4D — May 10 - 23, 2019 — Multifamily — M id A tlantic

Real Estate Journal



ead today’s business technology headlines and you’ll see that cloud By Michael Mullin, Integrated Business Systems Why multifamily real estate organizations need Cloud Accounting Functionality R as Smartsheet, Procore and Hyphen Solutions. about disruptions that cause costly downtime. objectives with maximum cost efficiency.

software that can be main- tained remotely and accessed 24/7 from anywhere via the internet. Those who move their management and accounting systems to the cloud will gain significant benefits. Three Ways Cloud Accounting Systems Can Boost Your Business 1. Basic Cloud Benefits Scalability and flexibility. You can implement cloud solu- tions quickly and easily, and realize immediate operational improvements. You pay only for the resources you need at any given time, so you can scale up or down to meet business

Consistency. Your entire team can run the same applica- tion anytime, anywhere. This breaks down information silos, delivering consistent, up-to- date information with minimal effort. Out of the office and us- ing a tablet? No problem. The software application functions on all devices using the same interface. Automatic upgrades. Up- dates run unnoticed in the background, meaning you don’t have to remember to upgrade your accounting or manage- ment software or be concerned

Reliability and security. Leveraging SaaS can reduce IT costs and increase infra- structure security. Cloud-based solution providers go a step further, offering software plus value-added services such as security, business continuity and disaster recovery (BCDR) features. Integration. What good is moving to the cloud without easy integration? With cloud- based software, you can easily integrate your accounting sys- tem with modern application program interface APIs, such

2. Real-time Advantages A cloud setup delivers real- time management functionality – a necessity in today’s business climate. For example, a cloud accounting system updates data immediately on entry and provides all system users with digestible, usable informa- tion for data-driven decision- making. As a result, your team becomes more agile, responsive and mobile. And that mobility permits remote and real-time collaboration with customers, suppliers and team members, who can access the same data and toolsets in the format best suited to their needs. These can include self-service reports, dashboards and portals. Lever- aging up-to-date information for optimal decision-making helps improve your ROI and makes good business sense. 3. High-value Applications Multifamily property man- agement, construction and development executives can choose from two types of cloud software solutions. A deep solu- tion includes applications for financials, contracts, budgets and costs, while a broad solu- tion covers a range of areas such as construction account- ing, purchasing and custom- er relationship management (CRM). Cloud-based manage- ment solutions can help you and your employees enhance productivity by offering work- flow, document management and Wiki resources. And you can find the right pricing struc- ture for your business based on resources used rather than user-based licensing. Cloud ERP: Your Solution for the Present and the Future Cloud management and ac- counting systems continue to be smart investments. In fact, Gartner, the world’s top research and consulting firm, projects that “at least half of large enterprises will success- fully implement a software-as- a-service strategy by 2025 and run their core ERP systems in the cloud.” If legacy systems and dated software are hinder- ing your company’s growth and complicating everyday business tasks, consider upgrading to a cloud accounting system. Through accessibility, reliabil- ity and scalability, new systems designed for your industry and business can have a positive continued on page 7D

and software- as-a-service (SaaS) imple- mentations are quickly r e p l a c i n g on-premises legacy man- agement and a c c oun t i ng

Michael Mullin

systems. Multifamily property management, construction and development organizations will soon have to join this trend or be left behind while their competitors adopt cloud-based

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