YASC Europe 2023 begins on November 7 in London. It is the 10th anniversary of the conference, filled with in-depth industry knowledge and learning.

The event will bring together Yardi clients, consultants, property managers, owners, and operators across Europe. 

One major attraction of YASC Europe is dedicated classes to make the most of Yardi products. They will also show how you can use them to unlock endless possibilities for your construction and real estate business. 

An essential course is leveraging Yardi Procure to Pay to streamline accounts payable processes. It is a crucial topic for the real estate industry, as invoice processing is still challenging. 

Let’s explore how Procure to Pay can come to your aid to streamline invoice processing and save money. 

The Challenges of Invoice Processing in Real Estate

Businesses in construction and real estate process thousands of invoices every month. Many still rely on manual processes and tools like faxes and express mail.

Manual coding is still standard in many companies. 

The approach creates several challenges. It leads to invoices being lost or miscoded all the time. Moreover, tracking and managing such processes takes a toll on your resources and profitability. 

Most importantly, paper invoice processing is expensive. It takes $25 - $35 per invoice if you don’t use technology, according to Yardi.  Additionally, the process is quite time-consuming. You may need up to 30 days to process the paper invoice of a single vendor.  Businesses need a solution to improve efficiency and save costs while processing invoices. 

Yardi Procure to Pay to the Rescue

Yardi Procure to Pay lets you manage your entire procurement lifecycle from a centralized interface. You can simplify managing vendors and streamline your accounts payable processes. 

Most importantly, the solution helps automate invoice processing and reduce paper trail. You can boost your efficiency and even reduce your costs. 

Analyze Your Vendor Base

Understanding your vendor base is the first step in streamlining accounts payable workflows. According to research by Yardi, only 7% of vendors fall in the category of high-volume vendors and send more than five invoices per month. 

93% of vendors are low-volume and send four or fewer invoices every month.  The high-volume vendors account for nearly 75% of invoices of a real estate firm. They take up significant time and effort as they involve large-scale invoice processing. 

Low-volume vendors often don’t have a single owner in the client company. They may also send duplicate invoices if they don’t receive a clear response. 

How to Streamline High-Volume Vendor Management

Establish a dedicated contact in your company to manage every high-volume vendor relationship. Additionally, consider the following:

Automate Invoices

Yardi can help you automate online approval workflow and eliminate manual scanning and coding. You can streamline vendor payment and record information in Voyager automatically. 

Moreover, encourage vendors to submit invoices using your online platform. It helps you track all invoices from a single touchpoint. Also, consider outsourcing invoice processing if your vendors are unwilling to use digital methods. It can free up your staff and resources to focus on more productive purposes. 

Simplify Management

Yardi comes with VendorShield to streamline and automate vendor onboarding. You can perform verifications quickly and ensure complete compliance. 

All details about a vendor and purchases are available in one place.

How to Streamline Low-Volume Vendor Management

The following steps can help you improve efficiency for low-volume vendors:

Online Vendor Management

Save time and effort by providing low-volume vendors with an online portal. It allows them to send invoices digitally. Moreover, they can update information about their profile directly on the portal. 

This approach eliminates challenges like void checks, duplicate invoices, and rejections. 

Provide Self-Service Options

You can improve your relationship with vendors by offering them self-service options. Your Yardi platform can allow them to track the status of each invoice. They do not need to mail or call anyone. You also don’t worry about missed payments and similar challenges. 

Streamline Invoice Processing Today

Using a technology like Yardi Procure to Pay can enhance your accounts payable processes. It can also help you conserve resources and focus your energy on core operations. 

Contact us at Assetsoft today to find out how you can benefit from Yardi solutions. We can also help you implement Yardi products and provide excellent support. 

YASC Sydney is a prime gathering to learn about the construction and real estate industry. Participants can gather deep insights and unique knowledge to grow their business and success. 

This year, the conference offered valuable knowledge regarding the market drivers of real estate. According to Yardi, five key factors drive the real estate market - interest rates, inflation, compliance, sustainability, and workforce. 

Let's explore each one in detail. 

Interest Rates

Interest rates influence both buyers and sellers. It impacts a person's ability to purchase a property. 

If interests are low, a person can secure a mortgage easily at less cost. This increases the demand for properties.

Consequently, businesses can also secure loans at low rates for development purposes. 

A low interest rate can increase demand and push up prices, too. 

High interest rates lead to expensive mortgages. Demand for properties can decrease, resulting in lower prices. 

The high rate of borrowing can also discourage development initiatives. Construction projects may be postponed or dropped altogether. 

The economy of a country has a direct effect on interest rates. Moreover, factors like policies and government decisions influence borrowing rates.

Inflation

Inflation plays a vital role in the success of real estate. High inflation translates to increased construction and labor costs. 

Projects may be costlier than planned. 

The high cost increases the price of properties and trickles down the buyers. This reduces the demand, and many units may be left vacant. 

Consequently, high inflation may be favorable to real estate investors. It can act as a hedge in times of high costs. 

However, this theory is being tested to the fullest in countries like the US and UK. Long years of inflation have forced the central banks to tighten up. 

The situation can lead to a recession or economic slowdown. It is not beneficial for investors, businesses, or buyers. 

Compliance

A country's construction laws and building codes impact the real estate industry. They also influence how buildings are designed and how they operate. 

Additionally, developers must comply with a range of regulations. The list includes zoning, safety, and more. 

Currently, the focus is also on transparent governance and ethical practices. Green initiatives also rank high on the list. 

Stringent regulations can discourage the growth of real estate. Moreover, changes in regulations can impact several aspects of a project. 

Construction may be delayed or become more expensive. 

On the other hand, favorable laws spur the growth of real estate. There is heightened activity in the development and rental sectors. 

The situation also attracts more investments in the industry. 

Sustainability

The challenges of climate change have made everyone aware of our duties. As a result, sustainability is a vital factor for investors and developers. 

The current efforts prioritize creating resilient buildings. The rate of severe weather events like storms has increased manifold in the past few years. 

Additionally, there is a substantial shift towards efficient buildings to save costs and reduce carbon footprint. 

Sustainability has influenced most real estate and construction aspects, from materials to building design. 

Additionally, the prices of materials like solar panels have increased due to high demand. 

However, government subsidies and incentives are crucial to drive real estate growth. Developers may enjoy tax rebates or exemptions for adopting green practices. 

Workforce

Construction and real estate projects employ a broad range of professionals. The list includes painters, carpenters, plumbers, and more. 

The availability of a skilled workforce is beneficial for the real estate industry. Developers can hire workers at deserving rates to complete projects on time. 

Consequently, a shortage of skilled laborers can create challenges for developers. They may not be able to stick to the planned timeline. 

Additionally, they may need to pay more due to increased labor demand. 

The global workforce also influences the real estate market. For example, most people are not willing to return to the office even after two years after the pandemic. 

This has forced many landlords to repurpose or stop renting office spaces. 

Stay Updated on Market Drivers

Staying on top of market drivers is necessary to make the most of your real estate investments and projects. You should also rely on technology to improve your predictions and minimize disruptions. Assetsoft can help you choose and implement the right technology for your construction firm or real estate agency. Get in touch with us to discuss your project. 

 

YASC SYDNEY 2023 

YASC Sydney is the Australian/Kiwi chapter of Yardi’s annual Advanced Solutions Conference. This platform is created to foster/introduce innovation in real estate software and allow Yardi partners to network and share industry trends. 

What is YASC Sydney 2023?

The Conference welcomes property owners, managers, investors, and others to the latest in property management software solutions and industry insights. YASC Sydney 2023 is not the only Yardi Advanced Solutions Conference organized by the prop-tech giant. The Australian/Kiwi chapter is one of the six events scheduled for late 2023 and early/mid 2024. Each Conference is region-specific and accordingly has the dates allocated to them. 

For example, YASC London is scheduled for 7th to 8th November 2023 at the Intercontinental London - The O2. Meanwhile, YASC Asia, YASC Middle East, and YASC Global (Virtual) will take place in Spring 2024. On the other hand, YASC North America/San Diego is slated for a Fall 2024 date. 

YASC Sydney 2023: Who Can Attend? 

The Yardi Advanced Solutions Conference Sydney 2023 is a platform geared for the expansion of learning and growth in real estate. Classes at the Conference are designed to give Yardi partners in Australia and New Zealand an immersive experience with the suites. For example, spotlight sessions at the YASC offer property owners, managers, investors, and others the latest in property management software innovations.

Yardi experts at the event will also share industry insights to optimize the programs’ accessibility for users. Any consultant looking to expand their expertise with Yardi products and services can find inspiration here. The classes and chat sessions at the Yardi Advanced Solutions Conference offer personal/face-to-face access to product developers. Direct interactions let trainers get into the nitty-gritty of the Yardi suites. 

Recommendations for YASC Sydney 2023

For: Finance Professionals

Recommended: Managing Debt: Introduction

Time: 13:30 - 14:25

Date: Day I - 17th October, 2023

Venue: Room 4

Managing Debt: Introduction: This session lets financial consultants explore ways to expedite their accounting tasks with advanced features and insider tips by 

• Providing insight into Debt Manager’s capabilities to manage debt from both the borrower’s and lender’s perspective. 

• Tips to use this tool to streamline business operations, provide meaningful insights into loan portfolios, and eliminate spreadsheets. 

• Teaching how to centralize loans, track critical dates and covenants, automate accounting, build amortization schedules, and provide complete visibility for business users and key stakeholders.

For: IT Professionals

Recommended: Yardi Elevate: Facility Manager Overview and Reactive Maintenance

Time: 11:30 - 12:30

Date: Day I - 17th October, 2023

Venue: Room 2

Yardi Elevate: Facility Manager Overview and Reactive Maintenance - This session introduces a new UI and purpose-built application for real estate IT professionals. Chief engineers, technicians, and asset managers of commercial buildings can learn how to simplify and streamline tracking equipment and create maintenance plans, inspections, and work orders.

For: Marketing Professionals

Recommended: Yardi Elevate: Retail Manager

Time: 14:30 - 15:25

Date: Day I - 17th September, 2023

Venue: Stateroom

Yardi Elevate: Retail Manager - This class is perfect for marketers, leasing executives, and asset and property managers focusing on a retail portfolio. 

Yardi experts offer advice to explore the features and benefits of Yardi Retail Manager, such as centralized deal entry, tracking, and approvals in one simple-to-use solution. This suite is known to help improve workflows and provide enhanced deal pipeline visibility for both long-term and short-term tenancies.

For: Property Managers

Recommended: Yardi Elevate: Lease Manager

Time: 14:30 - 15:25

Date: Day I - 17th September, 2023

Venue: Room 2

Yardi Elevate: Lease Manager - This class is a must for property managers looking to minimize tenant risk exposure. Managers learn to assess their portfolio’s health by managing collections, pursuits, and tenant communications. Yardi experts teach individuals and teams about visualization of deferrals, abatements, and aging AR. 

For: Investment Managers

Recommended: Yardi Investment Management – Advanced Accounting

Time: 11:30 - 12:30

Date: Day I – 17th October, 2023

Venue: Room 4

Investment Manager: This session can teach managers how to communicate vital information to external investors. Yardi experts teach how to give high-net-worth and institutional investors easy access to documents and portfolio positions with a branded online portal. 

The class will also cover Investment Manager automation that enables users to streamline document delivery, display portfolio positions, and deliver insight into potential opportunities in the pipeline.

For: Asset Managers

Recommended: Yardi Elevate: Facility Manager Preventative Maintenance and Advanced Features

Time: 13:30 - 14:25

Date: Day I – 17th October

Venue: Room 2 

Yardi Elevate: Facility Manager Preventative Maintenance and Advanced Features – Assets managers can join this class to learn preventative maintenance management on equipment. Highlighting the tools of Facility Manager, Yardi experts will demonstrate how a template-based approach streamlines the setup of equipment.

Other crucial topics covered include the creation of high-level or detailed PM routines for consumption on the desktop and Facility Manager mobile app.

Assetsoft was a proud witness to the announcement of Voyager 8’s release in YASC 2023. Yardi’s Advanced Solutions Conference (YASC) kicked off on September 6 at the San Diego Convention Center. 

The event witnessed more than 4,000 participants eager to learn more about Yardi’s new offerings. Anant Yardi, CEO and founder of Yardi, and other executives spoke to the crowd about the latest updates. 

The announcement of Voyager 8 turned all heads in the audience. It is a major upgrade over the previous version in terms of user experience. 

The Global Coworking Unconference Conference (GCUC) North America is an annual event that brings together coworking space owners, operators, and industry experts from around the world. This year's event will be held in Chicago. You can visit the space directly and meet people physically. Previous years had this event on virtual platforms, and this has been a welcome shift for many professionals in this sector.

Impactful people of the co-working space and people who are helping reimagine the flexible workspace are set to come together at this event. GCUC North America is a great space for visionaries to connect and network and claim their space in this industry. 

This one-of-a-kind conference experience is jam-packed with professional insights, forward-thinking discussions, educational programs, breakouts, opportunities for networking, and a showcase of leading partners in the industry. Read this article to learn everything you need to know about this event.