Invoice processing: save up to 66 days with the right software for property managers
A real time waster: on average, property managers need around 75 days / 1,000 units to process invoices. This doesn't have to be the case: with stringent workflows and the right software, this can be reduced to 9 days.
Property managers often underestimate the time they need to process invoices. Let's take a property management company with 1,000 units: Here, around 4,000 invoices are processed per year. This means that every minute invested in processing these invoices equates to almost two weeks of working time.
If we take a closer look at the process of invoice processing - from invoice entry to posting and payment to file storage - we find an average processing time of five to ten minutes per invoice.
These figures are also confirmed by a survey conducted by Impower, in which 172 property managers took part. The average processing time with the existing software solutions for property managers was just under 8 minutes per invoice. This means that around 75 working days are required per year and 1,000 managed units for invoice processing alone.
Enormous savings potential: on average approx. 66 days / 1,000 units
This time-consuming process can be simplified and accelerated enormously. A total working time of just one minute per invoice, including file storage, may seem ambitious, but with the help of modern and process-optimized property management software such as Impower, it is certainly achievable.
On average, an impressive 66 days of working time can be saved per 1,000 units. A considerable relief for many offices that lack time and manpower, especially in accounting.
The key: stringent workflows and automation with the help of software
The key to this increase in efficiency lies in the implementation of stringent workflows and automation with the help of advanced property management software. Modern property management and ERP software such as Impower feature intelligent automation. Thanks to automatic text recognition and artificial intelligence, all data for the booking and transfer process is recognized, automatically filled in and assigned to the respective properties and processors.
It is crucial that such software for property managers is able to simplify the entire work process and seamlessly integrate existing systems. There should only be one digital batch for processing, where invoices received by email and post automatically land. An integrated scanner and mailbox connection in the ERP system is essential for this. At Impower, this is very easy with the scanner solution from Plustek: with the scanner developed for Impower, Impower customers can scan invoices directly and easily into the property management software.
Equally important is the automated filing and naming of invoices in the document management system (DMS), including all relevant metadata, in order to avoid loss of information. Another crucial function is the ability to work automatically with existing and common DMS. At Impower, for example, Microsoft 365 SharePoint can be used for automated file storage, eliminating the need for a separate DMS.
The future of invoice posting and file storage undoubtedly lies in a new generation of cloud-based, open-interface software for property managers. These software systems can communicate seamlessly with each other and allow property managers to regain more time for the essentials.
Find out more about how innovative software solutions can increase efficiency in property management and what advantages they offer by attending our free training webinar on the topic of invoice processing free of charge.
