Benefits of Accounts Payable Automation for Real Estate Businesses
November 24, 2021
OHI
Real estate is one sector that is full of high risks. Its owners need to keep their property records very carefully. With a slew of funds and plenty of projects picking up momentum in the past quarters, the real estate sector goes through many transactions churning in now and then. This is where the importance of accounts payable services sweeps in for the big players.
Real estate accounts payable works in tandem with the sequence of transactions. It involves everything, right from managing scheduled payments, one-time payments, and payment adjustments to taking care of pass-through payments, accounts receivable, and accounts payable, all under one department. The importance of accounts payable services for the real estate business can be listed as under:
brings in efficiency
makes auditing easier
helps plug leaks in the form of fraudulent transactions
makes profitability easier
reduces incurring expenses
Accounts Payable Automation
Accounts payable automation involves using accounts payable software that integrates with an online business network and minimizes human intervention by connecting its trading partners digitally. It reduces the chances of errors and fraud to a great extent.
Here are the Benefits of Accounts Payable Automation
Cost Savings by Eliminating Paper
Automation of accounts payable saves considerably on the cost of paper. Every transaction, right from data entry to accounts payable invoice processing and other marked-up workflows, everything is done digitally, without any usage of paper. Hence, the automated system encourages paperless accounts payable that cuts down expenses largely, especially on print material.
Remote Approvals
Email threads may be untraceable, which may delay all transactions and even delay decisions. An automated AP for real estate connects stakeholders on top of the invoice with auditable logs and communication tools that hastens up decisions to be taken.
Eases Payment Process
With an automated AP, payments of accounts payable become very easy as it enables processing and approving of invoices from any location at any time or on any device in real-time.
Scales Business Growth
Scaling real estate business in real-time, AP automation flexes to your existing processes and systems and adapts to meet any and every business requirement, including the real estate sector, from strenuous workload to smooth workflow.
Secures Financial Data
Real estate business involves huge sums of money in-flow and out-flow and incessant data records which become impossible to maintain and store in the form of a hardcopy. With AP automation, all your precious data, relating to finances or even otherwise, get secured and locked in the cloud storage, which can be accessed when required only through a secure password.
Eases Invoice Process
Invoice processing can be cumbersome and costly if done manually, including labor costs, overheads, and technology costs. However, AP automation initiates an easy invoice process, reduces its cost, and even affirms improved accuracy on it.
Final Take
Running a property and realty business is no child’s play. However, with accounts payable automation, it becomes easier to process invoices, take control of back-office processes and grow your business portfolio with smooth and steady functioning. In a nutshell, an AP automation system would enable you to connect with your real estate EPR, accounting, and financial system most proficiently.
About Us
OHI is a fifteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We currently provide these services to a portfolio of 50000 units across clients.
