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Maximize the Efficiency for Your Real Estate and Property Management Reporting

insightsoftware -
August 25, 2022

insightsoftware is a global provider of reporting, analytics, and performance management solutions, empowering organizations to unlock business data and transform the way finance and data teams operate.

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Year over year, the real estate and property management industries continue to grow more complex. Finance and accounting professionals contend with an industry in flux, strong demands for analysis, and answering complex questions from stakeholders.

Whether you use Yardi, MRI, or other real estate and property management-focused ERPs, the technology comes with built-in reports that can help you make sense of your information. However, any custom or ad hoc reporting needs require IT intervention or a knowledge of SQL. This makes the reporting process cumbersome and time consuming.

How can you streamline your reporting to keep up with twists and turns in the real estate landscape? Here, we discuss how to generate reports more quickly, efficiently, and without having to lean on overtaxed IT departments.

Industry Trends

It’s imperative for your real estate and property management professionals to stay on top of news and trends in the industry to derive key insights on how to protect and grow your business. The economy has an enormous impact on both commercial and non-commercial real estate.

According to the U.S. Bureau of Labor Statistics, inflation rose 9.1% between June 2021 and June 2022, the most substantial increase in the past 40 years. Spurred on by disrupted supply chains and soaring fuel costs, inflation also raises the price of construction and real estate. The industry often benefits from raised inflation, but it could also signal instability in the market.

Because of healthy consumer spending and strong hiring practices, real estate interest rates are also expected to climb, which has a direct impact on the industry. Real estate and property management finance professionals must stay flexible to keep track of changes like these and observe how they impact business.

Why Out-of-the-Box Reporting Isn’t Enough

ERPs like MRI and Yardi have reporting tools built in. But when it comes to industry-specific reports like property income statements, rent rolls, and lease details, IT involvement or outside consultation is often required. Now out of your control, the process can stretch for days and sometimes weeks while waiting on departments that have other urgent priorities unrelated to finance and accounting.

You can put the ability to report into your hands with Spreadsheet Server. With its Excel-based interface, the solution is a user-friendly way to automate manual process, save time closing the books, and drill down on key details.

By using technology to automate manual reporting processes, you save significant resources manually generating and updating reports, leaving more time for valuable analysis. By automating, you can:

  • Quickly build real estate report templates without relying on IT. Ad hoc reports need no longer inspire fear in you. Enable your team to build and refresh reports to improve process efficiency and job satisfaction.
  • Drill down on your mission-critical business data. Break through the noise and efficiently find and address the root cause of any issues.
  • Spend less time manually manipulating real estate data and more time analyzing the results. Your stakeholders will thank you as they make decisions informed by real-time data and the savings will be passed on to your customers.
  • Become more proactive and less reactive to trends in the market. With as-it-happens data in hand you’ll be ready to take advantage of any opportunities that arise and get a head start on your competition.

Boost Your Financial Reporting: Making the Move to Spreadsheet Server

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Success for Property Management Businesses

When Canada-based rental property holder Midwest Property Management needed specific, customized reports for multiple locations, the business implemented Spreadsheet Server into its MRI reporting process.

After adopting the software, property analyst Joseline Leroux estimated they saved approximately 75 hours—nearly two full work weeks—on reporting. “We used it for our budgets, we used it for our cash reporting,” Leroux said.

And when COVID-19 hit in 2020, executives grew concerned about the company’s cash flow. “Executives needed a huge volume of information regarding analytics to make any kind of decision almost on an hourly basis,” said Leroux. “In the COVID times, Spreadsheet Server really saved us and allowed us to move so quickly with things that changed every day.

For the business’s pressing and ongoing needs, Spreadsheet Server helps Midwest Property Management streamline reporting workflows and answer critical questions from key stakeholders. “Spreadsheet Server is just such a game changer for anybody who wants real-time data analysis in a concise and correct format.”

With changes to interest rates and increasing demands on real estate finance professionals, it’s critical to assess your company’s financial health and quickly generate accurate reports to provide rapid business insights. Native ERP tools lack the flexibility finance and accounting professionals need to build and drill down on the type of custom reports your company runs on. Spreadsheet Server is purpose-built for finance teams to create near real-time, refreshable reports.

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