Many property managers are overwhelmed by their day-to-day work and don’t have time left over to focus on growing the business. Instead, they do the best they can, using costly outdated or inefficient workflows to get by until they can’t anymore.
While property management typically has not been a technology-driven industry up until now, there is a growing trend toward cloud-based systems to create operational efficiencies. In a NARPM survey, 88 percent of property managers reported that they had already introduced Software as a Service (SaaS) technology into their business to help with the leasing process, screening tenants, advertising, and listing syndication. While software providers like AppFolio, Buildium, and Yardi offer solutions that can streamline internal operations, none of these solutions will provide a one-stop shop solution, especially on the accounting side of the business.
The Future of Everything recently looked at predictions for SaaS from a variety of thought leaders in tech. In this article, Beanworks CEO Catherine Dahl stated that the future of SaaS is in accounting.
“Accountants are smart: once they get the feel of the cloud version of their role, the entire accounting software space will begin a true disruption,” said Dahl. “Thus far, the innovators in this sector are driving the change. Accounting is a conservative, risk-averse group by nature. They waited while every other sector tested the cloud apps before dipping in.”
For property management companies, this should be welcome news as financial management is often cited as recurring pain points. Accounting automation tools can shorten the workflows associated with previously paper-based tasks, like invoice processing and payments, by digitizing the entire process. Digitizing opens up a whole new world of efficiency to property managers. Document management becomes suddenly much more manageable, as does searching and reporting, when everything can be accessed instantly from the cloud.