Property management companies have come to realize that modern, cloud ERP solutions can tremendously improve the bottom-line. And there are numerous other benefits. Success stories abound where property management companies have deployed cloud ERP solutions and reaped the benefits.
What are some of the benefits?
Mobility: Cloud based property management solutions eliminate the requirement to be on-site to access critical business information. As Erick Martinez, founder and CEO of True Service New York says, “Property managers are always on the go, and in this modern age we need something that moves along with us”. This need motivated True Service New York, (condominium and rental properties Management Company) to deploy Acumatica powered property management system. The outcome has been easy access to data from cell phones and laptops.
Security: Cloud based accounting software for property management minimizes the risk of data loss. Since information is stored in the cloud, chances of damage to data files are minimal. Access can also be controlled depending on the requirements of the company.
Increase in operational Efficiency: Most cloud ERP software is equipped with features that greatly enhance operational efficiency. For instance Acumatica powered Imperium property management solution incorporates work order management in addition to traditional lease and accounting functionality. Moreover, it is fully integrated to accommodate other software products. All this means significant improvements in operational efficiency.
Flexibility: One key advantage of cloud based property management accounting software is flexibility. Imperium powered by Acumatica can be easily scaled to accommodate new requirements as your business grows. New features and functionalities can be incorporated as suits your growing business needs.
Reduction in Operational Costs: When managing multiple properties, errors are almost always inevitable if data has to be entered manually. An efficient ERP system can significantly minimize unavoidable errors due to manual entries. So, you can better manage and analyze your data using one central system.
Most importantly, you can benefit from reducing overhead costs. Your cloud ERP system would be completely capable of replacing personnel across units. Thus, driving profits further.
What Functionalities Can Be Achieved?
A robust property management ERP solution is able to handle your accounting as well as administrative needs. Following are some of the typical functionalities that could be easily achieved with ERP software:
- Accounts Payable including check writing, vendor/supplier database management, aging & standard reports
- Accounts Receivable
- General Ledger that includes cash accounting, chart of accounts customization, income statement & balance sheet reports, cash flow reporting, multi-entity accounting
- Core property management needs such as property-centric financial reporting, property owner-based reporting, property vacancy posting management, tenant application management, tenant screening, tenant and owner portal
- Work order issuance, onsite service based work order management