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.