Assetsoft - Blog #ERP

The Hidden Risk of Excel: Why Shadow Ledgers Threaten Compliance

Mon, 22 Dec 2025 08:03:00 -0500

When your "system of record" is actually a spreadsheet on a desktop, you don’t have a data strategy. You have a liability.

The Illusion of Control

If we asked your CIO where your financial data lives, they would point to Yardi, MRI, or SAP. They would show us the ERP implementation, security protocols, and disaster recovery plans.

But if we asked your Portfolio Managers where the real numbers are, the complex waterfall calculations, the development feasibility models, or the joint venture consolidations, they wouldn't point to the ERP. They would point to a file named Q3_Fund_Report_FINAL_v4.xlsx saved on a shared drive.

This is the Shadow Ledger.

It is a secondary, parallel accounting system that exists entirely outside your governance framework. For Risk Advisory leaders, it is one of the most significant yet overlooked threats to organizational compliance.

The "Black Box" of Audit Risk

The fundamental problem with the Shadow Ledger is that it breaks the chain of data lineage.

In a governed ERP environment, every transaction has a user ID, a timestamp, and an audit trail. If a number changes, you know who changed it and why.

In an Excel-based Shadow Ledger, that audit trail vanishes.

Unverifiable Logic: A complex spreadsheet often relies on formulas written by an employee who left the firm three years ago. There is no documentation for the logic. If a cell reference is broken or a hard-coded "plug" figure is added to balance the sheet, the auditor will never find it.
The "Fat Finger" Exposure: We all remember the infamous "London Whale" incident, where a copy-paste error in a spreadsheet contributed to a $6 billion trading loss. In Real Estate, similar mistakes in manual Net Asset Value (NAV) calculations can lead to material misstatements in investor reporting.
Lack of Version Control: When three different analysts are working on three local copies of the "Master Sheet," which one is the truth?

For a Governance Partner, this is a nightmare. You cannot certify compliance when the underlying data processing engine is effectively a "black box" sitting on a desktop.

The "Key Person" Vulnerability

Beyond the math, the Shadow Ledger creates an unacceptable operational risk: Dependency.

We frequently see multi-billion-dollar portfolios where the entire quarterly reporting process hinges on a single "Excel Wizard" who knows how the macros work. If that person gets sick, quits, or deletes a tab by mistake, the firm’s reporting capability grinds to a halt.

This is not a software problem; it is a business continuity risk. Relying on manual spreadsheets for core business logic violates the basic principles of operational resilience.

Moving from Shadow to System

The solution is not to "ban Excel" (which is impossible), but to strip it of its database capabilities.

To satisfy modern governance standards (including SOX, SOC 1/2, and ISO), firms must migrate their "Shadow Logic" back into the "System of Record."

Standard and Sanitize (The Service Layer): Before data can be automated, it must be clean. This requires a forensic review of Shadow Ledgers to understand the manual adjustments being made. Specialized partners (such as Assetsoft) can reverse-engineer these spreadsheets, clean the underlying data, and migrate the logic back into the ERP, where it belongs.
Automate the Lineage (The Integration Layer): Where the ERP lacks functionality, do not revert to Excel. Use middleware (such as Cherre, Kriyago, or Altus Cloud) to build immutable, auditable bridges between systems. If you need to calculate complex waterfalls or aggregations, do it in a controlled environment where the data flow is automated and traceable, not copy-pasted.

The Governance Mandate

In the current regulatory climate, "we calculated it in Excel" is no longer an acceptable answer for an audit trail.

The Shadow Ledger works until it doesn't. And when it fails, whether through a formula error, a data breach, or a lost file, the cost is far higher than the price of fixing the data.

It is time to bring your data out of the shadows and back into the light of governance.

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Why 30% of Real Estate ERP Implementations Stall (And It's Not the Software's Fault)

Fri, 19 Dec 2025 00:54:33 -0500

The Go-Live Date That Keeps Moving

You've signed the contract. Yardi Voyager, MRI, or Procore is deployed. Your implementation partner has configured the modules. UAT is scheduled for Q3. Then someone on your data migration team sends an email that makes your stomach drop: "We need to talk about the lease abstractions."

This scenario plays out across the industry with alarming regularity. According to internal benchmarks from major consulting firms, roughly 30% of real estate ERP implementations experience significant delays, not because the software failed, but because the data wasn't ready to meet it.

The culprit isn't your systems integrator. It isn't the platform. It's the decade of legacy data sitting in spreadsheets, PDFs, and disconnected property management systems that nobody wanted to audit until go-live was eight weeks away.

The "Garbage In, Disaster Out" Reality of ERP Upgrades

Modern ERPs are sophisticated machines. They calculate NOI with precision. They automate CAM reconciliations. They generate investor-ready reports in seconds. But they have one non-negotiable requirement: structured, validated data.

What most organizations discover—usually too late—is that their legacy data is unstructured chaos. Lease abstractions have inconsistent date formats. Vendor master files contain thousands of duplicates ("ABC Plumbing," "ABC Plumbing LLC," "ABC Plumbing Inc." all representing the same contractor). Tenant records are populated differently across properties because three regional teams used different conventions.

The ERP doesn't care about your historical reasons for this inconsistency. It requires uniformity. And when you attempt to load 15,000 lease records with mismatched schemas into a system expecting clean relational data, the result isn't a minor inconvenience: it's a complete stop.

Why Your Internal Team Shouldn't Be Doing Data Entry

When the data gap becomes apparent, the instinctive response is to assign it internally. After all, your property accountants know the portfolio. Your lease administrators understand the nuances. Why not have them clean the records?

The answer is opportunity cost. Your senior lease administrator, earning $95,000 annually, shouldn't be spending three months standardizing tenant contact fields. Your property accountants shouldn't be reconciling duplicate vendor records when they should be closing the month-end. Every hour your experienced staff spends on data hygiene is an hour they're not spending on the analytical work that justifies their compensation.

Then there's the morale dimension, which the industry quietly calls "implementation fatigue." When a team that signed up to learn a new platform realizes it must first manually remediate 5,000 lease records, engagement collapses. The project, intended to modernize their workflow, has instead become a data-entry assignment. Key contributors are starting to update their LinkedIn profiles. Institutional knowledge walks out the door precisely when you need it most.

The math is straightforward: specialized labour for specialized tasks. Your internal team's value is domain expertise and business continuity. Data normalization is a volume-intensive work that scales better with dedicated resources.

Software Configuration vs. Data Readiness: The Distinction That Matters

Implementation partners excel at software configuration. They understand how to map your chart of accounts, configure your approval workflows, and optimize your reporting hierarchies. This is skilled, valuable work.

But software configuration assumes the underlying data is ready. It's the equivalent of hiring an architect to design a building without first surveying the land. The design might be flawless, but if the foundation can't support it, the project fails.

Organizations that execute ERP implementations on schedule typically recognize this distinction early. They engage specialized data partner firms that focus exclusively on BPO-style data cleanup, lease abstraction normalization, and record deduplication before the implementation partner begins configuration. They deploy automated middleware solutions to address ongoing integration challenges between legacy systems and modern platforms, rather than relying on manual data transfer processes that introduce errors at scale.

This isn't about adding vendors to your project. It's about matching capabilities to requirements. Configuration expertise and data remediation expertise are different disciplines. Expecting one partner to excel at both is how timelines slip.

The Audit That Should Happen Before the Contract

If you're six months from an ERP implementation, or considering one, the most valuable exercise you can conduct isn't a software demo. It's a data audit.

Pull a representative sample of lease abstractions. Count the inconsistencies. Query your vendor master for duplicates. Ask your property accountants how many manual adjustments they make each month because "the system doesn't have the right data." The answers will tell you more about your implementation timeline than any project plan.

30% of stalled implementations share a common thread: they treated data readiness as a phase to address during implementation rather than as a prerequisite for starting it. Successful implementations treat data remediation and system integration as parallel workstreams that must be resourced independently.

Your software vendor will deliver on their promises. Your implementation partner will configure your purchase. The question is whether your data will be ready to meet them.

That's not their problem to solve. It's yours. And the time to solve it is before the contract is signed, not after the go-live date has slipped for the third time.

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Why Specialized Real Estate ERP Beats the Enterprise Giants: Debunking the Big-Name Myth

Fri, 15 Aug 2025 09:24:12 -0500

The David vs. Goliath story of real estate technology is more relevant than ever in 2025.

When it comes to managing complex real estate portfolios, many enterprises automatically gravitate toward familiar names like SAP, Oracle, JD Edwards, or IBM. After all, these are the titans of enterprise software—surely their solutions must be superior, right?

Wrong. The data tells a different story.

The Market Has Already Spoken

Yardi Voyager has captured significant market share in property management, with the majority of its customers in the 100-249 employee range, serving approximately 6,000 real estate organizations, with around 500,000 end-users logging in daily. Meanwhile, in 2024, the global Real Estate software market grew to $9.5 billion, with specialized vendors like RealPage leading with 13.4% market share, followed by Yardi.

Compare this to the real estate modules from enterprise giants, which often struggle with adoption and are frequently mentioned in forums discussing implementation challenges and limitations rather than success stories.

The Total Cost of Ownership Reality Check

Hidden Costs of Enterprise Solutions

When enterprises choose SAP or Oracle's real estate modules, they often underestimate the actual costs:

Implementation Complexity: Project Management and indirect costs of Process Reengineering, Governance, and Change Management are often underestimated and drive implementations into the ground
Ongoing Support: Generic ERP systems require extensive customization for real estate-specific workflows
Training Burden: Staff need to learn complex systems not designed with real estate workflows in mind

The Efficiency Factor

Cost Factor	Specialized Real Estate ERP	Generic Enterprise Modules
Implementation Time	3–6 months	12–18 months
Customization Needs	Minimal	Extensive
Training Requirements	Industry-specific	Generic + Custom
Annual TCO	Lower by 30–40%	Higher due to complexity

Why Purpose-Built Wins: The Technical Advantage

1. Built for Real Estate from Day One

Specialized platforms like Yardi Voyager aren't retrofitted with real estate capabilities—they're engineered for them. Yardi Voyager is a web-based, fully integrated end-to-end platform with mobile access for larger portfolios to manage operations, execute leasing, run analytics, and provide innovative resident, tenant, and investor services.

2. AI and Innovation at the Core

While enterprise giants struggle to integrate modern technologies into legacy architectures, specialized vendors are already delivering. Yardi is launching Voyager 8 Virtuoso, seamlessly integrating AI and machine learning, providing significant time savings estimated at an impressive 97%, particularly in areas like invoice processing.

3. Compliance Without Complexity

Real estate has unique compliance requirements (IFRS 16, ASC 842, GASB 87). Specialized solutions handle these natively, while generic ERPs require expensive add-ons or custom development.

The Integration Myth

"But we need everything in one system!" is the common refrain. However:

Modern APIs make integration seamless
Best-of-breed solutions often integrate better than monolithic suites
Yardi Voyager integrates with solutions like Microsoft Dynamics and Salesforce

Real Performance, Not Marketing Performance

Speed and Efficiency

Specialized solutions process real estate transactions 3x faster
Purpose-built workflows reduce clicks by up to 70%
Mobile-first design enables field operations

Scalability That Makes Sense

Enterprise solutions often come with unnecessary overhead. Specialized platforms scale based on real estate metrics (units, square footage, leases) rather than generic user counts or transaction volumes.

The Verdict: Follow the Leaders

The most successful real estate companies aren't choosing SAP or Oracle for property management—they're selecting specialized solutions. With 13,775 companies using Yardi Voyager, the market has validated what industry insiders have long known: specialized beats generalized every time.

Three Action Steps for Your Organization

Calculate Your True TCO: Include hidden costs like customization, integration, and real estate-specific training
Demand Real Estate References: Ask enterprise vendors for references specifically in real estate—not generic "success stories"
Test Drive the Difference: Request demos of both solutions with your actual use cases

We encourage you to share your experiences and insights in the comments section below. The myth that bigger names mean better performance in specialized industries is just that—a myth. In real estate ERP, the data, user satisfaction, and bottom-line results all point to one conclusion: specialized solutions like Yardi Voyager deliver superior value, performance, and innovation compared to generic enterprise modules.

Sources:

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Banking Automation in Construction & Property Management: The Case for ERP Integration

Fri, 08 Aug 2025 05:32:28 -0500

In construction and property management, managing cash flow is as critical as managing projects. Yet, many firms still rely on outdated payment processes, often juggling multiple bank portals, manual reconciliations, and fragmented data. Banking automation and ERP integration can change cash management from a time-consuming chore into a strategic advantage.

The Shift from Checks to Digital Payments

Paper checks once dominated B2B transactions—over 80% in 2004 in the U.S. and Canada. By 2022, that number had dropped to around 33%, replaced by ACH/EFT transfers, pre-authorized debits, and real-time payments.

Figure 1 – Decline of Checks in B2B Payments

Why the decline?

Cost: $2–$4 per check vs. ~$0.30 for ACH/EFT
Speed: Days or weeks for checks vs. same-day/next-day electronic
Security: Checks are still the #1 fraud-prone payment method

Payment Method	Typical Use	Key Benefits	Limitations
ACH / EFT	Vendor payments, payroll, owner distributions	Low cost, secure, faster than checks	Limited remittance unless using advanced formats
Pre-Authorized Debits (PAP)	Utilities, taxes, recurring charges	No missed payments, low admin effort	Requires robust reconciliation
Online Bill Pay	Utilities, taxes, telecoms	No need for vendor bank info	Still semi-manual without ERP integration
Real-Time Payments	Urgent vendor/contractor pay	Instant settlement, rich data	Adoption still growing

The ERP Integration Advantage

Even with modern payment rails, many firms process payments outside their ERP, then reconcile manually. This creates:

Delays in matching payments to properties or projects
Duplicate data entry
Limited cash visibility

Integrating commercial banking directly with ERP solves these pain points by:

Automating Payment Initiation – Payments flow from approved invoices in ERP directly to the bank, without re-keying data.
Streamlining Reconciliation – Bank transaction feeds auto-match to ERP records, often achieving 75%+ straight-through reconciliation rates.
Enhancing Cash Visibility – Real-time bank balances and payment statuses appear inside ERP dashboards.

Why Middleware Like KriyaCash Makes It Work

Direct ERP–bank integrations can be complex, especially across multiple banks and formats (NACHA, CPA-005, ISO 20022). KriyaCash acts as a financial control center between your ERP (MRI, Yardi, CMiC, etc.) and your banks, providing:

Multi-Bank Connectivity – Integrations with Wells Fargo, TD, Scotiabank, and others
Multi-Method Payments – ACH/EFT, wires, real-time payments, virtual cards, and even automated check outsourcing when needed
Property-Centric Workflows – Every transaction tagged at the property/project level
Automated Reconciliation – BAI2/CAMT file parsing, AI matching, virtual account support
Credit Card Feed Matching – Automatic allocation of corporate card charges to the correct GL codes

Figure 2 – How KriyaCash Fits into Your Financial Ecosystem
(A diagram showing ERP ↔KriyaCash ↔ Banks, with arrows for payments, statements, and reconciliations)

Benefits & ROI

Benefit	Legacy Manual	With ERP + Bank Integration
Payment Processing Cost	$2–$4 per check	~$0.30 per ACH/EFT
Reconciliation Time	Weeks post-month-end	Often same day
Error Rate	High (manual entry, duplicates)	75% fewer reconciliation errors
Cash Visibility	Fragmented across portals	Real-time, consolidated view
Fraud Risk	High (check interception)	Lower (bank security + workflow controls)

Industry benchmarks show AP automation can cut total processing costs by up to 80% and achieve ROI in 6–12 months.

The Future Is Connected

For CFOs, this is about better financial control. For CTOs, it’s about system efficiency and security. For operating teams, it’s less manual work and more accurate data.

Banking automation isn’t just about faster payments—it’s about integrating your financial ecosystem so you can manage cash in real time, across properties, with complete confidence in your numbers.

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Unlocking Efficiency: How CFPB’s Section 1033 Enhances Bank Reconciliation and Banking ERP Interfaces

Tue, 24 Sep 2024 13:34:09 -0500

As the financial landscape evolves, the Consumer Financial Protection Bureau (CFPB) is poised to make significant strides with its upcoming final rulemaking under Section 1033 of the Dodd-Frank Act. This regulation not only empowers consumers with greater control over their financial data, aligning closely with open banking principles, but also significantly impacts businesses, particularly in bank reconciliation and banking ERP interfaces.

The Impact of Section 1033 on Financial Data Access

At its core, Section 1033 facilitates consumer access to their financial data, allowing for seamless sharing with third-party providers. This move is not just about transparency; it’s about empowering consumers and creating significant opportunities for enhanced operational efficiency. Businesses can leverage this information to improve their reconciliation processes by enabling more accessible access to banking data.

Streamlining Bank Reconciliation

Traditionally, bank reconciliation has been a labor-intensive task fraught with challenges, such as data discrepancies and manual entry errors. With the enhanced access to financial data under Section 1033, businesses can automate these processes more effectively. Here’s how:

1. Real-Time Data Access: Instant access to bank statements and transaction data allows for more accurate and timely reconciliations. No longer will businesses have to wait for end-of-month statements; they can perform reconciliations continuously, catching discrepancies sooner.

2. Integration with Banking ERP Systems: The ability to share financial data seamlessly means that banking ERP interfaces, such as Yardi and MRI Software, can be updated in real time. This integration leads to more streamlined workflows, as financial teams can rely on accurate, up-to-date data without manual intervention.

3. Enhanced Accuracy: Automation tools like UiPath can utilize this data to cross-reference transactions against internal records, significantly reducing the chances of human error. By integrating RPA with these new data capabilities, businesses can achieve higher accuracy in their financial reporting.

Improving Banking ERP Interfaces

The implications of Section 1033 extend to the design and functionality of banking ERP systems. As more data becomes accessible, ERP interfaces must evolve to accommodate this influx of information. Here are some potential enhancements:

1. User-Friendly Dashboards: With access to comprehensive financial data, ERP systems like Yardi and MRI Software can provide dynamic dashboards that give real-time insights into cash flow, outstanding invoices, and reconciliation status. This level of visibility supports proactive decision-making.

2. Automated Alerts and Notifications: ERP systems can notify finance teams of discrepancies, unusual transactions, or pending reconciliations by leveraging data access. This proactive approach minimizes delays and improves financial oversight.

3. Enhanced Data Analytics: The wealth of data available allows for advanced analytics within banking ERPs. Businesses can gain deeper insights into their financial health, enabling them to forecast trends and make informed strategic decisions.

Conclusion

The CFPB’s Section 1033 is more than a regulatory change; it represents a transformative opportunity for businesses to enhance their bank reconciliation processes and optimize their banking ERP interfaces. By embracing these advancements, organizations can improve operational efficiency, accuracy, and, ultimately, their financial performance. The time to adapt is now.

Assetsoft, a leading provider of back-office solutions, can help you leverage these insights to streamline and implement more efficient processes. With our expertise in Yardi, MRI Software, and UiPath, we can help your business navigate these changes for better financial management. We offer tailored solutions that integrate seamlessly with your existing systems, ensuring a smooth transition to the new regulatory environment. The future of banking is here, and with it comes the promise of innovation and efficiency.

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8 Best RPA Use Cases to Know About

Mon, 01 Jul 2024 01:02:51 -0500

RPA, or Robotic Process Automation, is the system that assists organizations in automating their workflows in several departments and platforms. It differs from other automation solutions as it comprises programming language, the bot, orchestration modules, and interaction capabilities.

RPA helps automate the manual process and reduces manual efforts and operational costs. According to a study, it can reduce back-office operations by 70%.

In this article, you will learn several sectors where RPA has improved the business.

Best RPA Use Cases

We have tried to compile the industries and sectors where RPA can be utilized. It has proved to be beneficial for industries of all sizes, including banking, healthcare, customer care, finance, retail, IT, and many more.

1. Banking

To streamline the process efficiency and reduce operational costs, banks use the RPA approach. With excessive consumer data from customers and manual workflow, the chances of errors are high.

RPA, thus, helps the Banking industry in many ways:

It credits the payable amount automatically to the vendor’s account.

Sends notifications to the customer for any transaction done on their account or for prompting any document required for any other related process.

Many applications like opening accounts, KYC, mortgage loans, credit card payments, etc, can be done much faster with RPA.

Manages multiple records from multiple sources at the same time.

It is easier for banks to identify fraud accounts and investigate further with RPA.

2. Customer Care

Managing customer care is a complex task for any organization. That’s why customer care industries rely upon RPA in several ways:

RPA bots automatically extract customer information from records for verification and create their accounts.

Automatically notifies customers of the latest updates through emails and messages.

Regularly updates the CRM data.

Analyzes customer complaints and updates them on the sheets.

3. Information Technology

RPA serves countless purposes in information technology environments. Incorporating artificial intelligence, natural language processing, and machine learning simplifies the procedures of IT administration.

It strengthens the audit functions.

Manages user and infrastructure.

Helps in security orchestration and responses.

Reduces compute and operational costs.

4. Retail

The retail industry involves massive consumer engagements, stock handling, supply chain management, and market analysis. RPA helps this industry in several ways:

It facilitates return processing by managing returns and altering database and billing automatically.

With RPA, companies can provide 24/7, quick, and responsive customer support.

It effectively manages the workflow, including audits, sales, payroll, and leave management.

RPA-based ERP management helps easy tracking of billing, price changes, sales, etc.

This technology helps assess the market, ascertain the campaign budget, and analyze consumer behavior.

Manages assets by automating demand and supply processes and increases consumer satisfaction.

5. Manufacturing

The manufacturing industry is also improving by implementing RPA in its processes.

It helps organize the data and eliminate human errors.

RPA bots quickly generate multiple purchase order requests.

Monitors inventory levels with real-time information.

Ensures seamless conversation between various levels of the supply chain.

Automizes other administrative tasks like creating and filling invoices, documentation of transactions, setting meeting schedules, etc.

6. Healthcare

RPA contributes to the efficiency of healthcare providers. This allows them to devote more time to patient care.

Automates maintaining multiple medical records of patients, entries, and billing.

Reduces paperwork and human error.

Provides better healthcare monitoring.

Reduction in operational cost, so the money is utilized in improving patient care facilities.

7. Real Estate Property Management

Property management or real estate companies also improve efficiency by implying RPA in their environment. It helps property managers in several ways:

It automatically uploads the downloaded bank statements for comparison and reconciliation with the general ledger.

Creates new requests and processes them.

Easily compares the GL codes with the budget and indicates any mismatches.

Updates the bank information and sends it to GL for correction.

Fixes all the incorrect payment transfers.

Improves security and reduces errors.

RPA has proven significant in automating property management processes in the real estate business. Some of its other benefits are-

Tenant Onboarding-RPA handles the tenant onboarding process as it can easily create tenant applications and verify the details mentioned in the forms.

Manages Assets’ Portfolio-With RPA, property managers can easily select the sold or rented properties from ERP and update it on several sites to offer better visibility into their properties.

Simplifies NAV Calculations-RPA facilitates calculating the net assets value without the risk of errors.

Better Compliance-Real estate firms can improve AML/KYC compliance by automatically extracting customer data from ERP sources, sending emails to customers, and minimizing human contact with confidential data.

8. Finance

Many enterprises use RPA to automate their financial tasks. To improve the accuracy of economic forecasts, finance Robotic Automation is required.

RPA bots can handle massive financial data with speed and precision.

It covers all the time-consuming tasks like data entry, invoice processing, and reconciliation.

Automates data gathering and validation process.

RPA also optimizes the accounts payable and receivable processes.

With the effective use of AI, finance companies can improve cash flow management, reduce late payments, and strengthen customer relationships.

Conclusion

With the increasing use of technology and implementation of RPA in various organizations, the potential for productivity gains and innovation is constantly growing.

RPA bots systematically collect, analyze, and report data and provide a comprehensive of the organization’s status. It’s improving the accuracy and overall efficiency of organizations.

It is now applicable to almost every sphere of business. Integrating RPA technology into existing workflows is crucial in shaping the future of your business.

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Features to look for in a real estate ERP system before integration

Wed, 01 Feb 2023 17:28:23 -0500

The ERP market is rapidly expanding, it is expected to exceed the $49.5 billion mark by 2025. Market reports by Computer Weekly also state that 53% of businesses now prioritize ERP integration over other business investments. This also includes the real estate sector. Even though traditional real estate professionals swear by old-school business methods like excel sheets and bulky paper files.

The times are rapidly changing, and even new-age real estate professionals agree. If you have to keep up with the market and your contemporaries, you have to adapt your systems to the latest ERP system with the best features.

But markets reports by NAR mention that 41% of real estate businesses struggle with new technology adaptation. Whereas more than 97% of customers are now looking for homes/properties through online devices. So, even though new technology selection may be hard for some old businesses, it is unavoidable to keep the business afloat.

If you are new at this finding the important and best ERP features can be hard. That is why the experts at Assetsoft are here to help. Read this article to get a comprehensible list of real estate ERP system features that you must look for before you start integration.

Top 6 features that you must have in your ERP system

So, what are the best real estate ERP system features that your business must have? Not every feature is relevant to this industry. That is why we have below a list of the features that are the most essential for all real estate companies.

Automated follow-ups with customers/vendors/employees

A lot of the real estate business is all about getting in touch with customers/vendors/employees to coordinate and follow up on sales and work. That is where ERP-based automation comes into play. The right CRM software helps send automated notifications and reminders to all stakeholders. From rending people about meetings, payments, rent collection, sales, inventory, and more are all automated by this system.

This system will allow you to set up and schedule reminders. Even if you forget to send periodic reminders, the right selection of technology will remember and do it on your behalf. There should also be a preferred means of communication that the software supports, like chat, email, calls, or more.

Detailed contact storage and segregation

A property management ERP program acts as a centralized point to store all details about all your connections. In case you have to track these contacts through an excel sheet or physical phone diaries, it can become a nightmare to find important information. Therefore, it's critical that the app be able to access all the data at any time and keep it in a way that is both simple and structured.

Customer identity, phone numbers, email addresses, birthdays, other important dates, and residential addresses should all be provided for clients. Additionally, there should be a simple data modification feature and a way to import and upload documents in accessible mediums (like contracts or property photos). This software should also have options to sort out contact details and separate them according to priority, area, age, sale potential, and other categories you want to create.

Property management

Technology implementation with the right ERP will also help you manage all your properties with better efficiency. Things like rent collection, reporting customer grievances, asset management, keeping track of lease management, and more. If you have a vast business it may be very hard to individually manage these properties and visit them very often.

That is where an ERP system can help. You can now remotely manage your property with software options like Yardi, MRI, and others. Even things like risk management, market research, and analytics can be simplified with the right tools.

Inventory management

Staying updated about your own business inventory is crucial to make sales and providing relevant information to your leads. This also helps manage your leads better, and keep them satisfied to convert them into customers. Your ERP software must have this feature which lets you manage your inventory.

You can update your sales information in no time and update all your employees about current situations. No one has to physically visit the office, make new logs about the inventory, and then update the information. You will also save a lot of valuable time doing this.

Back office account optimization

Your ERP system should also be responsible for running a variety of back office accounting procedures, such as billing, making reports, and sending reminders for tax payments. The things that are crucial for the smooth functioning of the automated accounting system with the right ERP system. Simple and rapid bill generation should become easy along with automated statement generation and client communication.

Built-in analytics tools

Every major business decision in real estate is based on data. But analyzing bulk data can be very hard and takes up a lot of time. That is why automated data analytics is a crucial feature of real estate ERP. Without proper data analysis, you will not be able to understand the market of your business. In order to grasp the condition of your company, revenue trends, customer response, and other crucial elements of real estate management, you will require analytics and transparent reporting.

Consequently, a quality property management program ought to have a strong reporting system, which includes:

Using cutting-edge analytics, you may monitor your managers' performance and track sales. This helps you provide better sales and marketing plans for further growth.

Competition and market analysis.
Graphs, charts, or other illustrations to demonstrate the analytical reports in a comprehensible fashion.
User-friendly dashboards with easy-to-use features.

Make Real Estate Technology Selection Easier with Assetsoft

Overwhelmed with the variety of technology selection and options in project management? It can be intimating with the endless number of options available in the market. That is where we can help. It is time you stopped struggling with technology and called us for advice. Get in touch with our team for a one-hour free consultation. From business advisory services to help you understand and integrate the latest technology selection, we do it all. We are here to simplify each step of the process to help you and your business get ahead of the latest market trends.

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Top Factors To Consider When Choosing Real Estate CRM

Fri, 12 Nov 2021 09:15:11 -0500

Selling and buying properties are not the only tasks performed by real estate agents. They have several responsibilities to handle. Since the real estate industry is highly competitive, real estate agents should consider adopting a CRM system to maintain their position amidst the cut-throat competition.

According to a report, by 2025, the real estate management system industry is expected to reach $12.89 billion. Also, CRM, which accounted for no less than USD 2.69 billion in the worldwide real estate software market in 2017, might grow at 5.0% CAGR during 2025. Thus the CRM system is important in the real estate industry.

However, you may find it hard to choose the right CRM for yourself with various excellent options available in the market. So, you may take into consideration the following factors before you settle for a CRM system.

Figure Out Your Needs And Goals First

While choosing a CRM, you should be governed by your business’s goals and the market you are operating in. Therefore, you should first find out the needs and goals of your company before you select a CRM system for your company. A failure to establish a clear idea about your goals may eventually cost you more money.

Have a Reasonable Budget

It is very important to have a reasonable budget and spend wisely on a CRM system for your real estate business. That’s because, according to a report by Forrester, about 39% of the individuals surveyed stated that exorbitant upfront costs proved to be challenging concerning their existing CRM system.

Don't go for the first CRM system that you come across. Choosing an all-in-one CRM system that includes automation features, marketing, and customer support options is a more cost-effective approach.

Go for an User-Friendly CRM System

Being a real estate property manager, you should always ensure if the software of your choice is easy to use and intuitive. After all, if you choose a CRM system that is hard to use, it would negatively affect your sales. And, that is not something you would want.

The user adoption rate must never be less than 100%, and the data must be shared easily between every member of your team. Also, before choosing a CRM system, always take care of the needs and convenience of your team members, too, because what is easy for you to operate might be hard for the other. Go for a CRM system that stores all your information in a centralized manner.

Choose An Efficient CRM System

Choose a highly efficient CRM for your real estate business to flourish. Yardi and MRI Software are two popular choices here. Our experts and Yardi consultants can guide you on the right CRM option. If you're thinking what makes a CRM system a good choice for you, here are some things to look for.

Is it easy to understand?

Choose a CRM provider who explains every detail about setting up the system and how to use it to you as also to your staff members. This will help your team in understanding the CRM system better and using it effectively. You need to look for continued support as well - as you can't be left high and dry should things go wrong. It's also why you might want to engage the Assetsoft team to help you. We will walk you through all the nitty gritty of your CRM system.

Go For A Customizable CRM System And Be Keen When You Choose Your Dashboards

Choosing a CRM that can be customized is very important as it allows your team to view all the graphs and charts effortlessly. Also, for a real estate business that is small dashboards may prove to be useful.

Check The Marketing Features Carefully

Your CRM system has to be equipped with marketing automation features. Some features such as email marketing facilities and building landing pages may prove to be helpful in terms of making survey forms, scoring, and running marketing campaigns on various social media platforms.

Ensure If The CRM Can Be Accessed Via Mobile Phones

The Forrester Report of 2020 had about 30% of the individuals surveyed preferring to use a mobile application for their CRM system. A lot of companies have developed mobile applications for the CRM software that they offer. Since CRM is important in real estate, you should go for CRM software that can be accessed with the help of mobile phones.

Does it Have Advanced Metrics and Reporting Features?

For a real estate business to grow and prosper, it is important to make data-driven decisions. Data analysis is, therefore, very important in the context of the real estate business.

You need to find out your competitors, for instance, the agents performing well concerning sales or business volume. You need to find out what the challenges to your business are and figure out the solutions accordingly.

So, you need to make sure that your CRM can generate reports for different aspects of your business, such as accounting, logistics, sales, and so on. Also, it should be able to create such reports in real-time with utmost precision.

Is it Compatible With Your Other Software?

Just because you are looking forward to deploying a CRM system for your real estate business does not mean that you have to do away with all the other software you currently use. You simply need to make sure your CRM system is compatible with the other software you have been using.

All your existing software, including your accounting software, marketing automation tools, and so on, has to be compatible with the CRM software of your choice. And that's where the Assetsoft team comes in, helping you choose the best real estate property management software for your needs.

Compare The Features Offered By Different CRM Systems And Ask For A Free Trial Too

Find out what features are offered by the different CRM systems that are available in the market. Check if the CRM system of your choice offers features like mobile accessibility, property listings, and so on. You may settle for a cloud-based CRM system since, according to a study, about 94% of businesses make use of at least one cloud-based solution.

Choosing a real estate CRM can be a daunting task. The Assetsoft team helps you choose a CRM system that will fulfill all your business goals. Talk to us today to know more!

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How You Can Prevent Data Overload With ERP Software

Fri, 06 Aug 2021 08:00:00 -0500

Data is extremely valuable for the real estate industry. Companies process huge amounts of data to finalize important decisions. In fact, 7 out of 10 businesses think data discovery is very important. But what happens when there is too much data? Your software experiences an information overload which can decrease its data processing efficiency.

Contrary to popular belief, huge amounts of data are not equal to better analysis.

As a property manager, your monetary decisions usually depend on data analysis. Real estate ERP systems can be useful in preventing data overloads in the CRE industry. Read on to know how you can utilize ERP software to prevent information overloads.

How to tell if my software is overloaded?

Software data overload can be detected by analyzing a few metrics. Even though it is capable of handling a lot of data, it won’t function as effectively if there is an information overload.

Efficiency: Does your software work as efficiently as it did initially? Are the performance results unstable? A decrease in software efficiency could be a sign of data overload.

User review: If you cannot detect overload through measurable metrics, ask the software users for insights. Are they finding the software difficult? Do they find too much irrelevant data in the software? This junk data might have occupied the place of valuable information.

Steps to prevent data overload

Data preparation

The first step for data overload prevention is to prepare the data. This helps you identify the problem areas and analyze data based on priority. Some steps to prepare your data are:

Identify data sources

Identifying where your data is coming from is crucial to filter out bad data. This data can be anything from emails and contact information to market analysis and tenant messages. Typically, this data comes from social communication tools, websites, or other data capturing software. If a particular source is constantly sending bad data, you can block it at the source and reduce the amount of data collected.

Eliminate bad data

When using ERP software, the quality of your data matters. According to Garter, organizations lost an average of $15 million in revenue due to poor quality data. Bad data is anything incomplete, inaccurate, irrelevant, or duplicate. Such data occupies more space without providing any value. Remember, for ERP systems, quality matters more than quantity. You can filter out bad data by analyzing all information and rejecting or deleting irrelevant data. Early elimination of bad data can prevent further complications such as lower productivity and increased expenses.

Make data ERP-ready

Data migration is not as simple as copy-pasting information from one place to another. Depending on your original data storage, your data needs modifications to be compatible with the new storage solution. You can opt for step-by-step data migration or move all the data at once.

Automation

Once your data is ready, you can automate your data management through ERP software. Depending on your requirements you can decide on the ERP implementation solution. Certain platforms have pre-made templates for various businesses. Your ERP solution should adapt to the company’s data management requirements. You can either train your in-house team or hire an outsourcing company to migrate data on your new ERP software. For smooth data management, you can take the following steps:

Divide the automation into stages

Automating is easier when done in steps. Start by dividing your data based on priority. If tenant data is more important than anything else, migrate it first. Automation isn’t an instant process. It can stretch from days to months. Planning your automation strategy beforehand can ease the actual process.

Streamline your software

Every company has different goals and requirements. Off-the-shelf software does not have custom features that suit your business. Through RPA tools, you can integrate various features to build custom software for your company. Platforms like UiPath make integrations easier through their various tools.

ERP modules for data management

There are different ERP modules you can utilize to automate real estate processes. By combining all the modules, you can streamline your data management and prevent data overload.

Task manager

A task manager lets you organize your real estate tasks using a single platform. Through this tool, you can view and assign tasks to your employees. You can view all your tasks on the dashboard which makes it easier to plan them. The software keeps track of all the tasks and stores the data in its own backup.

Artificial intelligence

Data management has become easier and more accurate with AI. A PwC report states that artificial intelligence will change the real estate decision-making process. Using artificial intelligence, you can easily reduce the amount of bad data in your storage. The AI will analyze all the information and filter out irrelevant or duplicate data. It will also organize the data so you can access it easily.

Cloud storage

Local storage can hold only a limited amount of data. Moving to the cloud gives you a larger storage space that is also more secure. Moreover, you can remotely access the data through a connectible device. Sharing the data with your employees and clients also becomes easier.

Visual reports

Instead of the bulky analysis reports, AI can display the same through simple visual representations. Using pie charts and line graphs, it can show you all relevant information. This helps in easier understanding, comparison, and storage. These reports can also be conveniently shared with clients. This eliminates unnecessary analysis data, while still keeping the important information.

Prevent data overload through Assetsoft

With efficient data management, you can prevent your software from getting a data overload. At Assetsoft, we provide you with the tools and resources required to build a good data management ERP. Through platforms like Yardi, UiPath, and Procore, we integrate the best features into a single platform suiting your requirements. Our team of experts provides support and information throughout the process. From data migration to AI forecasting--we have all the services you need!

For more information about data management, reach out to Assetsoft!

How to Ensure a Smooth Real Estate ERP Software Go-Live

Wed, 04 Aug 2021 11:30:00 -0500

Every company lays special emphasis on their ERP software go-live. The companies that are successful gain immense benefits from it. But, not all ERP go-lives happen smoothly.

According to 360o Cloud Solutions, as much as 29% of ERP implementations are not successful. There can be many reasons for this, but the most important one is the lack of planning.

Real estate ERP go-lives start much before the actual date of rolling out the software. For a smooth go-live, it is essential to understand your goals, plan and strategize. Even after implementation, you need to maintain your ERP software accordingly. So, here is an ultimate guide on how to ensure a smooth ERP go-live.

Before implementation

How successful your ERP go-live depends on how well you planned the process. ERP implementations take time. Large companies take an average of 23 weeks for ERP software selection. Many organizations hire outsourcing companies to prepare for ERP go-live. Your preparation phase should include the following steps:

Strategize

There are different approaches to ERP software implementation. Depending on the company’s goals, you can either bring the entire ERP software live on a single day. Or, you can divide the implementation into stages. In any case, it is essential to decide an estimated date for the go-live. This can help you plan the steps and duration taken for the implementation. RPA tools are also essential if you want to automate multiple features.

Test

The importance of testing in ERP go-live cannot be stressed enough. Testing brings out the problems in your software by subjecting it to various situations. This is to avoid future mishaps under similar scenarios. Testing involves several aspects:

Workflow: Since the software will deal with varying amounts of data, testing workflow is very important. How much data does the system handle smoothly? Can it process large amounts of data simultaneously? These are some of the criteria against which the software is tested.
Backup: Backups save all your data in case the ERP system fails. While testing the software, it is also important to test the backup. Other than ensuring the backup runs smoothly, you also get an estimate of the resources you will need.
Hardware: Along with software testing, you also need to test the hardware and network connections. These are also an integral part of ERP implementation.

Train

A successful ERP go-live not only depends on the software but also on its users. According to SoftwarePath, 26% of the company’s employees use the ERP system. These employees need to be competent in software usage to avoid any glitches and mishandling. Before starting with the training, each employee requires a user role. Depending on their responsibilities, they need to undergo job-specific training in addition to general software knowledge. For example, every employee needs to have a basic understanding of how the software works. Apart from that, the training should be different for developers, programmers, or any other role assigned. Your training also needs to be software-specific. If you are using UiPath for integration, you need to provide UiPath training to the relevant employees.

In addition to training, you need to work closely with your employees to clear any queries and doubts. Employee readiness is equally important for the go-live to function smoothly.

Prepare data

Your older system contains a lot of data that isn’t useful. Instead of directly feeding this data into the newer ERP system, it is important to eliminate bad data. Old or duplicate records need to be removed before moving the data to the new system. The data should also be made compatible with the ERP system. Make sure that only valid data enters the ERP system.

Implementation

After taking all the necessary actions, you can move on to the actual ERP go-live. By rigorous testing and training, you can ensure a smooth implementation. Set realistic goals for the go-live and check how many goals have been met. Successful real estate ERP go-live is great progress, but it is not the last step of ERP implementation. After the go-live, there are several steps you need to take to ensure your ERP runs as smoothly as the first day.

After implementation

Real estate ERP systems require timely maintenance to function properly. Some of the steps you can take to avoid any software problems are:

Monitor

As the company grows, you need to monitor your ERP system’s performance. The goals of the company are also redefined along with its growth. Check if the software can keep up with the increasing workload. Take feedback from users of different roles to optimize your software. Ensure that it meets the main goal of implementing ERP --efficiency. By constantly monitoring the performance of the software, you can detect glitches and malfunctions early on.

Analyze

ERP systems generate huge amounts of data that can be used to the company’s advantage. Only 5% of organizations effectively utilize ERP to generate high-quality data. This data can be used to analyze company performance and generate valuable insights. Continuously evaluate the data generated by your software and analyze important data. Through accurate analysis, you can plan your finances and investments for higher ROI.

Upgrade

As technology grows, software systems also need to be upgraded on time. With the growth of the company, the ERP software needs to be scaled accordingly. A software upgrade lets you add new features or expand your initial project accordingly.

Assetsoft can ensure a smooth real estate ERP go-live

We know from experience that ERP go-lives are a complex process. At Assetsoft, we assist our clients in ensuring that their ERP implementation is smooth without any glitches. Our services cover all your ERP requirements such as software integration, data migration, and even staff training. We integrate various property management software such as Yardi, Procore, and UiPath to provide you with the right software for your company. From planning and strategy to support and troubleshooting--our expert staff members will assist you throughout. For all your ERP requirements, reach out to Assetsoft!