As the old adage goes, time is money. Therefore, any opportunity to save time by streamlining business operations should be taken wherever and whenever possible. And in commercial real estate (CRE) development, where the costs of doing business are so volatile, so mercurial, time is the one variable that is always guaranteed to be of immeasurable value.
So the question becomes: How do we save time?
We can save time by implementing state-of-the-art real estate development software, such as Real Estate Development Accounting powered by Acumatica, which utilizes workflow wizards that assist in eliminating errors and reduces the time it takes to set up new items and projects.
The solution’s dashboards assist in making sound strategic business decisions, and notifications ensure critical data elements are not missed. Innovative design reduces cost of ownership significantly, while accelerating implementation timetables and daily processes. And role-based homepages increase productivity by providing key data points and shortcuts to everyday tasks.
Reduce redundancies, increase efficiency
Although today’s real estate development companies are lean and mean, they need to solve complex real estate operational issues. The key to being efficient with a skeletal staff is a software solution that is easy to use yet robust enough to handle all necessary real estate operations. Providing one solution eliminates the need for standalone applications and external spreadsheets, which leads to inefficient and inaccurate data collection.
Most significantly, those employing our solution enjoy increased efficiency because transactions need only be entered one time (i.e., an invoice). That one transaction will be reflected in payables as an invoice to pay, updated as a contract draw on the contract, in project costing as a cost to manage, and applicable for the loan draw process. This negates the need for multiple entries and reduces possible data entry errors causing report differences.
Key is our solution’s ability to manage project costs and, through a single-point entry, know the exact status of a project from budget to committed/contracted costs to actual costs to date. The ability to factor in forecasting changes is always “seeing” a more accurate view of the estimated completion costs.
The solution also offers a single point of reference with backup schedules to report both budgeting and project costing of a project that integrates into financials.
Designed specifically for the job
Our solution was explicitly developed as project-oriented accounting software, with the project perspective receiving the same amount of attention as the financial perspective. All the software modules or functionality are project aware. Each module can provide the necessary project perspective to complement the general ledger perspective. These independent perspectives are the key to addressing real estate developer needs.
Nearly all job costing software emphasizes the subcontractor or general contractor perspective, where the detail level drives the reporting. Our success in the developer market comes from its ability to go beyond the details and show management the top-level project status and all of the various detail levels that support it, giving a complete set of project-aware applications and functionality designed to help maximize the potential offered by real estate projects and properties. The software solution must address the complete life cycle of a real estate asset: from project inception to project completion, and from pre-development to property management, in order to minimize budget debt and maximize profit, efficiency and client satisfaction.
For more information, or a demo of Real Estate Development Accounting powered by Acumatica – visit https://antonsystems.com.
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