have years of experience in working in residential and commercial real estate.

Therefore, you can access top expertise and take advantage of our proven processes. We can help you improve the accuracy of your books, lower costs, and gain more control over your expenses.

Final thoughts

Outsourcing is a proven method to reduce your workload and focus on your core activities. Real estate agencies can outsource their project management accounting to free up time and resources. It can also boost productivity and help you achieve efficiency in your processes. Best of all, you can stay free to scale your business up or down based on market demand.