Accurate, real-time accounting is paramount for real estate developers and property managers. Unfortunately, proper bookkeeping can be both tedious and time-consuming. Most developers are using multiple disparate applications to string together something that works – but is far from optimal from a productivity and accuracy standpoint.
Our Real Estate Development Solution powered by Acumatica provides developers with a complete end-to-end world-class cloud-based accounting application that keeps accurate records while increasing overall productivity simultaneously.
Unlike other accounting software, such as QuickBooks, which caters to a more general audience, our solution powered by Acumatica is designed to meet the specific needs of real estate developers and project managers juggling multiple projects at the same time.
Here’s a look at just some of the ways Acumatica can increase productivity in your organization.
1. Real-Time Data
As a real estate developer, you already know the importance of always having real-time financial data readily available. With this solution, that’s exactly what you’ll have. As soon as financial entries are made, the system automatically updates all relevant areas, including project and real-time costs. You have all the financial data you need right at your fingertips so you can make sound business decisions based on facts, not assumptions or estimates.
2. Multi-Entity Tracking
One of the greatest advantages of our solution is that it allows real estate developers to manage financials for multiple entities in one convenient location. This benefit is critical for developers who manage separate LLCs for each project. You also have the ability to connect an unlimited number of bank accounts, so your company can easily manage all of its projects in one easy-to-use platform. This is a benefit that you just can’t find in many other accounting software solutions. And with the optional bank-feeds module, reconciling your bank accounts has never been easier!
3. Inter-Company Accounting
In addition to multi-entity accounting, our solution provides developers with inter-company accounting allowing you to post transactions between your entities.
4. Single-Entry Process
Manual entry of financial transactions is one of the most time-consuming aspects of the real estate accounting process. Many software programs require users to enter the same data multiple times to update all financial areas. This multi-step process is not the case with Acumatica. Our solution simplifies the process by using single-entry data input. As soon as you record a financial transaction, the system automatically updates everything from invoices to project costs to loan draw paperwork.
5. Fast Loan Draw Paperwork Completion
Preparing load draw paperwork can be frustrating, to say the least. Managing spreadsheets and backup spreadsheets, not to mention gathering all the other financial information needed, can be timely. Our solution eliminates these headaches. Since this solution is designed specifically for real estate developers, you can obtain the loan draw paperwork you need with just a few simple clicks of the mouse. The Acumatica platform provides a complete and robust document management solution.
6. Comprehensive Dashboard Views
Another great benefit of our real estate development solution is the intuitive dashboard views that give you instant access to KPIs (key performance indicators) and shortcut links that immediately redirect you to the data you need. These customizable and comprehensive dashboard views give you a quick overview of projects so you can ensure everything is on track. Additionally, each user can have their own custom dashboard to show pertinent data relative to their job function.
7. Reduction of Human Error
While human error is inevitable, it can be extremely costly when it comes to real estate development accounting. First, it’s not uncommon for companies to spend hours searching their financial records for one mistake that caused a ripple effect on the financial statements. Secondly, frequent accounting errors can alter project costs, damage the company’s reputation, and potentially cause problems with lenders. Using single-entry accounting software like Acumatica can help reduce human errors and increase the accuracy of your financial records.
8. User Friendly Interface
Thanks to Acumatica’s user-friendly software design, you can set up new account codes, vendors, and projects quickly and efficiently. Your team doesn’t have to waste time shifting through resource guides to make the necessary additions. In addition, users can customize their views for a more productive working environment.
9. Track Insurance Certification
To protect your company as well as lenders and other key players, it’s critical that all parties involved have up-to-date insurance. While all real estate developers understand this importance, tracking these insurance certifications is another story. Fortunately, when using our solution, you won’t need another spreadsheet to track these insurance certifications because the system does it for you. That’s right; you’ll receive an instant notification any time a contractor’s insurance certification is nearing or past the end date. This notification allows your team to gather the information they need with no interruptions to the construction process.
10. Complete End-to-End Solution
Unlike other real estate development accounting software products that just provide fancy dashboards without having the underlying accounting data – our solution powered by Acumatica provides a complete end-to-end accounting system that runs your entire business and can manage financial tracking from project inception to project completion. It handles every aspect of real estate accounting, including pre-development, land development, vertical construction, loan draws, funding, and property management. This means that all your financial information, despite how many LLCs and projects you have, will be readily available.
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Our Real Estate Development Solution powered by Acumatica can help your organization increase productivity by simplifying and automating the accounting process. Contact Anton Systems today to learn more about our solution or to schedule a demonstration today!