6A — July 12 - 25, 2019 — Tax Issues & Accounting — M id A tlantic

Real Estate Journal


T ax I ssues & A ccounting

Integrated apps. bolster the bottom line via streamlined tasks & improved communication How to Build the Best Construction and Development Technology Stack W hy should you care about your tech- nology stack? Wait

resides in the cloud. Here’s why you should care. A well-integrated technology stack helps streamline rou- tine business tasks and also greatly increases the ability to use information to improve planning. The “stack” is pow- ered by the multi-cloud world. This means multiple business applications and services in the cloud effortlessly interact in a way that best serves the individual users. With the universal growth of platforms powering business functions, the importance of a technology stack is being recognized in all industries, old and new, small

and large. Within this context, con- struction and development practitioners are adopting cloud platforms and appli- cations that facilitate proj- ect management, property management, estimating, budgeting and valuation, AP processing, and document and approval management. In turn, the construction and development technology stack is taking shape, incorporating a variety of tools to increase ef- ficiency and accuracy, improve focus on value-add opportuni- ties, and enhance the ability to make confident decisions.

The enterprise construc- tion management/accounting platform serves as the core of a well-assembled construc- tion tech stack. Today’s most cutting-edge products (such as Acumatica Construction Edi- tion) allow other components of the stack to integrate with this core, sharing data in real time to facilitate every aspect of doing business. As you’re assembling a tech- nology stack for your construc- tion or development organiza- tion, take a look at these best- in-class technology platforms. Project Management Procore improves visibility

and enables management of multiple projects from one central program. Offering real-time access and instan- taneous tracking for every team member, it keeps every- one up to date from bidding to completion. Procore is a drawing-centric application. Submittals, RFIs, punch lists, photos and other details are included in the most current drawing set. Popular collaboration soft- ware SmartSheet enables teams to automate timing for tasks like collecting informa- tion from different workers and sending requests for ap- proval from one colleague to another. The intuitive inter- face enables fast implementa- tion to configure, adapt and improve processes. Smart- Sheet boasts “frictionless shar- ing” and the creation of clear accountability to bolster task ownership and team engage- ment. Honest Buildings is the leading integrated, data-driv- en project management and procurement platform built for commercial real estate. Companies use Honest Build- ings to centralize project data, increase transparency, auto- mate bid management and standardize reporting. Hyphen Solutions , spe- cifically designed for the resi- dential construction sector, enables homebuilders to man- age schedules and streamline order processes with suppliers, distributors and manufactur- ers. Its full suite of digital services addresses everything needed to keep projects on time and under budget. Property Management IBS’s Imperium Powered by Acumatica serves as a single source for capturing and processing real estate enterprise data, and includes deep functionality in the areas of escalations and recoveries – with robust lease abstract- ing, and utility and tenant service billing features for multi-family, commercial and other specialized markets. Elegantly integrated solu- tions for electronic rent pay- ments, payment processing, and resident screening make managing day-to-day tasks automatic and convenient, often resulting in significant cost savings over conventional approaches. It provides all of this, along with unparalleled integration capabilities. continued on page 14A

– what IS a t echno l ogy stack? It’s ac- tually pretty s i mp l e . A t ech s tack i s a group of multiple t echno l ogy applications

Michael Mullin

that today’s businesses use to manage their core functions. Decades ago, it was an actual stack of hardware in the IT department. Now, like most technology, it’s virtual and

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