3 Ways Spend Management Software Can Streamline your Purchasing Process
How you manage your money can make or break your property management business. In good economic times and in bad, it’s important to keep costs under control and reduce spending when possible. Tasked with streamlining your accounting process? Worried about letting money fall through the cracks? Start saving by embracing spend management and technology, and ensure an updated payables process is in place. After all, the right spend management software can help target areas of excess to save you time and money in the long term. Here are three key ways spend management technology makes the purchasing process leaner and more effective for your property:
1. Go Paperless
Still sending out those paper invoices? Cut costs and increase security by moving the purchasing and invoicing process online. With a paperless system, documents are easily converted and stored electronically, without hindering any automated workflows. The clunky paper trail is eliminated, and the step-by-step process of delivery of goods to payment is tidily documented within a secure software system. Moving online offers the benefit of cyber security, adding a safety layer to your payable process.
Paperless processes can also shorten cycle times and decrease the potential of late fees ever occurring. In a RealPage Spend Management study, customers saved upwards of $29 per unit per year using paperless purchasing and invoicing solutions.
By converting to a paperless system, your property has the potential to significantly improve the payables process.
2. Centralize, Organize, Comply
Keeping a centralized source of important information is a major component of a streamlined purchasing process. Effective data organization requires owners to ensure records are all accurate and up-to-date. With the use of spend management software, managers are able to work in sync with vendors and partners. The best spend management programs include a vendor credentialing program, one with the capability to pre-approve vendors ahead of time, taking the burden of credentialing off busy property managers. Vendor credentialing empowers site staff to make faster and better informed decisions, and many programs even offer this service free of charge to property owners.
In terms of compliance, it is crucial for property management companies to remain vigilant in all aspects of their business. The last thing a property owner wants to deal with is a legal issue that could have been easily prevented. The right spend management software keeps all important information within one manageable location, making work with big partners and vendors as simple and efficient as possible. With centralized data, more effective communication takes place throughout your organization and site staff can easily access information.
3. Strengthen Internal Controls
Revamping your purchasing process involves examining what internal controls and procedures are currently in place. Where can you stand to save time? Are there any areas of the process that consistently experience slowdowns or bottlenecks?
Spend management software aids your organization by tightening up your internal authorization processes. New mobile spend management solutions give owners the freedom and power of increased accessibility. Property management companies can now leverage the convenience of mobile approvals, letting properties keep tabs on invoices, orders, and expenses from the palm of their hands.
Use a system that will decrease your property’s procure-to-pay process time and make budget discussions easier. With stronger internal controls, your staff works in a happier environment and vendors are less critical, giving you peace of mind. Management has more visibility into spending, which enables more transparency in budget performance and accountability, ultimately reducing maverick spend.
Start Revamping Your Purchasing Process
Whether managing multiple PMCs or running one, there’s a spend management solution equipped to fit and adapt to the needs of your property. Maintain a strong handle on your payables process and track spending with precision and accuracy.
“[Spend management software from RealPage] has allowed people to do their jobs more efficiently, while making their lives easier; and it has greatly improved our ability to manage and control purchasing centrally… It is already hard to remember what it was like doing things the old way” says Steven Snell, Vice President of Business Intelligence at BRE Properties.
Use a spend management software solution to help you tackle the biggest issues with your current payments process. RealPage is the top spend management software provider in the industry, and the only solution that integrates with all leading property management accounting software.
Ready to take your payments process to the next level? Learn more about all the spend management solutions RealPage has to offer customers.