The real estate industry has evolved beyond maintaining portfolios and properties. Associations and property management organizations are focused on growth and revenue to keep up with demand for more commercial and residential properties. But they are also juggling the cost of maintenance, leasing, inspections, evictions and more on a daily basis, making it difficult to forge the right path toward that long-term growth. in a 2023 survey of real estate accounts payable departments, 66% of respondents said creating efficiencies is a high priority for their business over the next year. This is where AP automation for real estate comes in handy.
Are you ready to shake up your real estate accounting game? AP automation is here to transform your accounts payable processes with cutting-edge technology, ensuring speedy and precise payments. Say farewell to tedious manual tasks and hello to a world of efficiency and accuracy!
Why It’s Difficult to Grow
While growth is a top priority, many organizations struggle to keep up with industry goals, grow revenue and expand portfolios with their limited resources. Most property managers serve at least two other roles in the organization because of small headcount. For example, a recent industry report showed that property managers selected ‘company owner’ as an additional title (42%), along with ‘realtor’ (15%), ‘office manager’ (22%), ‘accountant’ (17%), ‘maintenance manager’ (11%), or ‘broker’ (11%).
But those aren’t the only growth challenges the industry faces. When it comes to managing payments, associations struggle to streamline processes and cut costs with limited resources.
Automating Your AP Processes for Real Estate
For many associations, ePayments and payment automation aren’t foreign ideas; they’re just not top of mind. Chances are, limited money and resources are preventing your organization from implementing automated solutions. Even though accounts payable and payment automation solutions are known to improve daily duties, many property managers still have a few concerns including the cost, learning curve, and metrics for success. Here are four tips to get your association started:
Evaluate your current payment processes.
Your organization is juggling different payments including repairs, supplies, mortgages and more. Determine what part of the payment process takes the most time and how your team could work smarter.
Think about the ‘next big thing.’
Even though most small companies are still issuing printed checks, consider ePayments for better visibility and faster payment delivery. If your association offers ePayments, consider how your accounts payable department could benefit from sending more of them for your association’s benefit.
Explore simple solutions.
Find the solution that easily integrates with your accounting system and scales for growth. Cloud-based, centralized solutions should streamline real estate processes with automation including the payment process without additional headcount or help from employees or volunteers. Remember, achieving your goals starts with efficiency.
Do the math.
Consider hard and soft costs that come with automation. Think about revenue, the number of invoices received and current cash flow. Don’t forget to add up how much it costs to process an invoice. Keep in mind, the journey to AP automation for real estate doesn’t have to happen overnight. Speak with an expert to learn the best place for your company to start.
AvidSuite for Real Estate AP Automation
AP automation is a game-changer for real estate accounting, providing faster and more accurate payments, reducing errors, and increasing efficiency in accounts payable processes. Automating your accounts payable and payment processes is proven to save time and money. Schedule a demo today to find out how AvidSuite for Real Estate can help your company stay focused on its long-term growth.