In the age of intelligent software, producing financial statements still involves a lot more labor than it should for multifamily accounting professionals.
That’s because in the property management business, most statements include not just financial performance but operational stats as well: occupancy, move-ins and move-outs and other numbers from the field that provide additional insights into business health.
These operational KPI’s can represent more than simply supplemental information. Sometimes they’re necessary for creating calculations vital to the statements (examples might include expense or revenue per unit).
The trouble is, there’s no simple way to pull operational KPI’s into financial statements. Accountants generally have to run a statement, export it to Excel, go to the property management software to pull operational metrics, key them in, then create calculations incorporating the financial and operational metrics.
And it has to be done over and over, for every property, as many times a year as statements are required for internal and external stakeholders.
The fix is in
In keeping with its current push for simplicity through innovation, RealPage has addressed the problem with a solution that’s sure to have accountants wondering: “Why hasn’t anyone done this before?”
Now, RealPage Accounting’s financial report writer can grab both financial and operating metrics to automatically create an integrated report. There’s no more need to export the financials to Excel, collect metrics from property management software, key them in and set up calculations.
“This is a huge deal,” says RealPage’s Alan James. “It’s going to save accounting folks a ton of time and headaches, and it’s also going to eliminate the errors that inevitably creep in with all that manual data input.” James says many companies have gone as far as buying BI solutions just to solve the problem of integrated report writing.
The newly-capable report writer is set to launch November 9th, relieving accountants of a burden they’ve long accepted as simply part of doing business, and freeing them for more creative and productive activities.
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