With a recent boom in technology in an industry that has traditionally been lagging behind the times, real estate development firms are starting to embrace technology to move projects forward with a higher degree of accuracy.
These software applications are categorized in only a couple of ways. Products that manage development but require the manual, double or triple entry of data from another source or department and applications that contain all the data in a single application with a single-entry point based on accurate general ledger accounting.
Real estate development management and accounting are different but very essential activities for any developer. But they must work together closely since the development outcome depends on the accounting quality and accuracy of the data.
With non-accounting-based applications, development management and accounting do not collaborate fully in most cases and create risk and inconsistencies in the data, reducing productivity for the entire organization.
Glorified spreadsheets and fancy dashboards
Spreadsheets, like Excel, are simply an application utilized for organizing, analyzing, and storing data on a page of small boxes in which numbers and mathematical formulas can be applied. They work but require so much manual entry, leaving room for error at almost every entry or formula.
Dashboards provide development management teams the ability to view project data in a visual and mathematical way. But in reality, that data needs to come from somewhere – typically a third-party application such as Excel or the organizations accounting software.
As more systems and applications are introduced to the process, the risk of losing accuracy and productivity increases. This leaves more room for error and ultimately increases the complexity of all phases of the process. The combination of multiple applications presents a significant operational hurdle for real estate developers.
Real Estate Development Accounting Software
Until now, there haven’t been any effective solutions to this problem, and Real Estate Development Accounting powered by Acumatica has changed that. Understanding the Quickbooks and Excel spreadsheet conundrum developers have faced for many years, Budgetrac was created to help by providing one application that performs all of the functions necessary on both sides of the business.
Real Estate Development Accounting powered by Acumatica contains a full GL, AP/AR accounting application, and all the tools developers need, including project control, loan draws, contract and commitment management, and more!
It allows development management teams to communicate project statuses and data back and forth via a process that is updated in real-time. Providing accurate reporting, visual dashboards, and significantly reduced data entry. The fact is that technology based on accounting like REDA can take over many of the manual processes and combination of multiple disjointed systems developers have used in the past. It will reduce the bottlenecks in the current process and help manage risk and reduce errors.
To learn more about Real Estate Development Accounting powered by Acumatica for your organization, Contact Us! We would love to chat about how our solution can help you and your team increase your data accuracy and organizational efficiency!