(Oct. 3, 2011) — RealPage, Inc. (NASDAQ: RP), today announced results of a six-month roll out of electronic invoicing by Bell Partners via the OpsTechnology® system that is yielding annualized savings for Bell and its owners of approximately $100,000.
The electronic invoicing allows vendors to submit paperless invoices enabling owners to process and approve them without additional data entry via an automated workflow that integrates directly into their accounting system, resulting in process efficiency, reduction in late fees and better cash flow management. See www.realpage.com/property-management-software/spend-management-software/.
Earlier this year, Bell Partners, with a management portfolio of approximately 60,000 units, made an industry-leading move to require its vendors to submit invoices electronically via the OpsTechnology system, which has resulted in savings of about $100,000 annually for the company and its clients.
“Since we made the decision to accept only electronic invoices, the adoption rate for our vendors has been incredible,” said Mark Vernon, vice president purchasing for Bell Partners. “In fact, the number of vendors that moved to paperless invoicing grew more than 90 percent in the first six months. We currently receive close to 75 percent of all invoices online, and that number continues to rise. The vendors like the convenience, fast response time and the visibility that a paperless system provides, so it’s been very well received.” Through the OpsTechnology system, vendors submit invoices electronically, which eliminates hand keying of invoice data, lost invoices, and manual approvals process, and offers a significant cost and time savings. Invoices are routed through the system and the data is securely stored online for easy retrieval.
“Bell Partners has taken a leading position in moving to paperless invoicing that has provided a blueprint for how this program can successfully work to create significant savings,” said Ashley Glover, executive vice president, multifamily solutions for RealPage. “The average cost to process just one paper invoice starts at $13. With our electronic invoicing solution, that cost drops to an average of $2 per invoice, providing considerable opportunities for companies to streamline processes and costs.”
The only exceptions to Bell Partners’ paperless invoice requirement have been to government entities that are unable to comply, and to a handful of vendors who are not ready to make a switch but are currently under contract for services. In these cases, paper invoices are sent directly to the OpsTechnology invoice processing center where they are scanned, and the data and invoice image are sent directly to Bell Partners’ system.
“As consumers, we are accustomed to receiving and paying bills online. That same green process has proven to be very effective and tremendously beneficial to our business operating income,” said Vernon.
For more information or to speak with a RealPage representative, call Karen Dodge at 972.820.3718.
About RealPage, Inc.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides on demand (also referred to as “Software-as-a-Service” or “SaaS”) products and services to apartment communities and single family rentals across the United States. Its on demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student living, senior living and military housing properties; LeaseStar™ expert managed marketing that enables owners to originate, syndicate, manage and capture leads more effectively and at less overall cost; YieldStar® asset optimization systems that enable owners and managers to optimize rents to achieve the overall highest yield, or combination of rent and occupancy, at each property; Velocity™ billing and utility management services that increase collections and reduce delinquencies; LeasingDesk® risk mitigation systems that are designed to reduce a community’s exposure to risk and liability; OpsTechnology® spend management systems that help owners manage and control operating expenses; and Compliance Depot™ vendor management and qualification services to assist a community in managing its compliance vendor program. Supporting this family of SaaS products is a suite of shared cloud services including electronic payments, document management, decision support and learning. RealPage’s MyNewPlace subsidiary is one of the nation’s largest apartment and home rentals websites, offering apartment owners and managers qualified, prospective residents through subscription, pay-per-lead and LeaseMatch pay-per-lease programs. Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally-managed multifamily housing. For more information, call 1-87-REALPAGE or visit www.realpage.com.