Yardi is one of the most popular property management software used across the world. The Yardi Commercial Suite has multiple features that facilitate the users, including property management and accounting, asset management, leasing and brokerage, tenant services, energy efficiency products, procure to pay, facilities management, construction management, etc.

Automation is the way forward

Technology has now evolved in a way that tasks that used to take days together earlier can be performed in a matter of a few seconds. Today, automation helps to improve efficiency, reduce human errors and scale operations.

In this blog, we look at the features and benefits of Yardi systems in real estate accounting. Automation in Yardi Systems.

There are unlimited possibilities for automating accounting in Yardi by combining the endless possibilities of advanced Excel, Power Automate and so on.

Generation of Reports

Any report can be pre-defined by mapping the required ledgers. This enables the generation of routine reports at any given point for any period. Examples are the automatic generation of Mall Management Fees (MMF) Reports, Monthly MIS Reports, etc.

Automated Vendor Invoice Accounting

We can use various readily available tools to automate vendor invoices accounting. This saves significant time for the Accounts Payable team of any company since they must review and approve the transactions, than manually accounting each entry in Yardi.

Tenant Billing and Statements

Yardi systems compute the rent, CAM charges, and other applicable fees automatically. It also sends out invoices and statements to the tenants at predetermined intervals. Minimal manual intervention is required to cross check the completeness and accuracy of such billings. This ensures that the tenants are informed of the billings accurately and in a timely manner.

Automated Rent Escalations

Rent escalations are performed automatically in Yardi systems based on the input given during the tenant onboarding. This eliminates the need to manual calculation and reduces the chances of missing out or delay in rental escalations that may lead to loss of revenue.

Automated Late Fee Assessment

Chances of late payment of rents are high in the retail management sector. To avoid such a practice, Yardi solutions has an automated late fee calculator. When the payments are not received on time, it automatically applies late fees to tenant accounts.

Automated Bank Entries Tagging

With an inbuilt feature maps bank entries with the corresponding invoices, Yardi systems reduces the need for manual intervention. This leads to efficient and timely bank reconciliations and reduced chances of errors.

Notification and Alerts

The property managers and tenants are notified about important events using an automated mailing feature in Yardi solution. Events include lease renewals, maintenance schedules, payment reminders and other such events as required by the property management firm. This prompts the interest parties to take the necessary actions in a timely manner.

Standardisation in Yardi Systems

Uniform Data Entry

To reduce discrepancies and inconsistency, Yardi software captures data in a standard format across all properties under a portfolio. Thus, making the reports based on the analytics derived from the captured data is consistent, accurate and comparable.

Standardized Reporting

With reports such as the Asset Management Report, Aging Reports, Tenancy Schedules, Rent Roll, Budget Comparison, Arrears Report and so on, the management has access to real time information to take necessary actions. The best part about these reports is that it can be customized according to the needs of the management by choosing relevant arguments provided before generating them.

Consistent Lease Management

Yardi software can be used to standardize the lease administration processes across different properties under the same management. This will enable the management to apply consistent rules, schedules and policies for all the tenants.

Standardized Tenant Communication

Yardi systems helps the management in maintaining a professional and unified communication strategy for all tenants. All tenants receive consistent information about policies, updates, and events through standardized tenant communication processes.

Standard Operating Procedures

Yardi software has the option to embed and enforce Standard Operating Procedures (SOPs) for every task. Right from tenant onboarding to lease termination, the management can prepare and implement an SOP in Yardi systems to ensure that there is no lacuna in compliances and regulatory requirements.

How is Automation & Standardisation in Yardi Beneficial?

The automation and standardization features in the Yardi software equip the management with a tool that provides real-time, accurate, and relevant information to make informed decisions. With minimal manual intervention in the Yardi systems, there are reduced chances of human error thus increasing operational efficiency.

Moreover, the SOPs embedded in the Yardi systems ensure that all compliances are duly met and reduce the chances of fines and penalties. Automation & Standardization in Yardi Software: A Quick Summary

Feature/Area Automation & Standarization Benefits Impact on Operations
Lease Management Automated lease tracking, renewals, and rent escalations Uniform lease administration across all properties Reduces manual errors and ensures consistent lease management practices
Maintenance Requests Automated work order generation and tracking Standardized maintenance procedures Improves response time and ensures quality of maintenance services
Tenant Billing & Payments Automated invoicing, payment reminders, and online payment options Consistent billing practices and payment schedules Enhances accuracy in billing and improves cash flow management
Financial Reporting Automated financial reporting, budget tracking, and expense management Uniform financial management practices across the portfolio Provides real-time insights and improves financial oversight
Vendor Management Automated vendor onboarding, contract renewals, and payment processing Centralized and consistent vendor management Enhances vendor relations and ensures compliance with contractual obligations
Tenant Communication Automated communication channels for announcements, updates, and reminders Consistent and timely tenant engagement across all properties Improves tenant satisfaction and retention
Regulatory Compliance Automation of compliance checks, audits, and reporting Allows real-time tracking and reporting, which helps identify potential legal risks early and ensures timely corrective actions Reduces legal risks and ensures regulatory compliance
Document Management Automated document storage, retrieval, and renewal reminders Standardized document management practices across properties Reduces the risk of mismanagement and ensures easy access to critical documents
Budgeting & Expense Tracking Automated budget allocation, tracking, and expense categorization Uniform budget management practices Enhances financial discipline and prevents budget overruns

The Bottom Line

Yardi software offers a lot of features including automation and standardization that helps property management firms in smooth operations. Property managers can boost efficiency, make smarter decisions, and enhance tenant satisfaction, all while simplifying day-to-day tasks.

Why Choose InCorp Global?

InCorp has a team of professionals trained in using Yardi software in India for retail management. With years of experience in providing outsourcing and vCFO services to malls across India, we are equipped with the right skill set and expertise to handle complex retail mall operations. Apart from this, we also provide services across different verticals making us the one-stop solution for your business needs. To know more about our services, write to us at info@incorpadvisory.in or reach out to us at (+91) 7738066622 to know more.

This article is co-authored by Nikkitha KJ

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