Have you ever created an order for a frequently needed product at your property, such as a new appliance or maintenance supply only to realize that maverick spend has caused your property to be way over budget? Without the proper workflows, ordering and vendor relationships in place, it is common for property management companies to have an unclear picture of their entire procurement ecosystem.
Spend Management software allows you to have complete visibility into your portfolio’s entire P.O. and approval process with real-time tracking against your budget. In addition, it empowers your staff to process invoices accurately and quickly ensuring your properties have everything they need to continue operating smoothly.
Manual inventory management and last-minute spending quickly add unplanned expenses
Everyday purchasing at the site level can get out of hand easily without a sound spend management solution. While it may seem insignificant at the time, running back and forth to the Big Box store for a gallon of paint here and there adds up.
To complicate the matter further, last minute spending becomes risky if a vendor hasn’t been credentialed. This could wind up costing your company more money and time, especially if there is damage from their project. These and other issues are typically the result of disconnected spend management practices that depend on manual intervention and processes.
Fortunately, end-to-end RealPage Spend Management solution ensures that these type of issues are a headache of the past.
How integrated spend management generates value for your business
An integrated spend management solution reduces operating expenses, drives purchasing power and increases overall efficiencies, says Sara Jones, RealPage Vice President and General Manager of Spend Management. By linking procurement, invoice processing, vendor credentialing and facilities through a single solution, properties gain visibility, financial transparency, and ultimately accountability.
A single integrated solution should start with setting up a vendor, integrating with accounting and communicating with the facilities or purchasing system. In other words, the solution must promote a purchasing process that ensures goods and services − including that refrigerator − are bought at established pricing from established vendors and are on hand, Jones said.
Learn more about how your business can benefit from spend management software.