Digitising processes can seem daunting and you may worry about transferring your data onto a new platform. However, with a need to save money on expenses, property owners are looking into ways to cut costs and save time.
Processing payments for various products and services that keep your properties running smoothly is an inevitable expense, which is often a manually intensive and paper-heavy process. Many providers still use paper systems to procure supplies leading to inefficiencies, oversights and costly mistakes.
You need to have the right technology that integrates and communicates seamlessly. The main challenge for operators and managers is the wide range of real estate solutions on the market that do not integrate with one another. Fortunately, solutions such as Yardi Procure to Pay dramatically reduce friction across all elements of the procurement lifecycle, including vendor management, invoice processing and payments.
By digitising procurement, you can go paperless and reduce manual tasks with an end-to-end solution. It allows you to gain better efficiencies and real-time visibility into budgets and cash flow to ensure business continuity with automated payment processing.
With a mobile-enabled platform, such as Yardi Procure to Pay, you can remove the need for printed invoices and automate invoice approvals whilst gaining full visibility into the transaction lifecycle. End-to-end solutions provide a centralised dashboard so your team can reduce manual tasks such as scanning, printing and keying information.
Investing in one integrated solution can help simplify your day-to-day processes, such as vendor management. You can mitigate risk and ensure vendor compliance using a single system of record for centralising information and onboarding.
Historically, processing invoices is a long and tedious procedure and can often take weeks and sometimes months to finalise. With Yardi PayScan, part of Yardi Procure to Pay, you can streamline the way you process invoices with efficient, online approval workflows. Your invoices are processed electronically, allowing for faster approval and instant vendor payments.
By implementing the right technology, you can utilise an online platform to streamline vendor management. VendorCafe, part of Yardi Procure to Pay, provides your vendors with the ability to self-service. You can proactively assess vendor risk and ensure that only approved vendors are added to your accounting system.
With a single system record for centralising information, you will be able to streamline onboarding, optimise communication and gain better transparency into your data.
Save time and money in the procurement process
Leveraging electronic invoicing or outsourcing the scanning and keying of invoices can reduce the cost per invoice. Additionally, it can reduce payment processing errors and make cash flow more controlled and predictable.
With a cloud-based solution, such as the Yardi Procure to Pay Suite, you can efficiently onboard and manage vendors, simplify purchasing, streamline approvals and electronically pay vendors.
Yardi Procure to Pay is our centralised procure-to-pay platform that includes comprehensive vendor management and compliance, automated procurement, electronic invoice processing and outsourced vendor payments.