Assetsoft - Blog #Zoho

Assetsoft 2025 Year in Review: Growth, Innovation & Impact

Sat, 03 Jan 2026 06:04:47 -0500

Assetsoft

Real Estate Technology Consulting | PropTech Innovation | Enterprise Solutions

2025 Year in Review

Driving Innovation, Expanding Horizons, and Delivering Excellence

Dear Clients, Partners, and Friends,

As we reflect on 2025, Assetsoft has experienced a transformative year of growth, innovation, and strategic expansion. From strengthening our leadership team to delivering groundbreaking implementations and launching new products, we've continued to push the boundaries of what's possible in real estate technology consulting.

Here's a look at the milestones that define our year.

Leadership Update

We are thrilled to announce that Rachana Khandelwal has been promoted to Vice President at Assetsoft. Rachana brings exceptional expertise, a deep understanding of our clients' needs, and a proven track record of driving operational excellence. Her leadership will be instrumental as we continue to scale our services and expand into new markets.

UiPath Agentic Automation Partnership

We are proud to announce that our automation team has secured UiPath Agentic Automation Fast Track Partner status for Assetsoft. This significant recognition enhances our credibility in automation and AI innovation, positioning us among an elite group of partners trusted by UiPath to deliver cutting-edge agentic automation solutions.

This partnership underscores our commitment to staying at the forefront of intelligent automation and brings expanded capabilities to help our clients accelerate their digital transformation initiatives.

Global Delivery Strength

2025 marked a significant expansion of our global footprint, with a 50% increase in our global team. We expanded our North American on-the-ground support with additional two new team members now based in Canada, enhancing our ability to provide responsive, local support to our growing client base.

This year, we delivered 120+ successful projects globally, a testament to our team's dedication and our clients' trust in our capabilities.

Certifications & Professional Excellence

2025 was a landmark year for professional development. We now have 20+ certified professionals across Procore, MRI, UiPath, PMP, and Business Analytics.

Key certification milestones include:

• MRI Horizon product certifications added to our credentials

• MRI Platform X certifications across our delivery teams

• Full certification coverage across all ERPs and software platforms we support

This achievement means our clients can be confident that every engagement is supported by certified experts in the platforms they rely on.

Landmark Yardi Voyager Implementation

We are proud to have implemented Yardi Voyager for a leading Home Builder client, one of the first in Canada to leverage it for condo sales and construction management. This project demonstrates our ability to deliver complex, first-of-its-kind solutions that set new industry standards.

Zoho One Implementation Success

We're excited to highlight our successful Zoho One implementation for Cayman Building Supplies. This comprehensive project showcased our ability to deliver end-to-end enterprise solutions beyond traditional real estate platforms.

Our team developed custom applications tailored to their unique business processes and seamlessly integrated them into the Zoho ecosystem. This implementation unified their operations across CRM, inventory management, finance, and customer service, delivering a single source of truth and significantly improving operational efficiency.

SAP Concur Expense Integration Partnership

In 2025, we significantly expanded our SAP Concur integration partnership. We've developed robust capabilities to integrate Concur Expense with multiple Real Estate ERP systems, solving one of the industry's most persistent pain points.

Our Concur integration solution now supports:

• Complex expense distribution recorded directly in accounting systems

• Employee expense reimbursement automation with property-level and GL coding

• Corporate credit card reconciliation with automatic transaction matching

• Multi-property expense allocation for portfolio-wide financial visibility

This integration eliminates manual data entry, reduces errors, and provides finance teams with real-time visibility into expense data across their entire portfolio, regardless of whether they manage Yardi, MRI, or other real estate ERP platforms.

Marketplace Innovation: Yardi Virtuoso Agent

We launched the Yardi Virtuoso Agent, a groundbreaking solution that brings agentic AI capabilities to property management workflows. Distributed through the Yardi Marketplace, Virtuoso Agent represents the next evolution in property management automation, helping property managers work smarter and deliver better outcomes.

MRI Software Platform Excellence

We developed and deployed Banking Integration and Bank Reconciliation Automation for MRI Software Platform X. This solution streamlines financial operations by automating manual bank reconciliation, delivering faster close cycles, improving accuracy, and reducing operational overhead.

Engineering & QA Excellence

Our automation program achieved remarkable results in 2025:

• ~99% reduction in manual intervention across delivery processes

• Standardized delivery via Azure DevOps, ensuring consistency and traceability

• Improved reliability and speed of releases, enabling faster value delivery

Industry Engagement

We maintained active participation in Procore Community events and engaged with quarterly product releases from our key technology partners. Our teams stayed at the forefront of developments in AI and financial management for construction customers. Are Yardi, MRI and Zoho conferences not part of Industry Engagement?

Investing in Our People: AI Training Initiative

Every member of our staff participated in comprehensive AI training programs focused on real estate applications. This initiative positions Assetsoft as a truly AI-ready consulting firm, capable of guiding our clients through their own AI transformation journeys.

Looking Ahead to 2026

As we close out 2025, we're incredibly proud of what our team has accomplished. From leadership transitions to landmark implementations, from product innovation to operational excellence, this year has been defined by growth, resilience, and a relentless focus on delivering value.

With a stronger team, expanded capabilities, and a commitment to innovation, Assetsoft is poised to continue leading the real estate technology consulting space.

Thank you to our clients, partners, and team members for making 2025 a year to remember.

Ready to Transform Your Operations in 2026?

Let's discuss how Assetsoft can help you achieve your technology goals.

📧 info@assetsoft.biz | 🌐 www.Assetsoft.Biz

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Managing Construction Projects with Zoho Projects | Complete Guide

Tue, 30 Dec 2025 05:22:26 -0500

Construction and renovation projects in real estate demand extraordinary coordination. From managing contractors to tracking budgets and ensuring compliance, property managers face complex challenges that spreadsheets cannot handle. Zoho Projects offers a comprehensive solution that brings structure, visibility, and efficiency to even the most demanding building projects.

Why Property Managers Need Dedicated Project Management Software

The construction industry continues to experience rapid growth, with an increasing demand for modern technology solutions. Whether you're overseeing a tenant improvement buildout, a significant renovation, or new construction, the number of variables you need to track grows quickly. Material procurement, labor scheduling, permit approvals, budget constraints, and stakeholder communications all compete for your attention simultaneously.

Without proper project management infrastructure, delays cascade, costs overrun, and communication breaks down. This is where Zoho Projects transforms how property managers approach construction and renovation work.

Key Features for Construction Project Management

Visual Project Scheduling with Gantt Charts

Construction projects are inherently sequential. You cannot paint walls before drywall is complete, and the electrical rough-in must happen before insulation. Zoho Projects' Gantt charts allow you to visualize every phase, set task dependencies, and immediately see how delays in one area ripple through your entire timeline. The baseline feature lets you compare current progress against your original schedule, keeping everyone accountable.

Budget Tracking and Cost Management

Construction budgets are notoriously difficult to control. Zoho Projects enables you to set project budgets, choose billing methods based on staff hours or project milestones, and track spending in real time. Built-in alerts notify you when costs approach or exceed predetermined thresholds, enabling proactive decisions rather than discovering overruns after the fact.

Resource and Materials Management

Managing equipment, machinery, and construction materials requires careful tracking. Zoho Projects lets you add building resources, categorize them appropriately, and ensure supplies are available when needed. The digital inventory system reduces human error and prevents costly delays when critical materials are unavailable at job sites.

Document Management and Compliance

Construction projects generate extensive documentation, including permits, blueprints, contracts, inspection reports, change orders, and safety records. Zoho Projects provides centralized cloud storage accessible to all stakeholders. Version control ensures everyone works from the latest information, while role-based access controls keep sensitive documents secure.

Real-World Success: How Organizations Use Zoho for Property and Construction

Property management organizations worldwide have transformed their operations using Zoho's ecosystem. Prime Property Care, a London-based HMO management company, doubled its property portfolio without adding staff by building unified workflows on Zoho Creator. Their administrative time for room marketing and tenant onboarding dropped by 80 percent.

Similarly, PropertyAngel in Bangalore automated its entire backend operations using Zoho Creator, saving an estimated $500,000 compared to building custom solutions from scratch. These implementations demonstrate how the Zoho ecosystem scales from simple project tracking to comprehensive business automation.

For construction-specific implementations, organizations have integrated Zoho Books with Zoho Projects to track construction finances alongside project milestones. This integration provides real-time insights into project progress and financial performance, enabling better decision-making throughout the construction lifecycle.

Streamlined Communication Across Stakeholders

Construction projects involve diverse stakeholders: project managers, contractors, subcontractors, architects, inspectors, and property owners. Zoho Projects reduces the communication burden on managers by enabling direct communication with the workforce. Quick announcements, site photo sharing, RFI submissions, and feedback happen instantly through the platform.

The issue management features help teams catch defects earlier, before they require expensive revisions. When someone logs an issue, the system can automatically trigger predefined corrective workflows, ensuring nothing falls through the cracks.

Integration with Your Existing Tools

Zoho Projects integrates seamlessly with other Zoho applications and third-party tools. Connect with Zoho CRM to map construction contracts to relevant projects link with Zoho Books for automated expense tracking and invoicing. Integrate with communication platforms for real-time updates. For property managers already using accounting software like QuickBooks or enterprise systems like SAP, Zoho Creator offers integration capabilities to connect your construction management workflows.

Mobile Access for Field Operations

Construction management happens as much on job sites as in offices. Zoho Projects' mobile applications for iOS and Android let project managers, site supervisors, and contractors access project information, update task status, and communicate with teams from anywhere. This mobility ensures decisions happen in real time rather than waiting for everyone to return to their desks.

Getting Started with Zoho Projects for Your Next Project

Implementing Zoho Projects for construction and renovation management starts with understanding your specific workflows. Map your typical project phases, identify key stakeholders, and determine what metrics matter most for your organization. The platform's flexibility means you can start simple and add complexity as your team becomes comfortable with the system.

At Assetsoft, we specialize in helping real estate organizations implement technology solutions that transform operations. Our team understands both the construction industry's unique challenges and the capabilities of the Zoho ecosystem. Whether you're managing tenant improvements, capital projects, or ground-up construction, we can help you build workflows that bring visibility, control, and efficiency to your projects.

Ready to transform how you manage construction and renovation projects? Contact Assetsoft today to discuss how Zoho Projects can streamline your property management operations.

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Features of Zoho CRM That Property Managers Should Know

Tue, 08 Feb 2022 22:41:02 -0500

Installing Customer Relationship Management (CRM) software is a sure shot at improving your business relationships.

Why Do You Need a CRM Software?

Client satisfaction is what drives a company forward. But as a property manager, you also know that customer relationship management uses a substantial amount of data. First, there is the essential data- the personal information of your tenants and potential clients. Then there are the mails, the endless transaction records from previous years. Even without counting your business's marketing campaigns and sales drive, it constitutes a massive amount of data.

Benefits of CRM

A streamlining of all this excess information is what CRM software promises. This technology is beneficial for smaller businesses because they help cut down labor-intensive tasks. Consulting firms offer crucial software like Zoho and MRI to help these companies optimize their systems.

CRM technology helps centralize your business operations on one platform. It helps you stay at the top of your game by prioritizing customer relations. You can manage everything from sales negotiation to complaint resolutions on this platform.

Zoho CRM

Zoho CRM software boasts state-of-the-art technology that can take your business to the level. Powerful integrated tools like the AI assistant Zia can perform the same tasks as you, only quicker and more efficiently. With this technology, your team no longer have spend hours pondering over functions like lead generation and deal predictions.

As a client, you can choose from three versions of the software- Zoho Standard, Professional, or Standard. However, implementing any three CRM software can give you benefits like increased sales, a more efficient workforce, improved client retention, and more.

An internal survey advertizes impressive feats like a 300% improvement in lead conversion rates and a 27% rise in customer retention. Such accomplishments are made possible because of features like

Predictive Sales and Intelligence

The software's built-in AI assistant, Zia, plays a significant role in streamlining business processes. It can execute tasks ranging from budgeting and forecasting to computing sales numbers. One exciting feature of this AI is that it can predict the likeliness of a deal going wrong or right. This lead and deal prediction tool gives you an insight into the vulnerabilities and strengths of your sales pitch. The sales forecasting with Zia Ai uses a comprehensive reading of the existing market and sales data before making the forecasts. The technology tackles lead from every possible angle by

Being updated on market trends and sales history
Excluding bad leads
Assigning team members based on their skill
Testing all potential outcomes of the sale strategies

Meanwhile, Zia Voice, the voice-automated assistant, can help you with assistive tasks, including;

Running searches
Fetching records
Charting metrics
Taking notes
Placing orders

Calling tenants

Platform Customization

One of the best things about Zoho CRM is that this software is completely customizable. Some of the most helpful features of this technology include a custom layout to an option for creating your icons. You can even tweak the system to adapt to your local language and currency without any problem.

If you are a property manager in charge of multiple residential and commercial areas, this feature is sure to come in handy. The system has provisions for various layouts for your different businesses. You also have the option of validating data before it enters the system. Such a tool ensures that the correct information ends up properly and nothing goes haywire.

The filtering tool can save you a lot of time among the customization features. Adjust the views and the filters to the correct setting and get hold of the data you are looking for. This tool helps you customize your process by

Creating unique segments to collect specific information
Customize actions that would otherwise require constant watch, resulting in workplace optimization
Create specific landing sites to capture the correct CRM data
Be updated on crucial information to strengthen sales pitch/tenant interaction

Omnichannel

Zoho CRM lets you reach out to several leads across many channels from the same platform. Connecting your social media accounts to your business is old school. The software's technology lets you execute tasks like

Interact with leads as they enter the website via live chat
Customize Zoho SalesIQ to track visitor movement so that the sales team can use the data for future pitches

Organized specialized surveys for data collection
Autolog and update each call with added notes

Integrated System

Zoho CRM software works best for property managers because of its integrated framework. This system reduces workforce inefficiency by bringing different business channels under one roof. This integrated approach to customer management makes the software suitable for property managers.

Workforce Efficiency

For example, the finance team may collect the relevant accounting data for a particular month. With an integrated CRM system, a team handling the complaint resolutions can access the same data and use it to resolve the customer's issues. With this system in place, the entire workforce works as a single entity to ensure customer satisfaction.

You can also install a chat tool in the CRM for maximum collaboration. This way, each team can remain easily updated on vital information, deals or announcements.

Hiring a Tech Partner

To receive the best possible outcome, look for professional, trustworthy tech firms to assist you. A Zoho-certified partner is a must if you want to take advantage of all the relevant features of the software. Since it is an extensive system, it can take you and your team some time to get the hang of things. Here is where the Zoho certification comes in handy.

The tag means that the software's parent company has recognized the firm. The implication is that these people know the system inside out and can help you be as familiar with the technology as them. Besides these, a team with Zoho certification also knows how to install the software correctly into your company's system. Since in itself, Zoho is fully customizable, they will also tweak the tools to create a unique, user-friendly interface.

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The Ultimate Guide To Mobile-Friendly Property Management

Mon, 04 Oct 2021 11:30:00 -0500

It is no secret that people spend most of their time glued to their smartphones. In the real estate industry itself, 44% of residents won’t rent an apartment without a reliable cell phone connection. In today’s age of convenience and mobility, tenants need more than just traditional property management options.

Mobile-friendly property management needs to be your priority. It provides an easily accessible platform not only to your tenants but also to your employees. If you are unsure about making the move, here are some advantages of going mobile with your property management business.

Benefits Of Mobile-Friendly Property Management Software

Increased responsiveness

Mobile communication is becoming increasingly popular, considering nearly half of all emails are read on a mobile device. Property managers who have access to mobile apps can respond to tenants faster. Whether it is a maintenance issue or a general query, you can solve them right away.

Similarly, you can close more leads by responding to them within the ideal time bracket of 5 minutes. Whether you are constantly traveling or want to work after office hours, mobile apps help you stay in touch with your business.

Better experience for renters

Whether it is finding a property or leasing one, renters like to use their phones for their property management needs. A survey by the American Apartment Owners Association revealed that 4 out of 10 renters preferred using their phones for apartment hunting. By meeting the requirements of your tenants, you can create a positive user experience.

This will increase your tenant retention rate and create a sense of community among them. Tenants can also easily reach out to you regarding any issues which makes you more reliable as a property manager.

Manage employees

Being able to manage your work on the go is one of the key benefits of using a mobile device. You can access business data, assign tasks and check work progress with a few taps on your phone. In case of emergencies, employees can still handle their work even without access to their computers.

How to get started?

Taking a step-by-step approach to mobile-friendly property management helps you manage your work better. You can start by going mobile with these processes and add more as you progress.

Tenant screening

According to MySmartMove, property managers screen at least two applicants per vacancy. When you are handling a large number of properties, screening multiple applications during office hours can be difficult. Instead, you can use a mobile app to both collect and screen the applications using predetermined criteria.

Track maintenance

When tenants submit maintenance requests, they expect you to fix them as soon as possible. The best way to solve tenant issues within a minimal time is through your phone. Several apps let you track maintenance requests and assign tasks to technicians and employees. Tenants can also use these apps to submit requests for a quicker response.

Collect payments online

According to a survey by Tenant Cloud, 89% of respondents want online rent payment as an option. Using a mobile app like RENTCafé Resident, you can easily keep track of any late or missed payments. Sending reminders and in-app notifications is also easier through mobile apps. Tenants can also set up recurring payments and access account details whenever they require.

Accept e-documents and signatures

With apps that facilitate e-signatures on leases, you do not need to wait for wet signatures anymore. Tenants can use the app to review and sign any documents through their mobile phones. You can also send a digital copy of the documents to their app. It helps you organize and access the paperwork from anywhere.

Must-have property management apps

If you are looking for a mobile property management app, there are several options available in the market. However, choosing the right one can change the way you manage your business. Here are some of our favorite apps that every property manager should own.

Yardi Maintenance Manager Mobile

Yardi offers many mobile solutions for different real estate requirements. Yardi Maintenance Manager Mobile allows property managers to manage their work through a phone or tablet. You can easily assign work and track the progress through the app. It also gives you location access to technicians, so you can see the real-time progress of the task. The app comes with simple features such as drag and drop work assignments.

Zoho Mobile CRM

Zoho Mobile CRM helps you close more deals by managing lead communication. The app comes with features like tracking client visits, updating contacts, and assigning tasks to employees. It creates a connected environment where you can stay in touch with your leads, clients, and team simultaneously. You can also share and analyze data through their sales analytics dashboard.

MRI Resident Connect Mobile App

This app by MRI Software is not just for property managers but also residents. Property managers can manage communication and access necessary tenant information. Residents can use the app to make timely payments, communicate with each other and also renew their lease online. They can also submit and track maintenance requests through the app.

Salesforce Mobile CRM

Salesforce Mobile CRM helps property managers with lead conversions through helpful features. It lets you track emails and calls and also sync information from your inbox. You can manage contacts, follow up leads and view your sales data. The app also provides customizable reports to give you better insights into your business.

Start your mobile property management journey through Assetsoft

At Assetsoft, we help clients make the optimal use of property management technology for their business. We design tailored strategies and implement them through state-of-art software such as Yardi, MRI, Salesforce, and many more. Our team of experts understands your requirements and provides solutions even for complex requirements.

From artificial intelligence to machine learning and data analytics, we can help you choose the right technology for your business. By choosing Assetsoft, you can leverage the best technology and resources in property management.

Book a consultation call to know more about Assetsoft!

Top Bookkeeping Essentials For Property Accounting

Thu, 10 Jun 2021 11:00:00 -0500

Bookkeeping can be a tedious task in the real estate industry because of the large number of transactions. A majority of Americans live in rental accommodation, with 41% of them renting single-family homes.

As a property manager, accounting for the client’s property will be your responsibility. If you have just started with property accounting, getting your bookkeeping fundamentals right can set a strong base for you.

Here are the top bookkeeping essentials to get you started.

1. Know the Guidelines

Every state has specific rules that serve as guidelines for property accounting.

For example, most states in the US have set a limit on the security deposit amounts that can be collected from tenants. Keeping up-to-date with the property accounting guidelines of your state can save you, your tenants, and your clients from legal hassles later on.

If you find administrative guidelines hard to understand, you can seek the help of a professional who specializes in real estate accounting.

2. Choose an Accounting Method

As a property manager, you can choose between two accounting methods to keep your books: cash-basis and accrual.

Cash-basis accounting is popular for its simplicity. It accounts for the cash as it is received or paid. The accrual method, on the other hand, records the revenue and expenses when they are generated.

A major disadvantage of cash-basis accounting is that it does not consider the accounts payable and receivable. It can show a profit for the company on the books when in reality, the company still has a large sum to pay.

The accrual method can be complex but is also more accurate. It records every anticipated transaction, which is a better way to gauge the financial health of the firm.

3. Choose A Bookkeeping Method

After accounting, you need to choose a bookkeeping method. There are two ways to do this: single entry method and double-entry method.

In the single entry method, you record each transaction only once, as income or expense. You can either use a single column or split it into two columns for both entries. This method is suitable for simple businesses.

If you own or manage several properties, you should go for the double-entry system. Here, you enter each transaction twice--one as debit and the other as credit. It can be more work, but it is better than maintaining several ledgers for different properties.

4. Organize Your Entries

Most property managers opt for accounting software to organize their transactions. Unlike spreadsheets, accounting software is designed to simplify the process of recording financial transactions.

Cloud-based software like Yardi Voyager combines property management and property accounting into a single platform. You can access and modify the financial data from anywhere if you have a connectible device.

5. Set Up Your Chart of Accounts

Setting up a chart of accounts helps you organize your financial entries by categorizing the transactions. You can use it to generate reports, measure performance, and go through past entries.

Depending on your business needs, the chart of accounts can be divided into as many divisions as you want. For example, you may have different accounts for “maintenance,” “insurance,” and “advertising.” Basically, it is a list of all your assets, liabilities, income, and expense accounts. A chart of accounts contains a few columns.

Every time a transaction is made, you enter it in the chart. Include an additional column to write in any details about the transaction. Make sure that every transaction is recorded in the chart.

You can use something as simple as an Excel sheet to create a chart of accounts. But, a more efficient way is to use accounting software. For example, ZohoBooks is an excellent software to keep track of your transactions. It manages your finances by automating business workflow across departments so you can access all the financial information with ease.

6. Separate Your Personal and Business Accounts

You should separate all your real estate transactions from your personal account. This helps to keep all your business transactions in one place. You can quickly go through the account history to know about processed and pending transactions.

If you mix it up with your personal account, it will be difficult to separate business transactions from personal ones. This can lead to poorly managed cash flow and disorganized books. Experts say that mixing your personal and business accounts is an early mistake that could add tax costs.

Having a separate business account makes you more professional from the client’s perspective. Clients prefer issuing checks in the name of your business, which increases your credibility as a property manager.

Other than a business account, it is good to have separate accounts for security deposits as well. Many state laws demand that a landlord or property manager hold the security deposits in separate escrow accounts. This makes the funds readily accessible when a tenant decides to move out.

If your state allows it, you can also hold the security deposit in a trust. That way, you can keep track of the income and expenses generated per client.

7. Organize Documents

Organizing your documents to support your accounting books can help you solve discrepancies later on. Some of the documents that you should keep are:

Bank Statements
Invoices and Receipts
Insurance documents

Tax returns
Contracts and Leases

You can keep a physical copy of the documents or store them online. But if you choose to keep them digitally, make sure to use a secure platform. Storing them digitally can help you maintain and track them easily, even a few years down the line.

8. Keep Track of the Collections

Keeping track of the collections can be difficult and time-consuming. But by following a few simple steps, you can easily complete this process.

The first step is to improve the terms of your invoice. If you use effective invoice terms, your payments will get quicker. Use these tips to make better invoices:

Include the contact information, due date, and the amount to be paid.
Keep track of your payments by numbering the invoices.
Accept multiple smaller payments to clear a large bill.

Next, you can collect payments through online platforms. Automating payments is the best way to make sure you receive them on time. It can send automated reminders to clients, enable online payment collection and alert you on missed payments. It also ensures transparency and security, as all the financial details of the client are encrypted.

9. Prepare for Unexpected Expenses

One business mistake that most property managers make is thinking that their properties will always be rented. Cash flow in real estate is not stable. Say three out of your ten properties aren’t rented for a few months. That’s a 30% reduction in your revenue. If you have to pay the mortgage for those few months from your personal account, you are not doing it right.

A CNBC study says that nearly 20% of American renters are behind on their payments. If you encounter expenses due to late rent payments, repairs, and unexpected maintenance, then your emergency fund can save the day.

You can also be better prepared by analyzing the expense reports of previous years. Also, consider worst-case scenarios such as a tenant breaking the lease or an unexpected leak in the property. Calculate the numbers to decide how much you should save in the emergency fund.

10. Regularly Reconcile Your Bank Accounts

Keeping track of your collection can be worth nothing if they aren’t reflected in your bank account. Regular reconciliation of accounts can help detect missed transactions, incorrect numbers, and duplicate entries.

You should reconcile the accounts at least once a month to ensure accuracy. The process includes identifying bank errors, time delays, and other mistakes and rectifying them using relevant documents.

Many property managers put off reconciliation as it can be time-consuming. A simple solution is using software like Zoho Books to initiate the reconciliation of your bank accounts. You can choose to do it at the end of every month or a period of your choice.

11. Save on Tax Deductions

If your records are up-to-date and accurate, it’s easier to save money on tax deductions. You can claim the cost of education, travel, and professional services you hired for your businesses.

Given the Covid-19 pandemic, tax laws have been changing from time to time. Keep track of the current tax code to build an effective tax strategy.

Good accounting practices can spare you a lot of liabilities and make your business flourish. It is not enough to just update your knowledge. Instead, you should implement it in your business strategy. Sparing few minutes a day to manage finances can go a long way.

Having a solid grasp of bookkeeping fundamentals, along with proper software, can make bookkeeping an easier task.

If you have difficulties finding the right software for bookkeeping, we have the right solutions for you.

At Assetsoft, we ensure seamless implementation of all the necessary tools to build automation software that fits your requirements. We provide complete solutions to all your software needs through multiple systems like Yardi, Uipath, and Zoho, among others.

Talk to us to know more about how we can help you with your back office accounting needs. Outsource your bookkeeping and focus on what’s more important. Contact us today!

Project Management in Real Estate

Fri, 04 Jun 2021 11:30:00 -0500

Project management is a key skill for all companies. It’s easy to see why: projects lead to growth, and management leads to completion. However, we’ve worked with several clients who had several misconceptions about project management.

This skill isn’t solely to stay on top of projects and allocated resources. However, it’s not strictly leadership, either. You also need to keep in mind several techniques, steps, and tools.

Summarized, it’s a bit more complex than most people assume. That’s what we’re solving in this article.

What exactly is project management?

As per the basic definition from Investopedia, project management plans and organizes company resources to complete tasks. This process can take a few hours, days, and even months. It can be a one-time project or an ongoing process.

In other words, project managers make sure that the company’s resources are used properly towards the initial goal. It streamlines tasks, allocates budgets, and monitors teams towards completion.

It’s easy to see why project managers are vital in real estate. Constructions and renovations require supervision to provide optimal results.

However, companies benefit greatly from internal project managers. For instance, our project management services also take care of software implementation and similar internal tasks that boost your company’s regular operations.

Project management vs project leadership

Project managers and leaders are often terms used interchangeably. Managers in general are referred to as leaders, and that’s not always true. Leadership is an excellent talent for a project manager, but the position doesn’t demand for leadership.

According to PMI, leadership leads to change, and it’s commonly a contradiction to management. It looks to create common visions for different individuals, and it’s primarily a moral or motivational approach to management.

In other words, leadership is idealistic whereas management is practical. The former relates to directing people, and the latter focuses more on proper planning and handling budgets.

Is a project manager also a project leader?

As you might’ve guessed now, they can be, yet that’s not always true. Some agree that the best leader is also a great manager, and vice-versa. Others claim managers can perform perfectly without being a strong leader.

This article by the EDUCBA establishes the main difference between the two, but it makes an interesting point. There’s no hope without vision, and it focuses on the benefits of leadership above mere management.

We can’t really say we agree with the statement that all leaders are managers, as there’s always an exception to the rule. However, leadership is always a worthwhile aspect to look for in project managers.

How is project management part of real estate?

Done has a great introduction to the role of project management in real estate. As we already mentioned, project management is necessary for all companies, regardless of their size and budget.

A good project manager is how you can maintain operational efficiency, including optimized budgets and meeting deadlines. In real estate, management software is vital for proper project management.

Project management helps you ensure communication between your resources and teams. It enables collaboration and reviewing. That’s key for reducing risks, as all teams are aware of what the other departments are doing via their manager.

It’s also responsible for creating reports to help you track your company’s projects. That’s critical if you want to spot which projects aren’t meeting your expectations to relocate resources accordingly.

Why is it important?

The main benefit of implementing professional project management is aligning your different teams towards the same goal. It lets you get the most value possible from your different departments. That’s crucial if you’re expecting noticeable returns from your projects.

Managers are also responsible for monitoring all teams assigned to your projects. That plays into the reports we already mentioned. People are prone to drifting away from projects as their focus diminishes, and managers prevent and resolve that problem.

Finally, it keeps your projects within your budget. If you lack project management, it’s easy for projects to go over your budget. The main problem is how easy it is to occur if you’re not actively tracking your projects. If things get too out of hand, your entire project’s profitability might be nullified.

How to choose management software

The real estate sector has a plethora of apps available to boost your company’s efficiency. Techopedia has a great article explaining what these tools are exactly. Knowing what you should expect from your platforms is key for ensuring proper implementation.

According to the article, you should look for software that lets you:

Plan, schedule, and map projects.

Create and assign different tasks, each with appropriate deadlines and reports.
Share files and documents with different teams for real-time collaboration.
Create project timelines with calendars for meetings, specific activities, and contacts.
Report and resolve bugs in the system and errors within the tool and your teams.
Track the time every task is taking.

Best software available today

With that in mind, we’ve gathered a list from what we believe are the best project management systems for real estate companies. We’ve added entries from PCMag’s list and our own experience working with customers.

Zoho

Zoho is easily the first recommendation, and we’ve worked personally with the platform. It enables your teams to communicate seamlessly with each other, and it adds extra features like CRM tools and social hubs.

GanttPro

GanttPro is a cost-effective system for smaller companies with tighter budgets. It’s a worthy recommendation thanks to its Gantt and Kanban functionality, which we’ll get to in a minute.

Office 365

Office 365 is a standard app suite that’s been around for years now. We’ve helped countless companies implement this platform, so we can attest for its effectiveness. It offers text documents, spreadsheets, slide presentations, and more. All of its tools allow for real-time collaboration, too.

MRI Software

MRI is one of the best property management software providers today. Their solutions adapt to virtually all portfolios, company sizes, and budgets. You can streamline—and even integrate automation scripts—for your entire back office. That includes accounting and plenty of project management features.

Yardi Software

Yardi is somewhat similar to MRI in that it’s one of the industry’s standards for property management. It comes with plenty of advantages like additional marketing features and several platforms, like Breeze and Voyager, to accommodate different company sizes.

The basic steps of project management

Project Engineer has a good article describing the five basic steps of project management. Naturally, these are basic phases for projects in general, and the specific steps will differ between companies.

However, understanding the foundation of project management allows you to find out what to look for in potential talents.

Initiation

The initiation stage is basically establishing that the project will occur. Before planning, you need to define authority lines and a general outline of the project. During this step, goals and expectations are usually addressed.

This step shouldn’t include budgeting. That’s because planning is vital for understanding the resources you’ll need for the project. However, assigning a project manager can be part of the initial phase.

Planning

Planning is when the company shapes the project. That means stating the scope of the project and breaking down the project structure. Scheduling and budgeting for the different tasks and activities also takes place during planning.

Other additions to the planning phase includes risk, quality, communications, and human resources management. Success factors and procurement management are also common for many companies. These depend directly on the project’s size and requirements.

Execution

This phase marks the start of the project. It begins with managing the project team that the company assigned during planning. That includes monitoring their training and performance. Naturally, the latter includes auditing the tasks carried out by every team.

The project manager is also responsible for ensuring communications during execution. They must stay on top of all emails, letters, and updates made to the project. The same is true for procuring vendors and managing stakeholders.

Monitoring

Monitoring is what most people assume project managers are responsible for. As you can see, it’s only part of their responsibilities. That said, it’s worth noting it’s still the phase where project managers are vital.

The Project Engineer article we mentioned breaks down this step with lots of detail. Basically, project managers employ several techniques and calculations to monitor the profitability of the project before compiling results.

Conclusion

Finally, the project must conclude clearly after completion. It starts with a closure report, which should’ve been created and updated continuously during the previous phases. This report must offer insight into what the project did well and wrong for future reference.

Other steps for the conclusion phase include closing contracts, giving completion certifications to those demanding it, assessing liabilities, and similar tasks.

Main project management techniques

It’s not difficult to find a project manager, but that doesn’t mean you should settle for anyone. The best project managers offer a wide range of techniques you can leverage to ensure you meet your goals.

ProjectManager has a great article on the fundamental techniques for project managers. These are worth keeping an eye out for if you really want to boost your company.

Work breakdown structure

WBS basically refers to organizing projects into smaller tasks. It enables project managers to decompose works into easier-to-track processes, and it’s usually a graphic visualization of the entire operation.

It lets teams to focus on more precise tasks instead of the entire picture. Therefore, it’s easier to tackle each one, and it’s more satisfying for your staff.

Gantt chart

Gantt Charts let you plan and schedule your tasks for different projects. They’re great for visualizing milestones and how your results compare to your previously-planned timelines.

You can establish the entire project schedule into deadlines and timelines, according to the relationship between different activities and phases of the project. Essentially, it lets you visualize how much of the project is completed within certain timelines.

Program evaluation and review technique

Also known as PERT, it helps you estimate deadlines for your project. It’s a vital technique since estimating completion times can be a challenge, even for simple tasks. It’s been around for over half a century now, and it’s still a popular management technique.

It basically uses statistics to measure probability. It combines with WBS to predict how much every task is likely to take before completion.

Critical path method

CPM is a bit older than PERT. It starts off with a breakdown of all tasks, how much each one will take, and how they link with each milestone you wish to achieve.

Once that’s done, you calculate which tasks are critical for completion. To do so, you figure out the longest period—i.e. The earliest you can start and the latest you can finish without hindering schedules.

Kanban

Kanban lets you monitor projects by emphasizing constant delivery without risking team burnout. Therefore, it boosts efficiency.

It works great with WBS since you can create smaller tasks that your teams can deliver constantly. Instead of assigning ten tasks by the end of the month, you can schedule one task every three days.

Project management with Assetsoft

Make project management simpler. With Assetsoft, you can automate everything from reviewing invoices to reading emails. We can also help you with back-office accounting to keep the account books in good shape. Our PropTech and advisory solutions also help you choose the right ERP for your business that can streamline and automate your work process. Know more today!

Contact Tracing & Opening Buildings

Fri, 14 May 2021 07:00:00 -0500

By now, we’ve gotten used to working remotely, avoiding crowds, and using face masks and hand sanitizer.

It might be a while before these habits start going away, but many of these changes might be here to stay. Remote work, for one, has shown companies and employees alike that it can be an ideal working method to keep.

Are you ready for the time when you start opening your doors again? This article will go through several considerations you might want to keep in mind.

What is contact tracing?

Contact tracing is one of the main strategies states will implement while lifting their quarantine. WebMD has a comprehensive article explaining the concept and how it works. Simplified, it’s a strategy to reduce the spread of COVID.

While many states have failed to implement this approach, the strategy has been around for decades—or even centuries. Now, thousands of contact tracers will be necessary to minimize future outbreaks.

Right now, contact tracers are starting to work, as businesses get back to functioning. Still, you need to play your part and implement this strategy into your company.

The procedure

Contact tracing is fairly self explanatory. You need to keep track of anyone you know who’s tested positive for the virus or might have it. Once you identify risky individuals, you’re supposed to help isolate them to keep the virus from spreading.

It’s very detectivesque. You need to work with them to identify who they might have had contact with. Then, you repeat the process with these people: isolate and work with them to find out more.

It sounds primitive, and that’s because it kinda is. Still, it’s a proven way to disrupt the transmission chain. Think of it like a spider web. Every individual you isolate is a node. Every contact they had is the connecting thread. You’re disarming the web one section at a time.

Privacy implications

You might have doubts regarding whether or not this means violating your staff’s privacy. However, that’s not necessary. In fact, public health teams only contact people identified as potential infected. There’s no need to reveal their personal details or even identity to anyone else.

You can communicate with your personnel via email and messaging apps. It’s actually straightforward to send the necessary messages without including delicate information. Preventive measures should be generalized, anyway.

Right now, public health experts prefer to assume someone is at risk, regardless of the type of exposure, as long as they’ve been exposed to an infected individual. Combine that with remote work, and ensuring privacy isn’t a problem.

Contract tracing might create jobs

The last highlight in the WebMD article is how contact tracing can provide work for currently unemployed people. There’s a huge need for contact tracers in the public sector. Similarly, companies should consider performing their own contact tracing, thus hiring more workers.

Contact tracing takes lots of time. You need to communicate with the people, trace their contacts and reach out to others, and even aid their isolation. Contact tracing offer involves helping with groceries, medical care access, and other supplies.

Luckily, the harder step is actually to plan the entire approach. Finding the necessary resources should be quite straightforward as long as you have the budget.

Opening buildings post-lockdown

On the other hand, we also need to consider reopening our doors after months spent in quarantine. You might think it’s only a matter of cleaning up and letting your teams stroll right in.

Well, it’s not as easy as many people believe. Case in point, the Center for Disease Control and Prevention has an entire article on how to reopen after the quarantine. Long-term inactivity can breed several health hazards inside any building.

We all know how problematic mold can be, but there’s a couple of other factors you might not be considering. Let’s analyze what you need to assess before opening your building.

Mold

Mold comes from moisture, and anyone who’s lived in humid regions knows how problematic it can be. It can grow almost anywhere: wallpaper, drywall, tiles, fabric, and wallpaper. Thankfully, it’s far from life threatening.

That said, it can cause serious discomfort and significant complications for people with compromised respiratory systems. People with allergies and weak immunity should stay away from moldy buildings until they’re cleared.

Enterprise real estate firms have access to special consultancy. You should hire professionals to assess whether or not you have mold in your building.

Legionella

Legionella is a bacteria that can spread in stagnant water in plumbing systems. Stagnant water often offers the ideal temperature for Legionella to grow, especially considering how disinfectants tend to stop working.

Legionella is responsible for Legionnaires’ disease, a special risk for immune-compromised individuals. It’s particularly problematic because how it can spread via aerosol, which means flushing and cleaning certain areas can be dangerous.

Just like with mold, you should consult with a water management and purification specialist. You must ensure your entire water system is safe before exposing your resources to it.

Metal leaks

Finally, copper and lead can be a prominent health risk, even worse than what we already mentioned for many people. These metals can make it into drinking water. That’s because corrosion tends to occur when water usage is either low or non-existent for prolonged periods.

It’s more dangerous for children than adults, but that doesn’t mean your company should take it lightly. Stagnant water within pipes can even act as a catalyst for corrosion, even if you’re using anti-corrosion chemicals.

Proper guidance is available within the real estate industry, and it’s a worthwhile investment that will save you lots of costs and losses down the line.

What does all of this mean for your company?

All of these factors are important obstacles to assess, but they don’t have to become bigger deterrents than they actually are. Everything comes down to proper management, and today, CRM and ERP software and consultancy services offer the solutions you need.

For instance, CRM platforms have been lifesavers for many companies during quarantine. You can use many CRM platforms and their advanced features to help your contact tracing efforts, for instance.

Platforms like MRI or Yardi software also let you track all your investments and projects until completion. That’s vital for building assessment solutions and maintenance before reopening your company.

Our best pick for going back to work: Zoho

Zoho is easily our top choice for your work reincorporation needs. It’s an industry leader when it comes to CRM management for real estate firms. It comes with every feature you need to keep contact with your clients and resources.

Zoho is aware of the challenge many companies will face going back to work after the lockdowns. That’s why they’ve enabled their BackToWork service for everyone to adapt to the prominent changes the industry is about to face.

Zoho lets you comply with safety guidelines, with plenty of tools to assess your building and trace your contacts. In fact, it’s one of the first systems to integrate these features into their package. You can streamline vital communications to make your entire reopening a lot smoother.

Comprehensive feature modules

Zoho’s BackToWork program has all the features any real estate company needs to ensure effectiveness.

Admin control

Firstly, you have your own admin control center. It lets you track your facilities’ statuses and their safety levels. It’s a must for management effectiveness, as you can assess every building’s readiness. Zoho even lets you track health statuses for every team member and sort the ideal actions to take in case of emergency.

Wellness

Zoho also offers self-evaluation for your employees, as well as pre-made forms and surveys to streamline contact tracing. They can provide relevant information about their health and whom they’ve been in contact with.

Safe entry

After compiling your employees’ surveys, you can classify your resources into low and high risk. It’s a vital first step before starting to take people into your offices. You can evaluate your resources and whether or not they can relocate to their traditional position.

Employee self-service

Your employees can use their Zoho user accounts to submit specific requests to you. The self-service module enables them to ask for things like sanitizer, support, office supplies, and maintenance.

Communications

You can also enable your team members to communicate with each other while keeping the recommended distance. They’re able to share tips, frameworks, and guidelines with you and each other. You can also circulate important messages, like news, FAQs, and other announcements to desktop and mobile devices.

Volunteer

This one can be vital to make the most out of contact tracing. You can organize volunteers from the community for different tasks. You can create volunteering projects and recruit new employees while ensuring optimal coordination.

Professional app

Just like any other premium software solution today, Zoho is an accessible and reliable platform. That doesn’t mean it’s not sophisticated, quite the opposite. It provides every app and tool necessary for your company’s operations while maintaining its intuitiveness for immediate use.

It’s also a highly secure platform. Its servers and encryptions receive constant testing to make sure they can withstand any attack. It’s also cloud-based, so you can access your account from anywhere. It’s a prominent advantage in today’s industry.

Premium CRM

As mentioned, your CRM platform can make all the difference both during the quarantine and reincorporation. Many customers will expect the same online availability, and Zoho lets you provide the ideal service for them.

You can also guarantee their safety. It offers electronic receipts, financial management, and automation features for most of its features. You won’t have to force anyone to move to your office for exceptional customer service.

Salesforce

Salesforce has been an industry standard for good reason. It’s quite a pioneer, and it’s implemented several advanced and customizable features throughout the years. It boasts a varied app marketplace, and its workflow creation is easy to use.

However, it’s easy to see as a premium platform. It can be too expensive for smaller companies, and it can be hard to learn.

Apptivo

Apptivo is a great choice for smaller firms. You get an extensive feature suite for a solid price, all condensed into an intuitive dashboard. It’s surprisingly customizable, and it offers excellent security and mobile ports.

The only issue is how it feels more sluggish than other CRM solutions. You might also find important features missing depending on your needs.

Zendesk

Zendesk is a CRM tool focused on intuitiveness and lead management. It’s a similar ecosystem to Zoho, despite having less features. It offers a great pricing structure as well as in-depth analytics. The UI layout feels natural, and you can use it seamlessly in different devices.

However, it can be tedious when uploading certain files. Additionally, it could still prove overwhelming when compared to other standalone tools.

Conclusion

It might be exciting to come back to your office after months in quarantine. However, that doesn’t mean you should rush the reopening process. You must guarantee your employees’ comfort and safety. Thankfully, you have plenty of options to do so today, especially with platforms like Zoho.