The property management industry is booming. There’s been a steady shift in urban markets across the United States that is driving rental demand—for both residential and commercial properties. Right now, approximately 45 million of US households are renters, which represents an increase of nine million households over the last 10 years. Not only is this the largest increase in housing history, but this trend has created a high demand for property management services.
The National Association of Residential Property Managers (NARPM) reports that 89% of property managers expect to see their portfolios grow over the next two years. But this growth will also come at a cost, as property managers scramble to scale their teams to manage the mounting responsibilities with each new property they add to their portfolios. In fact, one of the biggest challenges for property managers today is staffing.
Hiring and training new staff members—either to expand your team or due to turnover—can be costly, and that goes double for specialist roles like accounting. It’s more important than ever for property managers to invest in cloud automation technologies that can help them scale their teams without having to add to their headcounts. While the property management industry has generally lagged behind in terms of emerging technologies, automation is the future.
For accounting roles, cloud automation tools can significantly lift the burden by eliminating repetitive accounting tasks, like data entry, printing, paper filing, and much more. Looking specifically at accounts payable process, automation can reduce costs up to 70% and reduce time spent processing invoices by up to half.
We tackle this topic in our new whitepaper, Scale Your Accounts Payable Team with Automation: How Property Managers Can Automate and Save. In this whitepaper, we outline the top accounting challenges in property management and show how automation is the key to maximizing efficiency by focusing on one of the most time-intensive accounting processes: accounts payable. As a followup, we also take a tour of the real world benefits that AP automation unlocks for property management companies.
Download your copy now and scale your business with confidence that your accounting team can scale too.