Acquira engaged with specialized CPAs in real estate and property management to undertake a critical upgrade of their financial systems. This initiative was directed at enhancing the accuracy and efficiency of their operations and transitioning to the Yardi Breeze Premier platform.
Challenges
Navigating Financial Complexity:
Acquira faced a complex financial landscape, with challenges stemming from the limitations of their previous system. Key issues included the inability to produce accurate accrual reports, conduct comprehensive CAM reconciliations, and create detailed lease abstracts.
Transition to Advanced Technology:
The transition to Yardi Breeze Premier represented a strategic shift in Acquira’s approach to property management technology. This move was crucial in addressing the existing gaps in financial reporting and operational efficiency.
Solution
The multi-layered solution focused on technology integration and process optimization.
System Upgrade to Yardi Breeze Premier:
The switch to Yardi Breeze Premier brought advanced capabilities in financial reporting and operations, addressing the previous system’s limitations.
CAM Process Automation:
The manual CAM processes were streamlined and automated, saving significant time and minimizing manual errors.
Commercial Café Implementation:
This tool reduced the workload associated with accounts receivable and enabled efficient online payment processing.
Lease Abstraction Enhancement:
The team undertook comprehensive lease abstractions, ensuring accurate documentation of critical lease details for better management.
Financial Reconciliation and Reporting Overhaul:
The new system enabled more effective financial reconciliations and enhanced the quality of financial reporting, reflecting a higher standard of financial management.
Staff Training and Empowerment:
Acquira invested in extensive training for their staff to ensure proficient use of the new system, enhancing overall productivity and user efficiency.
Results
The strategic collaboration yielded impressive outcomes:
- A complete setup of a customizable financial database with enhanced reporting capabilities was established.
- Staff were trained to effectively utilize the new system, maximizing its benefits.
- The monthly accounting workflows and lease management processes were successfully automated, leading to increased operational efficiency.
Key Insights
- The introduction of automation and streamlined processes led to significant time savings, allowing Acquira to focus on expanding its portfolio and enhancing client services
- With the financial overhaul, Acquira gained increased confidence in its financial statements and readiness for audits, ensuring compliance and transparency
- The adoption of Yardi Breeze Premier improved Acquira’s operations, bringing in cutting-edge features that significantly boosted efficiency and accuracy
Future Outlook
Acquira, with a year of successful collaboration, is optimistic about the continuous improvement and sustainability of their financial operations. The focus remains on leveraging the full potential of Yardi Breeze Premier to maintain audit readiness and achieve operational success.
