Assetsoft - Blog #Property Accounting

8 Best RPA Use Cases - including Property Managment - to Know About

Wed, 21 Feb 2024 17:42:56 -0500

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

RPA helps automate the manual process and reduces human workload 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 challenging 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 different stages 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 the process of 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. 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- RAP 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 financial 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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How accurate are property tax assessments? Case Studies and Examples

Tue, 09 May 2023 20:45:52 -0500

The US government guarantees your right to reasonable property taxes. Every county, state, and jurisdiction has its own property tax assessors who directly visit your property for assessments. But after the pandemic, all the US states are running low on government revenue and funds. There is also a huge issue of backlog assessments in many states. This is because assessments were stopped in places due to the pandemic.

Now that things are getting back to normal. Many reports claim that there is a high chance of unfair assessments of properties. Why? Firstly the government needs funds to keep working and fill the gap in the system. Secondly, government assessors have too many properties to assess, and mistakes can be made anytime.

But commercial real estate properties are struggling to stay afloat in this post-pandemic situation. The market is volatile, and business is tough. So, why pay more on wrongful property tax assessments? There is an option for tax appeals which can look daunting. But it is not when you have the right resources on your side.

Read this article to find out how accurate property tax assessments are. Also, find out how many businesses have largely benefitted by appealing their case with the authorities.

Are your property taxes too high?

If you think your property taxes are too high, do not worry, you are not alone. With multiple properties under your portfolio, there is a high chance that your property was wrongly assessed.

According to ABC news reports, more than 60% of properties are overvalued for higher taxes. The reports also mention that when taxpayers make appeals, they always win some amount of their appeal. The bigger the case and evidence they have for their claims, the better their chances of winning these appeals.

But another shocking survey report by National Taxpayers Union Foundation says that only 5% of taxpayers push back on their tax assessments. Most people never look into the matter, even with over 60% of wrongful assessments. People just want to avoid the hassle of filing an appeal and assessing the property. The logistics of the process may seem overwhelming, but it is worth the effort.

Tax rates are different by state - It is a huge issue

The commercial property tax rates are very different in each state in the USA. Bankrate surveys and reports say that Montgomery, Alabama has a 0.29% tax rate. Whereas Suffolk County, New York, has 1.7%. This is another evidence of why every state and county may not always have a standard and fair tax assessment system.

In every state, the assessment gaps are also different. Montana has assessments every two years, whereas Oregon has assessments yearly. But when properties are not valued each year, the updated reports may go missing, and people may overpay.

But each state has a tax law where tax reassessment is a right that people can exercise. No matter what type of commercial real estate property you have, you have the right to challenge the tax bills. If you believe that you were wrongly charged, it is time to move against it and do something.

New York State Real Property Tax Law (RPTL) makes it compulsory for all properties to be assessed uniformly. Each state in the USA has its own such rules and regulations that you can make use of in case of unfair taxes.

How can you reduce those high taxes and fight the tax assessments?

Many ways exist to reduce those high taxes and fight your tax assessments. Here are the tried and tested methods that all property owners and managers must try for the best results,

Contact your local tax office and confirm the data with them. You can also ask for a tax card from the local town hall. This helps you understand all the information the tax assessor has gathered about your properties over the years.
Reduce the general curb appeal of your properties.
Do not conduct major upgrades and changes.
Talk to an independent third-party property assessment service provider.
File an appeal to lower your tax assessments.

Look into your case and show up for your appeal with concrete evidence.
Always allow complete access to your properties to the tax assessor. The assessment should be both inside and outside. Do not overlook any areas.
Look for tax exemptions that your property qualifies for. From lease term updates to changes in asset value, and ownership change, many things can be considered. But many tax assessors do not have the updated information and make wrong assessments.
Always research and tally your tax numbers with similar properties in the area.

Why property tax reassessments are a must?

Property tax assessments are a must because more than 60% of the American population is overpaying their property taxes. Are you one of them? Among these, residential taxes are still a little less complicated to fight.

But when it comes to commercial real estate properties, the logistics are cumbersome, so most property owners stay away from it. But in the end, this only leads to bigger holes in your pockets paying the taxes that are not fairly charged in the first place. That is why our services are here to help you pay only fair and justified taxes for your property.

Why our property tax reassessment services can help you

Any unfair assessment can be disputed by submitting a property tax reassessment and appeal request. But, you must have a solid understanding of assessment regulations and property appraisals in order to do that.

At Assetsoft, we offer property tax appeal services for all CRE clients. We promise to reduce your assessment. But what if we can not do that? You do not pay us. That is right. You only pay us when we succeed in reducing your taxes. Hence, it is completely on us to get you the best deal possible.

By detecting mistakes and areas of concern in your assessment, we can assist in reducing risks and recovering lost funds. For instance, to ensure that your evaluation corresponds with your previous taxation years, our professionals check your tax history. We also thoroughly check your property and write reports inside out.

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5 Automation Features Every Business Needs to Streamline Their AP Process

Fri, 10 Mar 2023 00:20:57 -0500

Globally most businesses are struggling with their accounting work due to a lack of knowledge about this niche and difficult access to expert resources. Accounts Payable is one of the biggest aspects that many businesses struggle with. And manual AP systems can kill the business cash flow and make your budgeting and forecasting suffer, along with your growth plans.

That is why reports by a US Bank study say that 82% of small businesses close down soon after opening because of cash flow issues. The biggest reason this happens is that they do not want to update their systems with automation.

That is why more and more executives are insisting on shifting to automated AP processes to help their back office accounting work. Business Insider news did market research, and they believe that companies cut costs by more than 81% with an automated process. So, what are the automation features that every business needs? Which are the features which can help you streamline and simplify your complex AP process? Read on to find out more about that in the article below. And understand what the industry experts are saying.

5 automation features for simplified AP process

As experienced back office accounting professionals who work with thousands of businesses, we have highlighted the top 5 automation features that your business needs. Check out the list below.

Accounts Payable Workflow Technology

In the traditional AP processes, invoices frequently end up on workstations and in mailboxes while they wait to be picked up and forwarded to their designated location. Most businesses struggle with bulk work. This is especially more because most offices do not hire dedicated expert accountants because their services are expensive. But more than 60% of companies feel that they have very little knowledge of accounting and that is the crux of the matter.

Workflow technology is crucial in Accounts Payable since the same queuing and scheduling issues might occur at every stage. When you have workflow technology this waiting and scheduling can be automated, and your staff can free up their valuable time to focus on other important matters of business.

Workflow technology is a system that efficiently and logically distributes the invoice to the appropriate recipient. Once you input the basic data into the system, the system itself will keep sending the invoices on your behalf. Even if you do not remember to initiate the invoice, your system will send you automated notifications to help meet deadlines.

Electronic data workflows simplify the AP processes, eliminate ambiguity, boost productivity, reduce waste, and provide you with more control over the method. Therefore, if you have already digitized your AP, using end-to-end workflow technology is the ideal approach to pick it up a notch.

Electronic/Digital Document Management System

A manual accounts payable system's main problem is physical records of purchase agreements or bills that get lost along the way. In AP, important documents frequently manage to disappear when they are most required.

All of these issues can be resolved by implementing a central filing system, which offers consolidated platforms for data and record recovery at the precise moment you require them. To minimize a cost burden, make sure your AP automation software has the appropriate document management system.

Intuitive Character Recognition Tools

The ability to use dashboards, workflow technology, and digital document solutions depends on how well the documents have been digitized. Consider using OCR technologies to scan the records if you haven't yet made the switch from manual processing.

An OCR program effectively recognizes the content from the scanned image or picture when supplied with handwritten or physical documents to transform them into PDF files. In this manner, the groundwork for digitization can be laid, saving hours of laborious manual labor in front of a computer. Imagine trying to back up and digitize thousands of pages of important documents. That can be a logistical nightmare. It is better to use OCR to do the work for you.

Accounts Payable Dashboards

The dashboards provide the most transparency, even though the workflow can be configured with an automated alert to guarantee that the correct invoice reaches the correct person.

Dashboards provide a high-level, clear picture of payment and invoice processing to provide easy access to the status. Unlike in the past, when employees had to regularly bounce back and forth to learn that an invoice was stalled in processing, AP experts, managers, and accountants now have the necessary data at their disposal. To provide frictionless reporting and effective tracking to prevent obstacles, it is essential to have a strong dashboard in place.

Small Business data report says that more than 50% of small businesses across the world are open to financial fraud due to their faulty AP systems. To avoid such severe financial horrors, make sure your system has a simple yet efficient dashboard.

Payment Optimization

For some firms that do not provide a variety of payment methods or do not use automation, transactions are a pain point for them. Payment optimization tools that analyze and deliver relevant insights for optimized payments and savings can benefit greatly from the extensive payment history of a business. Companies can even get paid for fulfilling their obligations and utilizing virtual credit systems with the proper payment optimization.

Businesses can also take advantage of recurring payments with their automated AP system. The same payment to the same vendor or employee that goes out every month can be completely automated and save you a lot of time.

Tech Implementation done the Easy Way

The secret to having a strong financial system is automating your accounting process, and AP is one of the important components of this system overall. We can help if you feel intimidated by the task of automating your accounting procedures after using manual processes for so long.

The Assetsoft team is well-versed in offering clients outsourced accounting services and we have worked with an endless number of clients. We can assist in automating your accounting process, we also offer assistance with the newest technology selection and software integration. Our expert accountants can also use a mix of the right tech and expert human resources to give you the best accounting and bookkeeping results.

Get in touch with our team to know more! Book a one-hour free consultation call to get talk to our team.

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What are the Best Ways to Keep Track of Business Expenses?

Wed, 16 Nov 2022 06:53:00 -0500

Gathering and paying operating expenses is one of the biggest challenges that most small businesses face. The Federal Reserve Small Business Credit Survey, 2021 Report also found that more than 47% of small businesses will have to use their personal funds in case they fail to gather operating costs for 2 months. Most small businesses always run on such strict budgets that, if not managed well, can easily send the business down a slippery slope.

Tracking, recording and managing business expenses is the best way to keep track of expenses and avoid any unforeseen and unplanned expenses and major financial issues. If you plan and track well, you can constantly keep track of your money and anticipate any future cash flow slowdowns. When you anticipate this, you can start pre-planning your next moves and plan strategy and leadership accordingly to ensure essential expenses are always taken care of, such as payroll.

But managing business expenses can be really hard, especially if you do not have prior experience in managing business operations and finances. You can start by following some of the best industry tricks and tips to manage your expenses. Read this article to learn all about them.

Why should you keep track of your business expenses?

When you manage your business expenses, you can keep track of your business budget, which can help you develop a sound financial system inside the company. This will also help you completely control your finances and never fall prey to unforeseen situations. When you keep track of your business expenses, you also keep up with all regulations and governmental compliances.

It results in you paying your bills and taxes on time and never overspending necessary cash on fines and penalties. When this happens, both your employees and investors will be confident in your work processes, and your credit scores will also go up and help you get future business loans to plan growth and expansion.

4 Easy Steps to Keep Track of your Business Expenses

If you are following a DIY process to keeping track of your business expenses and managing it, here are some easy steps and tricks to get better at it.

Create a business bank account

If you do not set up a separate business account, there is a high chance that you will find it very hard to close your books at month and year-end. Why? You will have to go through all your expenses individually to know which is a personal and business transaction.

To avoid such situations, create a separate business account so that all expenses are directly accounted for, and you get instant updates about them. Month-end bookkeeping and accounts reconciliation work also become easy for your whole team.

Along with this, you must also get dedicated business credit and debit cards. This helps the business get a line of credit scores along with all the transactions you make. Why do you need it? This will create a solid ground for you in the future when you want to get financial investments and credit from outside sources to grow your business.

Choose between cash and accrual accounting

According to GAAP standards, businesses which have annual turnovers of more than $5 million need to follow accrual accounting methods. The rest of the companies with below $5 million annual turnover can also follow cash methods. Both have their own sets of advantages and disadvantages, so if you are confused about which one is better, ask your accountant.

If you do not have an in-house accountant, you can go for outsourced accounting services and get a consultation from experts at much cheaper rates. After you finalize an accounting method, start accounting for all your transactions and register and log them into a centralized office system. You should preferably also back up these data in a cloud-based backup system to ensure no transaction records and history is lost in transition.

Choose a to automate back office accounting

The back office accounting software industry is growing leaps and bounds and automating most of the repetitive and tedious work in accounting. Things like verifying invoices, sending payment requests, generating invoices, verifying transactions, and categorizing them can all be automated with the right software.

But every industry has its own set of software options for back office accounting work, so before you choose, make sure you do a thorough background check. Since it provides a great level of automation, even many experienced accountants are also using a selection of technology to help in their work. A Sage survey and market research found that more than 58% of American accountants feel that their efficiency and productivity increased after they started software usage.

Categorize all expenses

When you are running a business, you must learn to categorize your expenses to help manage them better. You can categorize them by date, time, departments, expense type, etc. So, when there are any issues with any transactions, you can get quick updates on it if you look by category. You can ask the respective departments to get back to you and save the rest of the employees the extra hassle.

Categorizing these expenses will also help you understand which comes under the deductibles category, and you can benefit from them during tax season.

Start expense management with the latest SaaS solution

Are you struggling on a daily basis to keep track of your business expenses? You can use CRM software to keep track of all business expenses. Or you can also integrate a software like SAP Concur to track your employee expenses. The whole expense record-keeping and data verification, payments, tallying numbers, and more will all be done on the software, and you will not have to sweat over manually conducting these processes.

Want to integrate a software option to manage expenses? Confused about which is the best suited for your business in your particular industry? We can help you with that decision as well as the integration process. We also provide customized solutions to all of your software needs. Get in touch with our team to get started on this journey.

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When should a business use Yardi Breeze or Voyager?

Mon, 12 Sep 2022 07:00:00 -0500

If you are considering using Yardi as a property management software, you must know the different varieties of this software. There are three different versions available in the Yardi marketplace. Each variety has different features, customizations and usability that work for each business. Which version should you pick, and which would better fit your business type?

According to market reports, Yardi has more than 30.66% market share in the property management software market. Businesses use it to manage properties like residential buildings, restaurants, workspaces, retail shops, airports, etc. And more than 12860 companies use it at present, with over thousands of customers using it daily to manage different kinds of properties.

To better understand which is the best fit for your business, Yardi Breeze or Yardi Voyager. Do you need to make a shift between the two? Read this article to find out.

Which one is right for your business?

Yardi Breeze and Yardi Voyager work well for multi-family homes and commercial properties. But depending on the size of your portfolio and the complexity of your management work, you must choose which works best for you.

Yardi Breeze is a simple version of property management software. It can do all the basic tasks like rent collection, drawing up financial statements, quick CAM reconciliation, etc. It is simple, easy-to-use and easy-to set up software that does not need much staff training to work with.

Due to the high popularity of this version of Yardi, they launched the new Yardi Breeze Premier. Breeze Premier has some additional features and the regular Breeze features to help you manage your business better when it scales up.

The Yardi Voyager is a little more complicated version of this software. It has advanced features like automated budgeting and forecasting, revenue management and construction management. Real estate businesses mostly use it when they have a diverse portfolio and a bigger business process.

The Voyager is a little more complicated because it needs employee training to make your staff accustomed to the advanced features. It also needs a day or two to set up, but these additional features can automate many complicated property management tasks.

Yardi Breeze vs Yardi Voyager

You need to have a set goal before choosing your property management software. Plan your strategy and leadership to understand what you want to achieve and which functions you want to automate.

Do you want to automate back office accounting or want to employ an accountant for the job?
Do you have any advanced needs like construction management? Or does your company only deal in sales and involves no construction work?

What are your plans for budgeting and forecasting? Do you need advanced analytical budgeting and forecasting reports, or yours is a small business which follows a DIY process?

These are questions you need to ask yourself and your team before you decide on your choice of software.

Should you Use Yardi Breeze?

You probably do not need many advanced features if you run a small real estate business and are just starting out. Yardi Breeze is the right fit in such cases. And if you are new to the use of technology in business, it is best to start at the basics and then scale up.

If you have less number of tenants and only a few properties under your portfolio, then Yardi Breeze is the correct choice for you. If you do not have complex reporting and reconciliation work to handle, go for the Yardi Breeze. What are the other advantages of using Breeze?

A quick system set up within a few hours and easy to train employees

Live chat support from the Yardi team to help set up the system with additional support
Mobile and remote work friendly
Budget-friendly pricing based on the type of property you manage
It can be used together with your existing software system
The user interface is simple and can be quickly understood

Tenant communication and rent collections become super fast

Is Yardi Voyager Right for You?

Yardi Voyager is best used by medium- and large-sized companies with diverse portfolios and multiple tenants to manage. And if you are a real estate company that already uses a selection of technology for property management, you should use the advanced Voyager features. Old tech users will make better progress and handle their business much better with the additional features available on Voyager. Beyond this, what are the other advantages of using the Yardi Voyager?

Advanced help in budgeting and forecasting plans, details reports of the same
Online lease management and investment management
Rent control and deferment based on your renting needs
Revenue management of your whole business and your properties
Automation of construction management and handling construction from remote locations

Call centre assistance and 24*7 back-end support
Search engine optimization of your page and website and additional PPC services
Detailed back office accounting
Customer relationship management integrated into the same software

When you opt for the Yardi Voyager, you must remember that it is a little harder to integrate. It takes a little more staff training than Yardi Breeze, but the additional features can help automate your tedious back office work. Moreover, the Voyager version needs more integration time than the simple Breeze version.

How do you decide which one is right for you?

Even if you start your journey with PropTech with Yardi Breeze, you must remember that transitioning from Breeze to Voyager is quite easy. If you are new to PropTech use, start with Breeze. Then if your business scales up, you can change the package to Voyager. Yardi is a scalable software that can also meet your tech needs today and in the future. Base your decision on your current business goals, and you can shift when necessary.

Teaming up with a trusted Yardi Consultant

As an independent Yardi consultant, Assetsoft has helped many real estate businesses set up their Yardi property management systems. If the question of choosing the right version of the software seems daunting to you, we are here to help. Partnering with us sets you up for success. We provide you with insider information about the software and will get you the best deal in the market.

Talk to us to help us understand your property management needs so we can guide you better.

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Cash vs accrual accounting - Which one does your business need?

Tue, 06 Sep 2022 14:14:06 -0500

Cash basis accounting and accrual accounting are two sides of the same coin. There are some major differences, but they are similar in concept because the end goal is to do the back office accounting of a business. Suppose you handle your accounting work in-house or want to get outsourced accounting services. In that case, you must become more aware of accounting basics to communicate better with your accounting team.

Cash basis provides an immediate reflection of the revenue in hand and expenses, and the accrual method predicts revenue and expenses based on transaction history. They are both methods for financial reporting and but no matter which one you choose, you need to keep using the same process consistently. It is better to become aware of all there is to know about both processes to understand which will work best for your business.

What is the difference between cash and accrual accounting?

Accrual accounting paints a clearer picture and is the more popular choice for many companies, but a cash basis also has its own good sides. Cash basis accounting only records income and expenses as and when the bills are made and paid. But accrual accounting records income and expenses based on bills and earnings. And if you are a company whose annual revenue is somewhere below $25 million, then there are no set GAAP or rules of accounting for you that the FASB will hold you accountable to. You can use any method that suits you.

Who uses cash basis accounting?

Cash basis accounting is mainly used by companies or organizations with a single-person owned business or small enterprise with revenue below $25 million. It is easier to learn cash basis accounting for non-accounting people, making it very popular with new and upcoming businesses.

What does cash basis accounting look like?

Cash basis accounting is very straightforward. How? It only records expenses and incomes when they reflect on your account. For example, suppose you buy a product in September on credit from your company account, but the product gets delivered in October, and the money is deducted in October. In that case, the record will note it as an October expense. But this shows that your company had no business in September whereas you did have a business; the payment just came later.

The same goes for incomes, if you provide a service to a customer but the payment comes in two months later, the system will record it on the month it is received.

Who uses accrual accounting?

While many small businesses do use accrual accounting, they don't need to use it. But if you have a $25 million annual revenue for three consecutive years, then you are bound to use the accrual method as mentioned by the FASB. This is a more complicated process and needs expert help for the process to be seamless.

What does accrual accounting look like?

The accrual method functions differently; this system records every time a service/product is billed, and money is earned. If you do work and it is billed in September, accrual methods record it for September, no matter when the money comes into your account. Even if the payment is not received and your account is yet to reflect the amount, it can also keep track of that.

This gives a more holistic picture of the company's finances because it looks at all kinds of payments, even the ones stuck in the pipeline or the outgoing payments that will leave your accounts very soon. Hence, this method can help better prepare the company's budgeting and forecasting system.

Pros and cons of accrual accounting

Let us figure out the pros and cons of accrual accounting to help you choose which one is better for your business.

Pros

Creates a more accurate financial report for the company - helps you understand the customer buying and spending patterns.

All GAAP guidelines are followed when you do accrual accounting.
If you start using accrual accounting from the start of your business, you will never have to change the process, even if you scale up your business process.

Cons

Requires a lot of resources and in-depth accounting knowledge. You will also need expert accounting help to smoothen the process.
The biggest fault of this system is that it can give you an unclear picture of your cash in hand, which can be a financial disruption for a small business.

Pros and cons of cash basis accounting

What are the pros and cons of cash basis accounting? Check them out.

Pros

The process is very simple, and small businesses can figure it out in a shorter period. Hence it also uses less number of resources to function and saves money.
Helps in tax payments too. Say you pay your taxes in April, and a work that was done in April but the payment came in June does not have to be filed in the same financial year. You can easily file this income in the next tax bracket.

Cons

Not a holistic financial picture because it does not record business transactions when it happens but only when payments come through. No payments in the pipeline can be figured out from this system.
The cash basis system keeps no records of the Accounts Payable and Accounts Receivable systems. It can become a problem to retrieve and track payments if you do not have the actual dates of payments.
If by any chance your business exceeds the $25 million mark, you will be again required to shift to the GAAP guideline-based system and revamp your whole business process overview.

How do you choose the right Partner for your business?

For small companies that do not have a significant cash flow and major inventory to work with, it is always better for them to use the cash basis accounting method to avoid any more complicated and detailed bookkeeping processes. But if you work with a bulk inventory and complex business process with multiple stakeholders, it is best to go with accrual accounting to keep the process more transparent.

Are you confused about which process will work best for you? Book a call with our expert accountants to get advice on your accounting needs. Talk to us soon to find out more about our back office accounting services!

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Top 10 Property Management Practices to Stay Ahead in the Competition

Wed, 11 May 2022 18:45:44 -0500

Real estate property management or project management best practices can make or break a business. Your competitive brands and companies are surely adapting some of these to get ahead of the curve. Are you lagging behind? Our team at Assetsoft has years of experience in working with many different real estate businesses. Read this article to understand our industry insights for best property management practices and stay ahead of all competition.

Seamless property management? It's Possible!

With or without competition, property management is a non-negotiable when it comes to a real estate business. Most businesses have no set rules for property management, but that can be a major drawback in scaling growth. Seamless property management can help you stabilize your income, concretize your relations with tenants, vendors, and other stakeholders and help you mark in the real estate market.

Top 10 property management practices for better business

Here are a few of the top best practices in project management that you must follow to the T to build an effective system in your everyday business functionings.

Constant communication with tenants

Your real estate business exists because you have enough tenants occupying your units. Be it Commercial Real Estate (CRE) or residential, it is essential that you frequently and constantly communicate with your tenants about any issues at hand. They need to know that your property manager or property management system is at their constant beck and call and will help in any moment of crisis. Like raising maintenance issues on your user dashboard should be easy and readily solved, or talking to your property manager should be a viable option at all times of the day. This will make tenants renew their lease with you, and you will avoid turnovers.

Dynamic marketing strategies

You can take your company and products to social media and market them. You can hire a social media manager, but you can also get the latest Customer Relationship Management (CRM) software like ZOHO to get a fully integrated marketing system. This will help you communicate with tenants and employees and at the same, automate your marketing system to help you drive sales in the long run.

Proper back office accounting and expense tracking

A property management system, be it a human or software, it needs to keep track of all expenses. This will help in back office accounting work and keep up with all the Financial Accounting Standards Board (FASB), never pay any penalties, and close all books on time. Not only this, but it will also keep more clarity in the tenant-landlord relation, and no one will feel cheated with gross accounting processes. And when your business has proper accounting, it will stabilize your cash flow and never create roadblocks in business.

Offer consistent common area maintenance services

Do not wait for your tenants to ask for common area maintenance services to provide them. Develop a standardized system for all your buildings and units and conduct periodic maintenance work before you start getting complaints. This will help tenants rely on you and develop trust in your brand and help in your CAM reconciliation work.

Getting technological help in property management

There are many different property management software like Yardi, MRI, Procore, and many more. You need a proper technology selection plan for your real estate properties to automate and streamline the process and take the burden off your employees.

Global News Wire reports believe that real estate property management software increased from $902.6 million to $964.1 million between 2020 to 2021. This means more companies are investing in it to save money and time, and you should too.

Outsourcing your property management plans

There are many property management service providers who provide outsourced services. They provide holistic business support services and some of them even use top-notch technology to get the job done faster. You do not need to employ an in-house property manager; you can simply outsource the work to a partnering company.

Our team at Assetsoft can provide you with assistance in choosing the right property management software for your business. We can also help with the software integration and provide constant support to your staff to understand its functions.

Training your staff and educating them

As a property manager, you are not the only one looking after the properties. You might look at the business process overview but your employees need to understand the minute workings of the company and proper tenant interaction methods to keep up with the industry standards and retain clients.

Attracting new tenants

The best practice to attract new tenants is to keep the previously existing ones satisfied. Why? NAR Consumer Profile reports found that almost all tenants who found good homes via their agents have always recommended that business at least once to their friends and families.

The leasing process should be simplified

Most leasing processes are filled with complicated legal matters and tedious due diligence. You can automate this process and simplify form fill-ups and agreements with a CRM software integration. Contract signing, negotiations, and raising queries about particular properties can all be automated with a simple, easy-to-use CRM dashboard and will help both parties save valuable time.

Networking and getting updated about the industry trends are crucial

Building and maintaining a solid network with service providers, vendors, and other real estate professionals is vital in this business to get work done. In case of emergencies and business growth plans, this network will come in handy and help you grow your business. Having a detailed quote of what these vendors and services providers' services cost, how much they charge in case of emergency services, and understanding if they are reliable enough. It can help you in better building management and react promptly to your customer needs.

Property Management Made Easy with Assetsoft

Are you stressed out over the whole property management plan and find it a little overwhelming? Worry no more! The Assetsoft team has years of experience in helping real estate businesses integrate the best of easy-to-use software solutions to streamline their property management needs.

Talk to us to know more.

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Best Property Management Practices For Better Tenant Retention

Wed, 13 Apr 2022 23:54:25 -0500

Higher tenant turnover means a huge dent in the pockets. Property managers and owners both agree on the excess expenses they incur with each turnover. From fresh property inspection to repairs and finding new renters is a lengthy and expensive process.

The cumulative cost of a single tenant turnover can cost somewhere between $1,000 to as high as $2,500. As a property manager, this data is sure to have you worried.

Best property management practices for better tenant retention

Are you a property manager who has been facing a huge loss of tenants recently? Has the rising loss of rent kept you worried? You can start using these proven strategies for better tenant satisfaction and retention.

Smooth communication

Good communication is one of the oldest and most approved forms of project management best practices. Be quick to respond and fast to resolve issues. If the high number of tenants make it hard for you to individually pick up calls you can start using the software. A property management software like Yardi can help ease the process. You can address/manage and respond to all issues right from the dashboard and solve them immediately.

Our team at Assetsoft and the Yardi consultant is here to customise the software based on your property management needs. We will also make the tenant data migration and user training trouble-free for a better user experience.

As many as 68% of people are even willing to pay more if they receive good customer service. Get why you need to better your customer service plans?

A seamless tenant screening process

You must start a thorough tenant screening process to understand the pulse of the situation before onboarding. If you as a property manager fail to understand the true potential of a tenant then you are up for a lot of risks. If you find the process a bit too much you can start using set question templates that you put out on your management website. All of these can be easily done with the MRI software for property management.

The MRI services will help you automate the screening process, background checks, security checks and much more. Shed the dependency on manual screening processes and save time and effort with a new age property management software.

Good maintenance of property premises

As a property manager, it is one of your primary duties to keep the property in good, habitable conditions. Lease renewals will go down if they are not prompt to solve maintenance issues. It is a tenant's fundamental right to a proper livable place when they sign an agreement. If you do not keep up to these rules then not only do you stand to lose the tenant. You can also face legal charges, furthering your harassment.

Start lease renewal incentives

When the time comes for lease renewal, start providing extra offers and incentives to benefit your tenant. Reward your good tenants, this will give you an edge while contracts are renewed. A small incentive can go a long way.

But it can be a long drawn process if you do it physically. Instead, when you use property management software, you can integrate these features into your system. You can simply upload the free benefits with the rent renewal applications on your user dashboard.

Survey market rate of rent

You must know the market you are leasing properties in. In-depth knowledge of what the market rates of leases are in your area, the spending capacity of your potential clients can give you an edge. Knowing this you can even offer small rebates on your lease plans.

Market research says property rentals increased way more than property ownership post-pandemic. If you do your research well you can leverage this data to provide attractive offers on leases. This will give your tenants enough reason to renew contracts and stay back long term.

Keep little space open for flexibility

From online rent collection to leniency in collections, you can show a lot of flexibility for long-term residents. It is extremely hard to find good tenants and you must try your best to retain them. The pandemic has for sure made us realise the impotence of unforeseen situations in our daily lives. You need to be open to new forms of tenant interactions and relations when there are genuine problems at play. This will help you develop long-lasting relations with tenants resulting in better retention.

Always provide proper paperwork

When it comes to lease and property papers you need to make them perfect to the T. Following all guidelines and regulations while making them is crucial. You need to ensure this to avoid any legal and insurance battles at a later stage.

If you have a property management software in place then getting information from your tenants can become virtual and hassle-free. You do not have to knock on doors to get the ball rolling on the lease papers. This will ease the life and work of all parties involved. From filling out information forms and proofing data given by your clients, you can do it all on your software dashboard.

Get the Best Property Management Software Today!

A property manager being dependable and accessible at all moments of crisis is the best way forward for the real estate business. If you are a property manager of multiple properties then this task might be a little too hard for you. This is exactly why you need the Yardi services or MRI software to take care of your property management needs.

Assetsoft is here to help start your journey with these software. From asset management to project management, the possibilities are endless when you onboard these software. We will guide you every step of the way to integrate and customise them based on your specific business needs.

So, why wait? Call us right away and book a free consultation session with our experts to discuss more on your business needs. Let us help you into a life of seamless property management.

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How the use of AI can help better the Accounts Payable process

Sun, 13 Mar 2022 06:48:24 -0500

Business experts and industry veterans have time and again insisted on the importance of automating your accounting process. The benefits of automating your Accounts Payable can have endless added benefits to your business growth. Freeing your business of manual accounting makes it error-free and faster and helps keep up with the latest market trends.

The use of Artificial Intelligence (AI) and Machine learning can make this automation process more holistic and leave a real impact. Are you confused as to why you need these? This blog can rightly help you set your priorities right and give you better insights into the true benefits of AI in accounting.

Machine learning and AI - All that you need to know

Normally most of us end up using AI and Machine Learning as synonymous phrases. But they are vastly different in the way they work. AI helps your system develop human-like thinking and acting capabilities. Whereas Machine Learning helps your system learn from historical data being fed to it without further programming. How do these play any role in the automation of your AP? Here’s how.

Automation is all about automatically doing the tedious and repetitive work that goes on your system. Which was once done manually can very well be completed with software integration. AI will help mimic the manual tasks, and Machine Learning helps it by finding patterns and predicting future developments from data already present in the system.

AI can adapt and find solutions to N number of tasks that a human can do, but Machine Learning has a limited capacity of work because it draws insights from past data. This is exactly why you need both of them in your AP automation plans to leverage the best of both.

Top Benefits of Artificial Intelligence in Accounts Payable

Take a look at the dynamic and diverse benefits of using AI in your AP system to make back office work hassle-free and devoid of errors. Read on to know more.

Automation plans

There are multiple daily tasks that your Accounts Payable team handles on a daily basis. These tasks are repetitive yet need high levels of accuracy. Things like invoice filing and retrieval, data entry, invoice routing, and much more can become automated with the use of AI. You can also add Machine Learning to this, and you will get data identification and extraction work done in minutes. It also helps you understand and categorize the data based on the findings and conclusions, making your life easier.

This will help completely digitalize your accounting system and eventually make future data search much easier. This is exactly why more than 58% of expert accountants want to start investing in AI-based automation services to upgrade their businesses.

In-depth data analysis

When your Accounts Payable system uses AI to process data, you can also use the findings for better accounting budgeting and forecasting. It will tally future revenue and upcoming expenses to help you understand your cash flow and expenditure abilities. AI will give you balance sheet forecasts to help better your future financial plans. Survey says that more than 51% of accountants believe that processing and analyzing data findings of AI automated systems will become the next big thing in coming years. Find that intriguing? That is exactly why you need to start investing in AI-based accounting automation plans.

Follow up on all compliances and regulations

Analyzing big bulks of data to keep up with all compliances and regulations can be a back-breaking task. Even the smallest of human errors can become major setbacks during audits. The use of AI can simply process all these complex data to find all discrepancies. From flagging problem areas and high-risk documents, AI can be trained to do all of it. You will be further saved from all future legal and audit issues by keeping all documents in order.

Reduced errors and costs

More than 80% of business executives believe that the use of AI in accounting gives them get better efficiency. From the loss of invoices to double payments, humans can end up making many small errors that can cost your business millions of dollars. These errors can be easily avoided with the use of an AI-based AP system. From cutting down costs on physical invoices to avoiding extra payments, AI can benefit you in multiple avenues and cut down on unnecessary expenditure.

Fraud detection

Frauds can be of endless types when it comes to Accounts Payable. Inhouse frauds like check tampering, scams in fake bills, overstated expenses, multiple claims on the same statements, and many more. A proper AI-based AP system will flag all such discrepancies in payments the moment it notices. These might very well be ignored by human eyes as gross mistakes. AI will check for patterns in all your payments systems, alert you every time there are high-risk transactions and abnormal payment schemes.

More than 63% of major financial institutions across the world believe that AI can genuinely help in reducing in-house financial frauds. They are of the belief that AI-based accounting systems can predict frauds even before they take place, and that makes intervention much easier. Machine Learning simultaneously compares these data findings with previous fraudulent transactions to detect patterns and helps identify the source. Saving you from major financial frauds even before they occur.

How Assetsoft can Help

Are you getting troubled with all the monotonous accounting work? The Assetsoft team is here to help. Our industry experts and consultants can develop an immaculate automated accounting system with the use of AI, Machine Learning, and more. Our team specializes in back office outsourcing services for all your accounting needs.

If you are a small business that wants to reap the benefits of AI in automating your AP, you can talk to us. We will guide you on this journey to revamp your manual system with the best technical solutions. No more investing in full-time in-house expert staff; you can just outsource the work and reassign your workforce to other matters of importance. Contact the Assetsoft team today!

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A Checklist for Property Onboarding

Sat, 12 Mar 2022 22:55:50 -0500

Adding new property can both be exciting and exhausting. The thrill of acquisition fades fasts enough. All that remains after the 'rush' is a series of tasks like data onboarding and payment processor setup. Working like this can be taxing on you and your team.

Software to Use in Property Onboarding

An efficient real estate management software can be a lifesaver. MRI and Yardi are easy to integrate into your existing CRM systems. An automated onboarding system can save you hours of work while providing you with error-free results. A system like this, which is accurate and quick, also breeds confidence from your client. They are more likely to get on board with the deal after seeing how professional your setup is.

MRI

If you are looking to streamline your property onboarding process, you needn't look any further than this. MRI Rest Professional is one of the best management software for real estate.

This system manages ownership change by emphasizing inspections for portfolios, strategies, or finances. The system helps you manage deposits and investments accounts and store the vendor's details in one platform. It also keeps all relevant documents in REST Professional for more efficient filing. This software boasts highly developed sales management as well. The software also excels in reporting, helping you optimize your portfolio. You can rest assured that the most current information backs your data from the latest vacancy rates to profitability.

Yardi

A bonus of using Yardi is that it gives you free access to RentCafe. RentCafe lets you rent out your property to tenants via a safe and verified platform. As a result, you can put it on the market as soon as the property is legally yours.

What Are the Steps Involved When Using Property Onboarding Software?

Transferring new property information into your existing database is complex work. Data migration involves the shifting of all property-related files to your current system. Such data includes amenities, floor plans, vendors, type charges, tax information, and more. If not executed properly, you can lose a lot of essential data.

The details of the new property can be transferred in two ways when using Yardi. The first is a manual transfer where you load the property portfolio into your existing platform via an ETL. The second method lets you move this data electronically via a Yardi to Yardi conversion. Configuration to third-party apps or even Yardi tools follows this procedure.

Getting help from a reliable firm is an excellent idea if you happen to be using Yardi for the first time. These professionals have a lot of experience in data migration and can help streamline your onboarding process. From tuning settings to integrating the new property into your media library, these firms are sure to lend a high-quality finish to your work.

Advantages of Outsourcing Your Property Onboarding Needs

Outsourcing onboarding processes has a lot of advantages. Your business benefits from the in the following ways

Your team may not have a grip on using Yardi yet. A tech firm can help you get the best out of the software. They will help optimize Yardi’s processes to make your work shine.
There is no denying property onboarding is a tedious business. Apart from the initial thrill of the acquisition, there is not much in it. Getting a firm to help you outlets you focus on more critical tasks. Instead of painstakingly inputting property data into the new system, your team can focus n new acquisitions.
With years of experience under their belt, the work of these firms speaks for itself. These people know how to maximize the potential of the system. The result works more accurately and efficiently than your team's.
Outsourcing saves both time and money. You get to emphasize more dynamic tasks while the outsourcing team produces better work in lesser time.

What Are Some Important Things To Verify During Property Onboarding?

The onboarding process involves a lot of steps. From document verification to data migration, the number of tasks is varied. It is easy for you and your team to overlook specific small but crucial details in such a situation. An error like this has the potential to cause irreversible damage to your deal.

Having a list of items ready to check off can be handy in such situations. Therefore when onboarding property, these are the items you must be careful to verify.

Right to Rent checks on existing clients, if any. Verifying the validity of current leases helps you avoid future problems.
Address verification.

ID check.
Building history review
Vendor management with utility billing, credit screening, and more
System setup template

Teaming Up With Firms

If you plan to make a huge acquisition, you can do it with some extra help. Getting a reliable consultation firm to collaborate with can improve your onboarding experience by leaps and bounds.

Years of Experience

These companies are highly experienced, with years of knowledge in property acquisitions. Their involvement ensures the quality of professionalism of all your contracts and transactions. A partnership with such firms also gives you valuable access to necessary software. These companies provide a variety of services for real estate businesses.

Lease Abstraction

Among these, property management is a prime sector. Contracts play a crucial role in all property dealings. Therefore a lease abstraction software is almost always one of the services they offer. Such a system lets you distill your contracts to their vital points.

A lot of property contracts are written in legal language. Such a document is difficult to understand, even for a real estate business person. The software works to simplify the lease into concise, easy-to-understand points to make it accessible for both you and the other party.

Lease Auditors

These consulting firms are also professional lease auditors. The term 'auditor' here refers to a thorough lease review. All contracts are bound to have loopholes and some vague language in their clauses. Such a gray area makes it vulnerable to misinterpretation. Any of the two parties can take advantage of this vagueness later on.

But you can avoid such a problem by partnering with the right firm. The Assetsoft team has experience in lease auditing. We check all existing documents and verify the contract clauses. With our help, you can get onboard a property deal without fear of the transaction falling through later. Want to know more? Talk to us today!

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