How CRE Firms Can Take Control Of Workflow And Invoice Processing

As commercial real estate companies grow, so do the responsibilities and workloads of their teams. This means that workflows need to be optimized for efficiency, especially when it comes to the company’s accounting practices.

One area where a firm’s finance team may need help is in processing invoices for accounts payable.

While processing invoices manually may seem reliable, using outdated methods can cause slower processing and delayed payments. This not only burns a hole in the business’s bank account but also damages relationships with vendors, said Ryan Clayton, senior managing director of real estate solutions for Bottomline, a technology firm that specializes in modernizing business payments. 

“There are real costs associated with doing financial practices manually, but there are also hidden costs such as missed or late payments when you don’t pay a vendor,” Clayton said. “They may prioritize other payers over you because you don’t pay as quickly, which isn’t great if you need to make urgent repairs.”

He said an ineffective workflow may involve one person communicating with someone else over email, logging information in multiple platforms and then cutting paper checks to be sent out by mail. 

Adopting a consolidated system, on the other hand, means that finance teams can instead focus on work that drives revenue or helps the company grow, Clayton said. One way to alleviate headaches and embrace workflow efficiency is to use accounts payable automation to streamline invoicing.

“If you’re able to merge all of these processes and automate them across one solution, you gain visibility and control,” he said. “Not only will you have efficiency, but you’re not going to have tasks fall through the cracks or put on the back burner.”

Bottomline's AP Automation for Real Estate solution has been helping real estate firms streamline accounts payable digitally for more than 25 years. This platform enables finance teams to electronically purchase products and services, review and process invoices and make payments through its portal. 

For purchasing, it offers a feature called procurement catalog for real estate, which enables buyers to add their preferred vendor catalogs to their AP Automation for Real Estate platform for reference. Once the buyer is ready, they can create a purchase order that will be sent directly to the person on the team who approves purchases.

Finance professionals can set up one or multiple invoice approval workflows with Bottomline’s solution to oversee and manage invoices, and information can be categorized by aspects like vendor name or dollar amount. Users can also access data about their past purchases to inform future buying decisions. 

Clayton said that businesses need to have one place to organize their jobs and expenses for all of their projects. AP Automation for Real Estate provides the capability to integrate with general ledger accounting software with two-way syncing. Bottomline's solution will pull job cost data elements from the general ledger to enable the creation of job cost purchase orders and invoices and push job cost invoices into the client’s system. This approach allows for real-time budget reporting.

He added that operations managers can also use AP Automation for Real Estate to gain insight into their budget and business decisions as well as prioritize payments. 

“It comes down to having a solution that allows you to capture, store and query data in one place,” Clayton said. “Having an automated solution means that you’re also going to be able to do more. I can approve payments faster and pay vendors sooner, and also pull the information I’m looking for in real time, run reports and get historical data, which can influence purchasing.”

Bottomline’s AP Automation for Real Estate can be merged with general ledgers.  It can also work with real estate-specific enterprise resource planning software and many banking platforms for when finance professionals need to pay invoices electronically. 

In addition, vendors can choose how they send invoices, whether through e-invoicing or their own portal on Bottomline. The company utilizes more than 300 data points to verify vendors and processes over $500B every year with no instances of fraud, he said.

“You’re protected, your vendors are protected and getting paid faster, and you’re maintaining that reputation of being someone who is good to work with,” Clayton said.

Ultimately, AP Automation for Real Estate gives finance teams options for how they want to handle their finances, with greater visibility and control leading to greater efficiency.

“We provide a one-stop shop for consolidating data and making invoice payments,” Clayton said. “No chief financial officer needs to wonder, ‘Do I have payments I need to approve today?’ You will get a notification if there’s something that needs your attention. If you’re processing accounts payable faster, you’re going to pay your vendors faster.”

This article was produced in collaboration between Studio B and Bottomline. Bisnow’s editorial staff was not involved in its creation.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.