In conversation: The future and automation of accounting
An exciting interview with Mr. Beyerlein from Impower and Mr. Heller from i5 Immobilien GmbH. We discuss the automation and future of accounting and how Impower is driving this forward.
Heller: Hello Mr. Beyerlein, I'm delighted that we've gathered here today to talk about Impower. Shall we start straight away?
Beyerlein: Hello Mr. Heller, I'm delighted too. Thank you very much for this great opportunity. You are welcome to get started.
Heller: Why was your software developed?
Beyerlein: We have been working in the property management industry for many years - as owners, advisory boards and property managers. In our day-to-day work as property managers, we have experienced first-hand how challenging it is to meet the growing customer and legal demands, to cope with the flood of tasks and to fight against the constant shortage of staff.
As product people with many years of experience in digitalization and software development at renowned tech companies, we also know that it doesn't have to be this way. Processes can be digitized, automated and simplified.
And: there is no need for expensive implementation projects, complicated user interfaces and lengthy training courses. Modern property management software for property managers must and can be cost-efficient and easy to introduce and use!
Impower is the modern, cloud-based accounting and ERP solution of the next generation: intuitive, easy to use, usable from anywhere, workflow-oriented and, thanks to open interfaces, versatilely linked to other systems and solutions.
Our promise: an accounting system that is fun to use; a platform that allows property managers and market participants to work together easily, automatically and digitally.
Our goal is to make you smile again when you think about accounting. With Impower, we also want to ensure that you as a property manager no longer have to spend so much time and stress on redundant tasks, but instead have more time for these important things in life.
Heller: You've already done that with us. Perhaps we should start by looking at the problems you solve with Impower.
Beyerlein: Of course, I'd love to!
Many customers want an all-in-one solution, a software that is accounting, document management system (DMS), communication platform, e-mail client and process management all in one. Colloquially speaking: the all-in-one solution. Rarely can a system be equally good at everything and drive further development in all areas. Instead, the power of the digital future lies in modern systems that are networked via interfaces, in which platforms and tools can be flexibly combined and cross-platform workflows can be set up.
PropTechs enjoy great popularity because they often provide the best solutions for specific areas. At the same time, this means that users have to work on multiple platforms. This is only unattractive if these platforms are not well connected, because, for example, the ERP system is a local server-based software, while modern solutions are browser and interface-based applications. The basic problem is that the ERP system, as the leading system, should link the various tools and prop-tech solutions live and integrate them into workflows, but cannot do this.
The introduction does not have to be complicated. PropTech companies are increasingly harmonizing their solutions and offering deeper integrations with suitable workflows as standard. A modern interface-based ERP system thus becomes an enabler and marketplace to connect market participants and enable automated workflows across platforms. Such modern work systems are also valuable for increasing the attractiveness of the industry for the next generation: they are used to flexibly using new tools to solve problems and also want to work with modern and simple browser-based systems in the workplace.
Heller: I agree with you. Companies have to fight for staff and don't do themselves any favors if they rely on outdated, inconvenient systems. Are there any special features or other benefits that your software offers?
Beyerlein: Absolutely! Even the first lines of Impower's development code were written with our mission in mind and "on a greenfield site". This means that there are no legacy issues and Impower is being developed to the latest technological standards. This gives us the opportunity to tackle existing problems in a new way - for example, location-independent working thanks to our home in the cloud.
Impower's open interfaces also offer enormous potential, as they allow cross-system processes to be established and implemented with partner platforms - without any media discontinuity.
Heller: We have a similar view of the interfaces. For us, an important factor in the decision-making process was that the software is open for cooperation with other software such as Vulcavo and Casavi. Do you have any customer references or success stories you would like to share?
Beyerlein: We are in close contact with our customers and make sure that property managers go home with a smile every day. We are happy to share a few of our stories with you. Firstly, we were able to help a property manager achieve a time saving of almost 70% compared to their previous day-to-day business with our automated processes.
On the other hand, we also collect nice anecdotes or quotes that always put a smile on our team's faces. For example, we have received quotes saying that some customers were so captivated by our bank turnover allocation process that they completely forgot about the time because it was so much fun. We also received great feedback from a prospective customer who couldn't believe that a medium-sized property could be entered and rebooked within 3 hours. A few days later we received a call that she had booked her entire property in 4 hours and on the same day, full of enthusiasm, terminated the contract with the old property management program.
Heller: I also have a story about that. During a telephone interview, we shocked an applicant by telling her that we no longer print and envelope. The young lady could hardly believe it. Especially as she had previously worked for a larger property management company and was therefore more used to the conventional way of working.
Beylerein: You probably mean the annual printing of all owner documents and enveloping for the owners' meeting, with each employee walking once in a circle around a large table with huge piles of paper... We've heard stories like this too often. These are processes that should simply no longer exist in today's modern working world.
Heller: You're right, there should be no more of that. But while we're on the subject, what are your plans for the future of Impower?
Beyerlein: For the future, we want to expand the software even further and improve processes. On the other hand, we also want to be a pioneer in the new way of working for property management companies. With our interfaces, deep links and cross-system processes in particular, it is already possible to implement ways of working that have not yet been seen in the industry.
Impower should use these networked systems to ensure automation and workflows that work as one. It is therefore crucial that the ERP and accounting system as the core of the system landscape is cloud-based and can integrate all other platforms such as the customer portal or process management thanks to open and bidirectional interfaces. If all the systems used are browser-based and connected via interfaces, modern system landscapes with cross-platform workflows and automation can be set up.
invoices, for example, can be automatically stored by the ERP system in the object folder of the DMS and linked to the corresponding process in process management. In turn, all associated processes can be displayed for objects and contacts in the ERP system so that the user can jump directly to the respective process to continue working effectively with all the functionality. This creates workflows and system landscapes that feel as if they have been created from a single source. The beauty of this is that the user has the freedom to choose their preferred platform for the respective work area and is flexible in the use of other tools in the future - there is no "lock-in".
However, the UI/UX is also particularly important to us, which means good and easy handling of the software, which should lead to successful experiences and a good feeling during daily use.
Heller: We also really like the modern design and operation and I think that this is now a must, at least for the younger generations. Can you tell us about your experience of switching to Impower? I can imagine that the changeover is difficult for some people due to the difference to the software they used previously.
Beyerlein: It really varies from property management company to property management company. The exciting thing about the industry is the wide age range among property managers. For example, there are many veterans who have navigated their property management company through wind and weather for many years. However, it is also particularly interesting to observe more and more generational changes, where the adult "children" now want to take over their parents' company and lead it into the age of digitalization.
Impower is designed so that anyone can operate and work with it. Thanks to the simple and intuitive user interface, even untrained staff can quickly familiarize themselves with the software. Impower is primarily focused on medium-sized and large companies to help them take the step from analogue working to a digitalized working world.
We also want to use Impower to support young entrepreneurs and start-ups, as these are the future breath of fresh air that the industry absolutely needs.
Of course, switching from an ERP system is always daunting at first glance. However, switching to Impower is actually very easy. Depending on whether customers are already using a connected owner portal, the process of transferring master data is sometimes completed with just a few clicks.
For all other cases, we use Excel files with a csv import to upload master data from the old ERP to Impower. Our Excel files have integrated validations that help you to correct your data directly when entering it.
Heller: So you pick up managers of all ages. How can interested parties find out about Impower? What are the first steps? Is there a free trial version of the software or a free trial subscription that users can try out?
Beyerlein: One of our mottos is "From practice for practice", which is also reflected in our presentation of Impower. We are happy to present the system to interested parties in the form of product presentations in which we, as property managers, report directly on the day-to-day and practical use of Impower in our own property management.
Interested parties also have the opportunity to test Impower themselves for 30 days free of charge and without obligation in a demo account. This is a fully productive account with which customers can continue working immediately after signing the contract.
Heller: Conventional accounting software usually relies on (expensive) on-site onboarding appointments. How does Impower solve this problem?
Beylerein: This is definitely a problem in the industry that we want to tackle anew. That's why we cover all the important training courses in our onboarding together with the customer and their team, so that they are able to get started straight away - and that's all included.
Heller: How is the customer support for the software organized? Is there an FAQ page or a support forum available to users?
Beyerlein: Impower has been developed with the main feature of offering very intuitive user guidance and clear interfaces. The interlocking and automated processes make it very easy to use, which makes it particularly convenient for non-specialist staff.
This makes onboarding in particular very simple and lightweight, as this is covered together with the customers and their team in the form of "supervised bookings" and training.
In addition to this claim, however, there is also first-class customer support, which takes up your concerns with the help of a targeted ticket system and processes them. In addition to support, customers also have access to a dedicated help center, which contains prepared help articles and short videos covering various problem areas.
Heller: It's good to hear that there are also people you can turn to if you have a problem. Now that you've shared a lot about your thoughts and plans for Impower with me, has the software ever been presented to the public?
Beyerlein: Yes, indeed. Last year, Impower was able to inspire numerous property managers, including the management consultant for real estate management Alexander Haas, who has now also switched to Impower after years of using a different solution and no longer wants to be without it.
In April 2022, Impower stood out from 130 PropTechs, impressed the jury and thus became the winner of the GermanPropTech Award 2022 in the Asset & Portfolio Management category.
Impower is also regularly featured in the VDIV Germany press releases and news. Impower can also boast various other appearances, such as an article in the ImmobilienZeitung IZ or a podcast on Steuerköpfen.de.
Heller: Wow, that sounds exciting. What's next for Impower?
Beyerlein: We are proud of what Impower already covers today, but as perfectionists our thirst for more is far from quenched.
One thing is certain - Impower will continue to develop and improve. Together with our partners and colleagues, Impower will continue to establish new and pioneering processes that will significantly simplify the day-to-day work of property management and property accounting. So that you have more time for the important things in life.
Heller: Thank you for the interesting conversation and I am already looking forward to the upcoming innovations and features. Perhaps we can talk again in the coming months. Is there anything else you would like to add?
Beyerlein: Of course, of course! It is important to us to give both existing property management companies and young companies an insight into the fact that modern property management is not just a dream of the future, but is already happening today. Working with you in particular shows us the potential that can be discovered and leveraged in today's property management. We are therefore grateful for this great opportunity and would also like to thank you for this wonderful conversation.
Would you like to find out more about Impower and the accounting of the future? Then visit us at www.impower.de.
Or you can visit i5 Immobilien GmbH on their website.
We look forward to seeing you!
Are you interested in other interesting articles?
Then take a look here.
- Impower was at the 30th Property Managers' Day in Berlin. Read more here about how even more property managers are now smiling again when they think about accounting.
- Information on the partnership between Impower and casavi and the harmonization of the owner portal and accounting can be found here.
- Learn more about the history of Impower's origins and further plans for the future in the Kanzleifunk podcast interview with our founder Thomas Klews.
- Find out whyImpower isa member of the German PropTech Initiative.
- Impower is a proud partner of VDIV Germany - because digital change works best together - find out more here.
- Find out what real estate management consultant Alexander Haas thinks about Impower here.
