Time is money – an adage well-known by every Real Estate Developer. In our world, efficiency and accuracy are critical for success. With the industry’s inherent volatility, real estate developers face unique challenges that demand innovative solutions. In simple terms: They need tools that save time.
Acumatica Real Estate Development Accounting, is just such a tool. Since it was designed from the start to meet the needs of developers, it introduces efficient, automated processes that both reduce the time needed to enter business data and ensure that your data is accurate, delivering consistent figures across all reports.
Let’s explore some common challenges that Commercial Real Estate Developers face and see how a developer-centric accounting solution helps overcome them.
Common Challenges Faced by Real Estate Developers
- Time Management: In CRE development, time is a crucial resource. Delays can escalate costs and impact project timelines. Viewing accurate, up-to-date reports is critical but requires the efforts of several full-time employees to keep up with data entry and reconciliation.
- Data Redundancy and Inaccuracy: Many developers rely on multiple standalone applications and external spreadsheets. This opens the way to two major problems: data duplication and errors. Worse, sharing data among your team can lead to versioning problems, making it difficult to know who has the copy with the latest data.
- Complex Operational Issues: Handling various aspects of real estate operations with a lean staff can be daunting. One person can only accomplish so much in a sea of paperwork and manual processes.
- Project Cost Management: Keeping track of project costs from inception to completion is often a challenging and error-prone process. Worse, many job-costing solutions that seem suited for the task are actually designed for contractors, emphasizing details from the bottom up, leaving developers without a high-level perspective on which to base their biggest decisions.
The Acumatica Solution: Real Estate Development Accounting
Real Estate Development Accounting, powered by Acumatica, addresses these challenges head-on:
- Streamlining Operations with Workflow Wizards: The software guides the user through a business process with advanced workflow wizards to eliminate errors and streamline the setup of new items and projects.
- Efficiency and Accuracy in Data Management: One-time data entry ensures that a transaction, like an invoice, is automatically registered across various modules. As an example, it would be reflected in payables as an invoice to pay, in contract management as a contract draw, in project costing as a cost to manage, and it would also show as applicable for the loan draw process. This significantly reduces data entry errors.
- Strategic Decision-Making with Dashboards: Leadership can benefit from comprehensive dashboards that show up-to-the-minute data on business and project health that aid in making sound business decisions.
- Project-Oriented Accounting Software: Designed with a dual focus on project and financial perspectives, every module is ‘project aware’, ensuring that all aspects of real estate development are comprehensively covered.
Additionally, our solution handles Lifecycle Management. It addresses the entire lifecycle of a real estate asset, from pre-development to property management, ensuring budget adherence while maximizing efficiency and client satisfaction.
The Benefits: A Closer Look
- Reduced Redundancies: By eliminating the need for multiple data entries, the solution ensures more accurate reporting and efficient data handling.
- Improved Project Cost Management: With single-point entry, developers can accurately track project costs from budget to actual expenses.
- Comprehensive Project Awareness: The software provides an all-encompassing view of project status, including detailed support levels, enhancing management oversight.
Step into the Future with Acumatica
Acumatica Real Estate Development Accounting, offered by Anton Systems, is more than just a tool; it’s a comprehensive solution tailored to meet the complex needs of real estate developers. By embracing this innovative solution, developers can significantly enhance their operational efficiency, accuracy, and ultimately, project success.
Don’t let outdated methods hold back your real estate development projects. Experience the transformative power of Acumatica for yourself.
Contact Anton Systems for a demo and step into a world of streamlined efficiency and pinpoint accuracy in Real Estate Development.