In the last year, we’ve witnessed accelerated implementation of web-based property management software, automated services and paperless transactions. We now know technology is here to stay and more businesses will continue to leverage technology to help improve efficiency and continuity throughout the organization. In the Canadian real estate industry, this uptake in tech is particularly true in procurement and payment processing. If you are looking for a solution to take your organization to the next level of efficiency, an end-to-end procurement to payment software should be on your vendor list. Unlock potential value Christine Williams, vice president of national operations and administration for QuadReal Property Group, is one of many Yardi clients that are leveraging paperless solutions. “Our internal initiative is to always stay current with technology and processes. We want to empower our staff to get the job done in the fastest, most efficient and the most accurate way.” Getting invoices on the desk and scanning them is a new safety concern, as well as an inconvenient task that takes many hours from staff schedules. Rather than handling high-quality tasks, your staff is stuck sifting through stacks of paper. This is when you need a solution like a third party digital invoice services to take the burden from your team to off-site specialists who can scan and key your invoices. By outsourcing this work you free up time for your team while leadership maintains control of all invoice approvals. Cheque writing is another drain on your staff’s time and in-office hours. Paper cheques require printing, signing, postage fees and can cause potential delays. Implementing an electronic payment platform permits efficient vendor payments and data. Offering a truly paperless invoice process is key for ensuring successful business continuity.  Williams says, “Historically, manual management processes have proven to be inefficient. We are big on automating workflows at QuadReal. Wherever we can put a user access control in place from a system perspective, we would rather have someone push an approve button than a piece of paper.” Simplify vendor management Maintaining open lines of communication with your vendors is important but staff can find themselves fielding dozens of calls and emails each day. A  self-service online portal for vendors enables vendors to submit invoices, check payment statuses, manage POs and work orders when they are off or onsite. When vendors can manage their own accounts, there is less downstream burden for your staff. Williams continues, “If there is a vendor that is going to integrate ordering to purchase orders to invoice submissions and payments, they understand the market’s needs. Having that functionality takes multiple steps out of our process, making it easier for all stakeholders.” Gain control of MRO spend With the recent increase in tech adoption, some businesses are seeing a disparate supplier base across their organization leading to errors, inconsistencies and cost variables. Without a streamlined approach to your procurement spend, your team is constantly adjusting to moving targets. To take the guess work out of procurement management consider what online catalogues can offer and how your organization can benefit from tracking and centralizing all procurement decisions in a single database. Two other major wins of streamlining your processes is that your operations team feels empowered to make better decisions and it helps create consistent policies throughout your communities. Williams explains, “Minimizing manual steps makes our processes easier for our properties, staff and vendors, and we embrace tech innovation. From a site user perspective, all our team needs to do is log onto Marketplace, place their order, the system will generate a purchase order, that follows our predefined workflow to get all of the necessary approvals. From a management standpoint, we have access to the analytics, from which we gain greater visibility into our working capital and budget.” Go beyond business continuity As organizations prepare for our post-pandemic reality, integrated technology remains a key determinate in the ability to...

Implementing IFRS 16 lease accounting standards is a daunting task as it requires adhering to new policies, adopting new measures, and changing existing processes. As per the new lease accounting standards, assets and liabilities need to be recognized by lessees in the balance sheet. The aim is to make reporting more transparent and allow companies to ascertain the nature of lease transactions. Transitioning to lease accounting software will help your business achieve compliance without hassle. A lease accounting software is a great tool to do calculations, produce journal entries and automate reporting compliant with the new IFRS 16 standards.  The selection and implementation process for a software can be a time-consuming endeavor. There are, however, certain criteria businesses can investigate to determine the best lease accounting software for their needs. You should be clear on the software’s data gathering and reporting capabilities, its cost-effectiveness, and the different benefits you will enjoy after the successful implementation of the software.  Here are some of the features you should look for when reviewing lease accounting software providers. Compliance with IFRS disclosure requirements There are many software solutions on the market promising different sets of features to ease IFRS 16 implementation. However, you must choose a software that helps in meeting all disclosure requirements.  The new standards demand more disclosures in the form of right-of-use assets, interest expenses, and information regarding the outflow of leases. A good lease accounting software should develop all disclosure reports as and when the company needs them.  Look for maximum accuracy and flexibility of the software solution IFRS 16 standards are very complex. A manual fixing of such complexities would take a lot of time, resources and may lead to errors. To prevent this, software solutions should have configurations that support data features that make the process easy.  A company generally has a large lease portfolio. To maintain accuracy after every change operated by different stakeholders, internal control needs support. An advanced lease accounting software solution will help with the data entry validation mechanism and provide role-based access for optimal results. A centralized data repository for easy collaboration A large amount of lease data is one of the most difficult things to handle by account managers. A lease management software solution with a centralized data repository will not only save time but money, as well. It makes it easy for employees of different departments to access the information on the platform.  Additionally, access should be granted to only those who need it, with complex data security protocols and security standards. Notifications and alerts are key As mentioned before, the lease portfolios of some companies are large. Thus, manually managing each facet of the contracts is a tedious task. It may include payment dates, renewals, events, etc. With lease software solutions, you can send automated notifications and get alerts for every important date or event in your lease contracts. Making the transition to new standards takes time and effort. But it can be done at ease with a powerful lease accounting software solution and the right support. COROM Lease Management from Yardi is a great lease accounting software solution that can help you implement IFRS 16 standards. Visit www.yardicorom.com for more...

The investment world historically has been an industry filled with spreadsheet reports and snail mail paper checks. Errors can arise when entering data in multiple spreadsheets and relying on disparate systems is inefficient , especially when sharing information between investment, investor and accounting system. Thankfully, technology is transforming investment management for real estate. Investors now expect on-demand service and self-service access to key metrics, capital transactions, important documents and reports. Having the right technology creates better value for investors, which leads to increased investor confidence. Investment management technology can improve communication, increase visibility and provide easy access to performance metrics. Top systems are mobile-friendly and available wherever, whenever access is required. Improve communication Managing the relationships with existing and prospective investors is a key part of growing any investment business and raising capital. Yardi Investment Manager provides a platform that makes communicating with investors more efficient, easier and error-free. Cohen Asset Management’s investor relations staff can log into Yardi Investment Manager and see the online tools their investors are using, deals they are involved in, contact information, returns, distributions and other information. Scott McGinness, principal and chief financial officer, shared: “By being able to deliver information when it’s needed, we don’t have to follow up with the investor later, which is easier on both parties, “ Organizations benefit from a single connected tool that helps: Centralize communications with existing and prospective investors Manage capital call and distribution notices with investors Easily send out correspondence, track activities and follow up tasks quickly Enable better collaboration with new investment opportunities Increase transparency and accuracy Yardi Investment Manager is a single source of the truth for investor and investment information. Provide access to portfolio and property metrics directly to investors. Automate the subscription agreement process for new investment opportunities with existing or prospective investors.. With an integrated solution, there is no need for disparate systems and manual transfer of data.  This allows you to provide timely access to information to your investors. By easily compiling and communicating accurate information, Yardi Investment Manager strengthens Cohen Asset Management’s investor relationships with superior service and allows the company to maintain a lean organization. Access information easily In addition to investment and property metrics, Yardi Investment Manager makes it easy to publish reports, tax documents, subscription agreements and more to investors through an online branded portal. This allows your investors access to information anytime, anywhere. And since the portal can take on your company’s personalized branding, it will offer offer a customized , highly professional experience for investors. Manage portfolios on the go Yardi Investment Manager provides access to investor and investment information on any device. It makes it easy to find and review every piece of information you need, from anywhere, so you can have informed discussions with your team and your investors on: Portfolio and investor data Risk monitoring Fundraising Capital transactions Investor communications Yardi Investment Manager is a single connected solution that brings investing partners together and instills investor confidence. Provide access to reports and detailed documentation so your investors feel an increased sense of connection and value with their partnership. Yardi Investment Manager is part of the investment suite of products, a fully-integrated platform available with Yardi Voyager, Investment Accounting or as a standalone solution. Overall, you’ll improve efficiency and boost visibility into investor activity and investment metrics, making portfolio oversight simpler than ever. Join an Investment Manager webinar to learn...

The U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE) have honored ENERGY STAR® partners from 39 states for outstanding leadership in reducing energy bills and tackling climate change. This year, Yardi has received the highest honor — the 2021 ENERGY STAR Partner of the Year Sustained Excellence Award. For the third consecutive year, Yardi has excelled as an ENERGY STAR Partner of the Year in its ongoing commitment to help educate and support its clients through energy management software with a built-in dashboard for ENERGY STAR scores and benchmarking using ENERGY STAR® Portfolio Manager®. Ongoing Excellence “ENERGY STAR award-winning partners are showing the world that delivering real climate solutions makes good business sense and promotes job growth,” said Michael S. Regan, EPA administrator. “Many of them have been doing it for years, inspiring all of us who are committed to tackling the climate crisis and leading the way to a clean energy economy.” The 2021 ENERGY STAR Sustained Excellence Award acknowledges Yardi’s technology solutions and ongoing philanthropic efforts across a variety of real estate sectors including: Helping more than 140 clients benchmark energy in over 3,500 buildings Benchmarking water in over 3,000 buildings Promoting the importance of ENERGY STAR scores to clients through education, training and visibility Including ENERGY STAR in Yardi’s energy management software dashboard Publishing more than 32 articles on the benefits of benchmarking, energy management and other conservation topics Providing digital courses for over 36,000 attendees from more than 58 countries during its virtual user conferences Again earning ENERGY STAR certification for its Southern California corporate headquarters Akshai Rao, vice president at Yardi, sees the award as a reflection of the company’s clients and their impressive achievements in energy management and conservation. “We’re proud of our clients’ achievements using ENERGY STAR resources to meet their business and sustainability goals. Our benchmarking increased by more than 50% over last year. This is due in part to rapid adoption of ENERGY STAR benchmarking to better understand remote work environment impacts on building energy use during the COVID-19 pandemic. We look forward to helping our clients and the industry gain even more ENERGY STAR benefits moving forward,” said Rao. Your Turn to Shine For a complete list of 2021 winners and more information about ENERGY STAR’s awards program, visit energystar.gov/awardwinners. To learn more about getting support for your company’s energy management and sustainability goals, join a free energy management...

The technology that you’re using to read this blog post was created in part by a black innovator. The smartphone that’s beside you and the streaming service that you use for your favorite shows are both the contributions of black scientists and mathematicians. This is astounding considering that only 1% of tech entrepreneurs in Silicon Valley are black, per a recent report. African Americans made strong contributions to technological advancement throughout the Golden Age of Invention. They paved the way for, and participated in, the boom of Silicon Valley and subsequent tech hubs. We’ve compiled just a few tech powerhouses in this list, focusing on contributors to computing. Where would we be today without video conference calls? Better question: where would we be today without Marian Croak? Croak is the pioneer of Voice over IP, technology used to communicate via audio and video while using the internet. She holds more than 100 patents in VoIP technology with an additional 100 currently in review. Croak serves as vice president of Engineering at Google. High speed internet is also a household name thanks to Victor Lawrence, an electrical engineer and pioneer in global telecommunications. His contributions helped to bring greater accessibility to high-speed connections. Because of his work, small businesses and households have access to broadband, DSL, HDTV technologies and wireless data transfer. Additionally, his work has advanced data encoding and transmission, modem tech, chip design, ATM switching and protocols, as well as audio and video coding. In short, the U.S. economy might not have survived the pandemic without Lawrence. Ever heard of an electret microphone? You likely use one every day. James West invented the first practical electret microphone. It is used in many smartphones, cameras and digital recorders. What made his take on the electret microphone unique is that it uses a charged material instead of a cumbersome polarizing power supply. Inventor and engineer Otis Boykin was a tech master with range. He improved everything from common household items to military technologies. He held 28 patents and his electrical resistors are used in computing devices, missile guidance as well as pacemakers. His innovations resulted in safer and more efficient resistors, which promoted the mass affordability of electronic devices. Roy Clay stands among Silicon Valley’s earliest pioneers. His earliest notable work is as a research and development director with Hewlett-Packard (HP)’s computer division in the 1960s. He went on to create Rod-L Electronics, which is a world leader in developing electrical safety testing equipment. One invention includes dielectric withstand testers that protect personal computers from electrical surges. During the same time and practically down the street, Mark Dean was developing the earliest IBM PCs. He pioneered three of IBM’s nine original patents including the first gigahertz chip. We can also thank him for color PC monitors. (Do you remember when they were green and black? Yikes.) Dean and his partner Dennis Moeller created microcomputing systems with bus control for peripheral process devices. That means you can plug in speakers, disks drives and other peripheral items to ports on your desktop and laptop devices. As early as 1999, he launched development for a voice-activated tablet. Fast-forward and Dean is still a contributor to the industry as CTO for IBM Middle East and Africa. Paving the way for Clay and Dean was Frank Greene, a leading technologist responsible for high-speed computer systems in the early 1960s. He is also the founder of Technology Development Corp. and ZeroOne Systems, Inc. a venture capital firm for minoritized groups. Etta Falconer is another noteworthy technology trailblazer who dedicated much of her life to the advancement of marginalized groups. Falconer began her career as a mathematician and soon became one of the first black women to earn a master’s degree in Computer Science. She then dedicated herself to increasing the number of black women in mathematics and math-related careers by teaching at Spelman College, a historically black university in...

Senior living community operators use portfolio-wide information compiled by Yardi Senior IQ to improve revenue, expenses, care and efficiency. The business intelligence solution contributes even more to fast, smart decision-making with the recent addition of Staffing Analysis. Staffing Analysis helps ensure that every work shift has the optimal number of care staff with the right amount of caregiving, nursing and other skills needed to meet care requirements. It does so by automatically drawing resident care information from Yardi EHR, an electronic health record system, then presenting the care staff, task time allotments and skillsets for each shift on a dashboard. If Staffing Analysis shows a shift is overstaffed or understaffed by care staff or skillsets, managers can transfer tasks or staff with drag-and-drop functionality. And when care plans change in Yardi EHR, the Staffing Analysis dashboard automatically resets task time allocations. As a streamlined staff efficiency tool, Staffing Analysis enables executive directors, lead nurses and others to leverage existing care records without interfaces and eliminates the inconvenience of compiling multiple reports, preparing spreadsheets or rekeying data. “Staffing Analysis combines the clinical aspects of senior care with finance and marketing to make Yardi Senior IQ a complete and fully integrated business intelligence solution for community operators,” said Ray Elliott, vice president of senior living for Yardi. Learn how Yardi Senior IQ and the rest of the Yardi Senior Living Suite create a comprehensive technology platform for senior living...

State and local housing agencies across the country are tasked with implementing emergency rental assistance programs for households and landlords in a secure, equitable and expedient manner. Funded by federal stimulus dollars, emergency rental assistance programs will help keep people housed as the U.S. recovers from the economic impact of the COVID-19 pandemic. The initial funding for the Emergency Rental Assistance program was $25 billion, which must be used promptly to support households struggling to pay rent and landlords who may have missed mortgage payments due to renter delinquency. Additional funding is also expected to be allocated by Congress. To disburse funds to eligible households, housing agencies must qualify applicants, track housing status (including offering support services) and complete the rental assistance deployment. Getting assistance funds to the right accounts with complete transparency and as efficiently as possible is a nationwide effort, and one that trusted real estate technology provider Yardi, a 40-year contributor to industry innovation, has the expertise to support. Yardi has released a new end-to-end software solution designed specifically for emergency rental assistance management called Rent Relief. This emergency rental assistance program (ERAP) software has online portals for applicants and tenants, automated workflows to qualify applicants for assistance, and secure technology to compete financial transactions. Rent Relief powered by Yardi provides an online portal for households in need to apply for rental assistance. The portal guides the user through the process of answering eligibility questions and uploading required documentation. Housing agency staff can then log in to Rent Relief to complete the steps of verifying eligibility for assistance. Staff can communicate online with applicants to advise of case status updates, missing information, determinations of eligibility and more. Steps required to qualify vary by state and are configurable within Rent Relief. Rent Relief is also the way approved households will receive funds in their bank account. The transactions are transparent and secure, leveraging Yardi’s industry-leading experience which includes managing more than 12 million U.S. residential units and processing monthly rent payments for more than 8 million apartments. To learn more about the platform, get more details and sign up for a personal demo at rentrelief.com. “Yardi is committed to do our part to help agencies keep renters housed as we endure the pandemic. We have nearly four decades of experience developing this type of full-service technology,” said Chris Voss, vice president of affordable housing and PHA at Yardi. Yardi has consistently stepped up in crisis situations to offer funds, resources and expertise. In 2016, Yardi worked with the Provincial Government of Alberta to develop a searchable, easy-to-use housing registry after 2,000 homes were lost in the devastating Fort McMurray wildfire. In 2017, after Hurricane Harvey devastated southern Texas, Yardi created a regional housing site and hotline for displaced residents and also donated $1 million in disaster relief. That response was repeated after Hurricane Irma later the same year. Last year, Yardi donated $1 million in support of rental support resources for the newly launched COVID-19 Rental Housing Support Initiative, a collaboration of The Institute of Real Estate Management (IREM), National Apartment Association (NAA), National Multifamily Housing Council (NMHC) and National Association of Residential Property Managers (NARPM). If your organization has begun to implement an emergency rental assistance program and is in need of simple software dedicated to supporting the entire process, call Yardi at (800) 866-1144 or visit...

So, you’ve decided to invest in innovative property management software to navigate the challenges of remote work and our changing economy. One look around the proptech marketplace reveals that there are dozens of options available. Many seem to offer similar services. With so many options on the market, how do you know what’s right for you? Below are five key features to look for when choosing property management software. Seamless integration with the ancillary software There are plenty of property management solutions that are compatible with ancillary software. There are, however, a few problems with integration between different platforms: Primarily, there is no guarantee of long-term integration. When you’re dealing with two separate companies, there are opportunities for acquisitions and other changes that may affect long-term compatibility and availability of either product. Secondly, there are two software systems that need regular updates. That means more maintenance and headaches for your staff. When one system receives an update, you can only hope for the best with the other. If they’re not in sync, you may experience delays, lose functionality or accuracy. That’s wasted time for your staff and costly errors for you. Seamless integration occurs when both the property management software and ancillary products function on a single platform by a single provider. Such integration ensures optimal efficiency and accuracy in the long-term because there is less work to keep products and data in sync. Mobile-ready and browser agnostic A web-based property management solution is essential as remote work environments become more commonplace. Web-based and mobile-ready software allows you and your team to work without being tethered to the leasing office. When working from home, out in the field or travelling, you can securely access the information you need. Your office staff will be empowered to complete rent payments and procurement online –checks, money orders, debit and credit cards, and even cash—without prolonged processing times, fewer in-person meetings and zero trips to the bank. Additionally, browser agnostic software (easily accessible with any major web browser) increases user flexibility. You can get the job done on any operating system including Android, iOS and Windows and with any browser such as Chrome, Safari and Firefox. Automated tools that promote efficiency Both remote and in-office employees benefit from tools that help them focus on what’s important and bypass tedious tasks. Fortunately, today’s property management software offers impressive automation tools. In marketing, customizable automation tools deliver targeted messages to prospects, send follow-up correspondences, handle appointment and tour scheduling and even update your ILS. Once your prospect becomes a resident, systems can automatically transfer prospect data to a resident file without redundant data entry. Staff can automate workflows including leasing, move-ins and move-outs, work orders, purchase orders and check writing. Those features are just a sample of the automated services available through modern property management software and add-ons. Automation frees up time for staff members to focus on building relationships, closing sales and earning loyalty. Scalability Is the software prepared to grow with you? Property management software is a powerful, long-term investment. Consider a solution that will grow with you through pandemic recovery and beyond. Protect your investment by choosing a platform that is configurable to your current needs and scalable to your future. Innovative solutions make it easy to add and integrate marketing, customer relationship management, procurement, facilities management, energy management and business intelligence solutions as needed. Save time by skipping new core product evaluations and training as your organization and needs grow. Built-in enterprise management and accounting all in realtime When it comes to accounting and property data, few things matter more than safety, consistency, accuracy and transparency. Seek property management software with built-in accounting that meets all applicable accounting standards and regulatory requirements. With cloud services, accounting and property data can produce real-time reports with a single source of truth for more informed decision making. Get 8 questions to ask before choosing...