KriyaGo - Blog #robotic process automation

Signs That You Need to Outsource Your IT Requirements

Mon, 08 Nov 2021 13:30:19 -0500

Running a business is not a simple task. Entrepreneurs have to handle countless workflows and processes every single day. On top of that, they also have to manage the company's IT operations and digital needs.

At times, things go beyond the capability of entrepreneurs to manage IT requirements efficiently. As a result, the growth of the company is hampered, and your bottom line suffers too.

Therefore, it is necessary to spot the signs that tell your business needs professional assistance. Here are the top ones that indicate it's time to outsource your IT requirements.

Your costs are overwhelming

IT can incur huge costs, especially if you handle everything yourself. You will have to buy hardware, set up your servers, maintain an IT team, pay for maintenance, and more.

Therefore, your IT costs can add up to a staggering figure at the end of the month.

Entrepreneurs who find themselves in such a situation should consider outsourcing IT requirements. A survey by Deloitte also shows cost reduction is the top reason for 70% of businesses to outsource.

As a result, businesses can save considerably by eliminating the need to invest in hardware. They also don't need to pay salaries to an IT team or invest in maintenance.

Instead, they can enjoy world-class IT services for affordable monthly payments.

You experience too many bottlenecks

Businesses need a range of resources to manage IT requirements in-house. For example, you need qualified experts to manage your IT infrastructure and run maintenance.

Additionally, you need the right hardware to manage your IT services yourself.

However, not every organization has in-house expertise. Small businesses may not even have an IT team to manage their architectures.

As a result, you are bound to experience a lot of bottlenecks on a daily basis. No wonder 24% of organizations choose to outsource to improve efficiency.

In addition, 18% of businesses rely on outsourcing to access external expertise. Therefore, you can also outsource your IT requirements and boost your productivity.

Your business lacks automation

Automation is the key to grow your business. It can help eliminate manual processes and streamline workflow, irrespective of the industry. Additionally, automation can also reduce costs and save the effort of your workforce.

However, entrepreneurs need solid technical knowledge to implement automation. They need to be experts in technology to choose the right solution for their needs.

Sadly, that is not always the situation. As a result, businesses have to rely on outsourcing to unleash automation.

In fact, 75% of companies look for technologies like robotic process automation (RPA) while outsourcing. It helps them improve efficiency and even reduce costs by up to 60%, says Deloitte.

You cannot digitally transform

Most businesses have already transformed digitally and experienced massive growth. However, some entrepreneurs are still wondering if they should make a move. As a result, they are stuck in legacy systems and data silos that hamper business performance.

You need to outsource your IT processes if you find it difficult to transform digitally. An external partner with due experience can help you eliminate silos and make data free-flowing. Additionally, technologies like cloud computing can bring several advantages to the table.

69% of businesses had already adopted cloud in 2019 to enable digital transformation. It is now time for you to choose a reliable outsourcing partner and unleash digitization right away.

Your organization is target of cybercriminals

Cybercrime is on the rise, especially after COVID-19. Large-scale data breaches are now more common, with a growth of 273% in the first quarter of 2020. Along with that, other forms of cyber-attacks and hacking are becoming widespread, like:

Ransomware
Malware and viruses
Phishing

A single data breach can put your business and reputation at risk. Additionally, it can lower the value of your company by 7.27%.

You surely need to outsource your IT services if you are a victim of frequent cybercrime. It shows you are not capable of securing your investments. Therefore, you need an expert to guide you and make your business more secure.

Your business isn't agile enough

The success of a business depends on how quickly it can react to market changes. Entrepreneurs should always be ready and keep an eye on circumstances to stay agile.

However, many businesses can't respond to market changes as they can't afford the time. They are too tied up with managing their IT requirements. As a result, the entrepreneurs don't have the time to study the market and make accurate predictions.

Outsourcing is the way ahead if you find yourself in such a position. It will help you hand over your IT responsibilities to a proven partner while you stay free to stay updated on the market.

As a result, 40% of businesses choose outsourcing to stay flexible, as per Deloitte. Around 18% of organizations also outsource to become agile.

Moreover, 20% of businesses work with an outsourcing partner to improve speed to market.

Outsource your IT requirements with KriyaGo

KriyaGo can help businesses take advantage of cutting-edge technology to handle IT requirements. Take advantage of all the ERP systems you like and integrate everything together!

Our team has experienced IT professionals and accountants to manage your daily processes. With MiCasa, you’ve a real estate property management solution that works for you.

Additionally, we provide specialized outsourcing services to save your effort. We can handle crucial processes on your behalf, like back-office accounting or help desk for your system users.

With KriyaGo, it’s easier to make strategic decisions and grow your company. Since we have experience in working with businesses of all sizes, we understand your requirements clearly and provide a tailored service for unleashing innovation. With intelligent automation, we can help you create robots that do all the mundane, repetitive tasks for you.

Final thoughts

Outsourcing your IT requirements is the sure way to growth and transformation. You can cut your costs and boost operational efficiency by choosing to outsource.

Additionally, your business will become agile and stay flexible to react to market changes. You will also be able to boost security and protect your business from cyber-attacks. Moreover, you will be able to enjoy top expertise and guidance at affordable rates.

How Low-Code and No-Code Software Can Help Your Business

Sun, 25 Jul 2021 19:00:00 -0400

Low-code and no-code software are meant to build tools for business automation. Unlike traditional software, these tools require little to no coding knowledge. Instead, they use simple features to enable non-IT developers to build applications.

Just like their names, no-code requires no coding whereas low-code requires little coding for app development. In the coming years, the low-code/ no-code market is expected to see tremendous growth. A report by Forrester projects the low code market to reach $21.2 billion by 2022.

Companies need to start utilizing these platforms to build simple tools for automating various business tasks. Before getting started, understanding the advantages and applications of both platforms can make automation easier for you.

Advantages of low-code platforms

Faster and easier software development

Since these platforms require zero to minimal coding, developing tools using them is much faster. Low-code/ no-code platforms help you:

Simplify software building through drag-and-drop functions and flowcharts.
Eliminate the learning curve as no knowledge of coding is required.

Make easy changes through one-click processes

Through these features, you can easily make software without coding knowledge.

Wider resource pool

Through low-code/ no-code platforms, non-IT people can also assist in app development. Instead of hiring IT experts, you can allow your employees to build apps that suit your business requirements. Many citizen developers with brilliant ideas also build apps through such platforms.

Business agility

As market trends change, a company’s software requirements also evolve. Low-code/ no-code platforms allow you to make quick changes in the software. Whether it is current trends or a customer request, you can add and remove features to make it more convenient. Without disturbing the code, you can make simple alterations in the software’s structure to suit your requirements.

Save on costs

Companies rely on full stack developers for building and maintaining their software requirements. The average annual salary of a full stack developer in the US is above $80,000. This can be expensive especially for small businesses. Through low-code/ no-code platforms, companies can get equivalent results at half the costs. Even full stack developers can use these platforms to complete mundane tasks while focusing on other important ones.

Higher productivity

These platforms allow you to skip repetitive and unimportant coding. Through their various features, you can build custom made applications. This improves the productivity of your developers as they can work on more complex code. It also lets you tweak your application, so you can have different versions of software according to client requirements.

When to use low-code and no-code

Both low code and no code platforms are built to improve speed and agility. But, one works better than the other for different software requirements.

If you are looking for a simple one-time software or portal, no-code is a better option. It is easier and has multiple features to suit your requirements. But, if you want additional features or customizable applications, you need to choose low code.

For instance, a simple app for displaying activities on a dashboard can be built through no-code. But if you want to customize the same for different clients, then low code will provide you the flexibility to do so.

Challenges with low-code/no-code platforms

Even though these platforms are built for easy usage, there are some challenges while implementing and using them.

Low-code/ no-code platforms have pre-coded templates and features. These are good for quick usage but do not allow much room for innovation.
Integration using such platforms is challenging. This makes it difficult to scale your software according to your business growth.
Since these platforms allow easy creation of software, it is difficult to track the number and kinds of applications made. This can pose a threat to company and user data.
Scaling and managing software through these platforms might require some IT knowledge.

Opportunities with low-code/no-code platforms

Low-code/ no-code platforms provide various scopes for business automation. There are four popular ways to get the best out of these platforms.

Workflow technology

Companies use multiple software and applications for different tasks. At the end of 2018, large companies were using an average of 129 business apps. Through low-code/ no-code platforms you can streamline all your business apps on a single platform. Workflow technology solutions allow you to automate various tasks and also integrate them on a platform of your choice.

Custom app building

This is the basic purpose of low-code/ no-code platforms. These apps are not only easy to build but also easy to maintain. Features like drag and drop allow citizen developers to build apps from their own ideas. For full stack developers, these platforms help in building more apps by providing pre-coded templates for common features.

Robotic Process Automation

Single applications built on low-code/ no-code platforms are not suitable for extensive automation. Through RPA, low code apps can repeat human tasks such as responding to emails and texts. Involving both RPA and low-code/ no-code allows you to automate tasks on a greater scale. These allow apps to mimic human tasks across multiple channels. A combination of both can achieve hyper-automation in any business.

Intelligent Process Automation

IPA is based on RPA but has an additional feature of artificial intelligence to it. IPA tools overcome most of the drawbacks of RPA. They are capable of making complex decisions and handling advanced tasks.

Get started with Business Automation through KriyaGo

KriyaGo helps property management companies automate their business tasks in different ways. We work with state-of-art software like Yardi and Procore to provide you with the latest innovations. According to your requirements, we can integrate multiple software so you can benefit through their best features.

Dozens of companies have already benefited from KriyaGo’s software integrations. Through our professional team, we provide unique insights, market expertise, and solutions for your software requirements. From finding the right tools to training and onboarding, we can handle the complete integration process.

At KriyaGo, we believe in prioritizing digital transformation. Book a consultation with us to know more about our services!

The Top 10 Property Accounting Mistakes You Need to Avoid

Thu, 15 Jul 2021 09:00:00 -0400

As a property manager, accounting is a significant part of your work. In 2020 alone, 5.64 million existing homes were sold in the US. With so much transactional data, you need to have strong accounting skills to maintain a realistic picture of your company's financial health.

According to Wasp Barcode Technologies, 60% of small business owners feel they do not have adequate accounting knowledge. This can lead to poor management of records and an inaccurate understanding of your company's financial situation.

In property accounting, there is little room for mistakes. If you are just getting started, then here is a helpful guide on the common accounting mistakes you can avoid as a property manager.

1. Not Separating Business and Personal Accounts

Technically, your commission and salary belong to you as a property manager. But, mixing your personal and business transactions is not only unprofessional but also inefficient. Using your personal account makes it difficult to distinguish between business and personal transactions. This leads to additional work during tax season and may also add to tax costs.

Luz Urrutia, a member of the Forbes Finance Council, says that using your personal account for professional transactions makes it difficult to gauge the financial health of your business.

Having a separate business account keeps all your business transactions in one place. It also makes you more credible from the client's perspective. By maintaining individual accounts, you can maintain a clear audit trail and a strong business credit score.

2. Insufficient data backup and security

Your accounting data is under constant threat, even if it is stored digitally. Several factors like a technical failure, mistaken deletion, or even a power outage can cause significant data loss.

Hosting Tribunal reports that 40% of all data losses are caused by hardware failure. It further adds that 40-60% of small businesses won't recover from a data loss.

Backing up financial data to a cloud is an efficient choice for property managers. You should back up your data to:

Protect your data from human errors, malware, and hard disk damage.
Move data from one server to another

Avoid loss during major software or website updates

Using the cloud also allows you to automate frequent data backups and remote restorations using any connectible device. Your data is also secure since it is encrypted.

3. Lack of adequate training sessions

Property accounting requires occasional software updates. Different accounting software has different standards as well, which may not suit your needs. You don't want to look for workarounds every time. That increases workload and complicates time management.

Employees need to devote time to familiarise themselves with existing systems and software updates. Training ensures that the workers make the best use of the features on offer. Learning the shortcuts will save time and data entry errors.

KriyaGo has a team of experienced and professional accountants who can handle your accounting worries. We will help you free up resources and avoid making things more complicated. Let us help you manage your portfolio of properties and address your unique set of bookkeeping needs.

4. Unsuitable resources

Property accounting needs two things: the right software and the right person. Generic accounting software lacks features like separate profit or loss statements per property or automatic monthly payments, essential for property accounting.

According to Forbes, RPA has decreased the accounting time from several months to a few weeks. You can choose a dedicated software for property accounting or consult KriyaGo so we can build one for you.

Similarly, hiring the right person is also important to get the best out of the software. Most businesses employ inexperienced staff when they are new. This can lead to low rates of production and increased business.

Hiring a professional can build a good framework and set the right pace for your business.

5. Tracking commissions separately

Hiring a professional can build a good framework and set the right pace for your business.

6. Disbursement of funds before closing the transaction

You cannot consider the funds held in a trust or escrow as a commission before the official documents are signed. If you disburse these funds early on, your brokerage will not comply with the governing bodies. Such disbursements happen often but are not a good idea.

Moreover, if the commissions are renegotiated last minute, you will have to collect back the disbursements. What should have been a single-step reversal of funds will turn into a multi-step, complicated process.

It is best to wait till all the documents are signed and the keys are handed over before distributing the checks to everyone involved.

7. Lack of efficient scaling

Almost all property management companies aim at one thing--growth. You can achieve this goal in several ways. You can add more people to different departments or get more agents and brokers. But with the development of your company, you will need to upscale your back office accounting.

Several companies fail to upscale their accounting, which is inefficient to deal with the increased transactions that come with its growth.

You can add more staff to your back office. But a better option is to digitize your accounting through a real estate software support company like KriyaGo, which provides the right software solutions.

8. Inaccurate data classification

Many property managers make mistakes while classifying data. Not organizing data accordingly (such as capital expenditure, repairs, and maintenance) can make the audit process difficult and time-consuming. By accurately classifying them, you can save on taxes as different items attract different amounts of tax.

Data classification can look time-consuming. But with a monthly review, you can get your financial data right and generate important reports such as P&l statements and tax documents.

If you are unsure about data classification, you can get your books checked by a professional to ensure the proper data classification.

Professionals know the industry norms well and can save you from tax complications later on. They can also advise you on the right property accounting software to make your bookkeeping process easier.

9. Not following the tax filing process

Not following the proper tax filing process can cause problems later on. Most investors look at the tax records of your property before investing. Having poorly managed tax records can negatively impact your relationship with your clients.

There are two ways you can file your tax returns: cash and accrual.

Cash accounting records your transactions as they are received or paid. Accrual accounting records them as revenue and expenses.

Consider both methods along with the tax guidelines of your state before filing tax returns. If you find the tax rules confusing, you can file them through professionals specializing in real estate accounting.

10. Avoiding internal audits and account reconciliation

Internal audits are essential to get a bird's eye view of your company's property accounting. Without frequent audits, you just have a vague idea of the expenses and taxes, the profits and losses, and you miss out on many details.

Auditing every month gives you a clear idea of the loopholes, which allows for timely intervention and correction. Regular financial check-ups keep you updated on the portfolios and throw light on the company's financial strength.

Similarly, real estate accounting is incomplete without reconciliation. No matter how careful you are, there can be missed entries and incorrect transactions. It is important to verify your accounting books and see that all transactions are reflected in your bank account.

Reconciliation can help in identifying bank errors and other mistakes that can cost you a hefty sum. Most property managers skip reconciliation as it is a complicated process.

To make it easier, you can choose accounting software that allows reconciliation. Though it can be time-consuming, sparing a few minutes every day to verify your bank transactions can be beneficial in the long run.

Bottom line

By implementing a solid accounting platform, you can minimize all the errors and speed up the process. Choosing user-friendly software with options built for real estate accounting is an excellent way to get started. If you have several tools that you love to use, you can integrate them seamlessly through KriyaGo.

How can KriyaGo help

KriyaGo's back-office accounting is one of the best in the industry if you plan on outsourcing. It is also more economical than keeping an in-house team of accountants. By choosing KriyaGo, you get access to expert resources and better software at lower costs. It also gives you more control over your finances while ensuring that your data is in safe hands.

Book a free consultation with a KriyaGo Advisor to know more!