Fully-Integrated Spend Management and Job Costing Joins Financial Suite
The RealPage Financial Suite just launched a major enhancement with the addition of Spend Management and Job Costing solutions that tightly integrated both with one another and with Accounting.
“We’ve brought the whole scope of spending under a single umbrella,” says RealPage Financial Suite Vice President Dan Newbern. “Whether you’re talking about operational purchasing at sites or spending on capex projects such as renovations, the data is all feeding into the Accounting software and is available to managers in real time.”
New functionality designed for efficiency
RealPage Spend Management allows clients to smoothly manage and monitor the entire procure-to-pay lifecycle, from purchase order through receipt of goods, invoice matching and payment. A notable feature is the ability to easily create varying approval workflows depending on purchase criteria, including the dollar amount of the purchase, vendor, property, job, expense vs. capital expenditure account and more. “You can be as specific as you want with approvals,” explains Newbern. “For example, you could quickly set up a unique approval route for purchases above $5,000 of a certain type of product or service at a specific group of properties, by certain staff. So you can easily make sure that the appropriate eyes are on every purchase, instead of too many or too few.”
Spending levels can be carefully controlled by checking monthly and year to date budgets against spending in real time, as the expenditures are being decided upon, preventing overspending rather than discovering it after the fact.
And, a change order management feature solves the common problem of staff adding to purchase orders after they have been approved, pushing through unapproved purchases by tacking them on to already-approved PO’s. Now these additions will be automatically routed for approval, added to the PO and documented for accounting and record-keeping purposes.
The Spend Management and Job Costing solutions allow tracking of purchasing and job costs down to the unit level. This means managers can, for example, view the cost of renovations and operating expenses at a property all the way down to particular unit.
“This ability to drill down through multiple levels will give managers unprecedented visibility into both operational and capex spending,” says Newbern. “And they can access this information all in one place, instead of jumping between applications or waiting for reports to be put together.”
Newbern says integration of Spend Management and Job Costing into the RealPage Financial Suite is further evidence of RealPage’s commitment to the ongoing enhancement of the Suite. “We’re continuing to allocate and invest significant proceeds from these solutions back into R&D in order to keep making them better and better,” he remarks. “With this new release, we believe the Suite represents the most comprehensive offering for property and corporate accounting in the market for all asset classes.”