Better Together: Property Management and Accounting
Whether you operate retail shopping malls, restaurant franchises, commercial buildings, residential properties, real estate investment trusts, or even a port or airport authority, Binary Stream’s Property Management solution can help you manage the volume and complexity of your real estate lease agreements.
Property Management is the only solution that is fully integrated with your Microsoft Dynamics ERP accounting engine bringing together property management and financial management. Property Management gives you a comprehensive solution to manage all of your real estate business functions including accounting, lease administration, billing, and reporting.
Automate the Billing Process
Creating and distributing month-end rent invoices for your properties can be complicated at the best of times. When you have to take into consideration charge escalations, adjustments, cost recoveries, and miscellaneous charges, the billing process can be dreadfully time-consuming and prone to error.
Property Management automates the month-end billing process for you including:
- Creates and distributes any volume of month-end rent invoices
- Accurately calculates rent terms including variable rent terms, rent based on fixed costs, or on a percentage of sales, or user-defined data.
- Escalate charges by rate schedules, Consumer Price Index (CPIs), percentages or fixed amounts; set caps, floors or ceilings on the CPI increases or escalation increase.
- Add and charge for one-time or any non-recurring miscellaneous fees to individual leases, or in bulk.
Year-end processes such as CAM (common area maintenance) reconciliations and expense allocations are handled quickly and efficiently by Property Management. Additionally, the tracking and recording of variable charges such as metered charges, or sales-based rent are automated by Property Management.
Think of your business…do you have any leases?
If the answer is Yes, then you might need to comply with ASC 842, and its IFRS cousin, IFRS 16. In short, both FASB and IASB are moving to adopt a new standard, which makes lessee balance sheet presentation of virtually all leases mandatory, including operating leases over 12 months. Key balance sheet measures and ratios will change, affecting the perception of your company by financial statement readers and users, as well as changing the outlook from an analyst’s perspective.
To help you comply with these new regulations, we are enhancing Property Management with new features to specifically meet these requirements.
Lower Total Cost of Ownership
With Binary Stream’s Property Management, rather than having to buy two or more new expensive systems, you can take advantage of your investment in Microsoft Dynamics ERP and extend it to satisfy your property management requirements. In addition, Property Management leverages the tools that you already use like SSRS. And, because Property Management is built right into the Microsoft ERP interface it is easy to set up, easy to learn, easy to use saving your training budget for other things. With the all of your data together in one place, you are able to eliminate the costs associated with many manual processes like re-keying data into other systems and messing with spreadsheets.
Combined with our Multi-Entity Management solution, Property Management can easily manage setting up additional properties or portfolios. No longer will you have to set up additional GP databases or migrate to an expensive Tier 1 ERP. With the Multi-Entity Management and Property Management combination, only a single database needs to be maintained and adding new properties takes minutes and does not require an IT department.
Property Management has these features as well…
Trusted companies trust Binary Stream
Property Management significantly streamlined our property management operations by moving away from our existing system that relied heavily on excel spread sheets. What on average took about 30 minutes to complete before, now only takes us a minute or two. We are very happy that the system has worked so well for us. Binary Stream has really met and exceeded our expectations.
Before using Property Management, there were several bottle necks in our property management activities. We had relied heavily on tracking tenant billings through excel spread sheets, whenever billing changes arose we needed to address these manually. With Property Management, these updates were already included in the automated invoice processing, which easily decreased the time we spent creating invoices by over 75%.
Property Management's elegance is in its simplicity. As a property lease schedule management solution that leverages Dynamics GP’s core SOP invoicing module to generate billings, the solution replaced a stand alone system, alleviated the need to double enter transactions or worry about a data interface. The in-line module saved countless hours of monthly research required to reconcile our systems when either cash receipts or billing adjustments were inevitably processed in one system but not the other.
Because of PSM’s ability to reconstruct charges, we were able to help other property managers invoice prior month’s charges with very little time constraint on us. For one property, we were able to get them up to date on 15 months of prior charges in a matter of 30 minutes. Property Site Management has definitely been a selling feature for us in this process.
Our complex leases are constantly changing and our leasing agents are constantly coming up with new methods of billing tenants and Binary Stream is always there to help us figure out a solution to make what their deals are function.
Browse our Property Management Resources
Property Management On-Demand Webinar
Want a unified Property Management Solution to leverage Dynamics GP and consolidate everything in one spot? Property Management (PrM) is a fully integrated, scalable solution for deep and complex property and financial management requirements.
Property Management for Tower Management Companies Brochure
Property Mangement for tower management companies, was developed to manage
the tower industry’s sophisticated leasing requirements. Discover how Property Management can streamline your billing and invoicing time.
Property Management Brochure
Property Management is a fully integrated, scalable property management solution for deep and complex property and financial management requirements.