The conversation about reducing paper waste has been ongoing for quite some time now, simply because conserving our natural resources is the right thing to do for the planet and future generations. However going paperless in property management has the added benefits of saving your organization money and enabling you to better serve customers. Here's 10 ways how.
1. ACH/EFT for Payables and Receivables
There are numerous benefits to establishing e-banking solutions for AR and AP through the use of Property Management Software. Setting up owners, vendors and utilities on PAP as opposed to paying them all monthly by check will save paper, stock storage space and postage— not to mention the time it takes to cut and sign checks. On the receivables end, getting Tenants on board with PAP eliminates the use of paper checks on their end while saving your staff the processing time, greatly reducing the incidence of late payments and providing your customers with the convenience of automatic payments.
Discover more ways to improve productivity in your property management business with The Property Manager’s Guide to Maximizing Productivity.
2. Automated Monthly Bank Reconciliation
Traditionally the dreaded monthly bank rec. has been characterized by the receipt of multiple boxes, loaded with paper statements that your accounting staff painstakingly compares line by line with your own printed financial data. With the INFO-Tracker™ Accounting module, your staff downloads the file from the bank and with the click of one button the files are parsed and matched, with any discrepancies highlighted. Imagine all the paper and human resources that can be saved in your organization!
3. Automated Invoice Procurement
With the PaymentLink® module of INFO-Tracker™, vendors can submit invoices electronically via multiple channels, eliminating the use of paper on their end. The entire invoice approval and payment process is automated and fully integrated with the Accounting module of INFO-Tracker™, eliminating the use of paper and invoice storage internally, and reducing the time spent by staff on data entry and searching physical files. The added bonus is that the entire procure to pay process happens very quickly, making it possible for your organization to enjoy early payment discounts.
4. Online Applications & Lease Agreements
Offering prospects and tenants the opportunity to fill out forms online not only provides them with a convenient service, but it saves paper as well as the time required by staff for data entry. Not to mention it makes searching for documents in the future quick and easy.
5. Online Account Review
Rather than printing and mailing statements to customers, through a web portal owners and tenants have instant 24/7 access to review their account information in real time. This feature not only saves paper and provides convenience to customers, but it greatly reduces the number of calls into your office.
6. Downloadable Documents
Documents required by various stakeholders can also be made available from anywhere at any time through a web portal, eliminating the need for your staff to field requests and then print and deliver the documents.
7. Remote Timesheet Entry
Rather than completing their timesheets via the traditional paper method, maintenance staff can also use a web portal to enter their time with any pertinent notes — even remotely while still on the job site, making the task of completing timesheets less daunting for your employees as well.
Related Post: How to Persuade Your Property Management Staff to Embrace Timesheets
8. Online Inspections (Remote)
Instead of documenting the details of property inspections on paper, to be either filed or keyed into your management system by admin staff, your property managers can document inspections right on the spot, using a mobile device.
9. Messaging En Masse
Your property managers can instantly deliver important messages and information to stakeholders via email or text. Messages can be sent to selected individuals or to the entire community with the click of one button, and saved for historical reference. This eliminates the need to print and deliver notices and letters.
10. Resist the Urge to Print!
This piece of advice can be taken in the workplace as well as in our personal lives. Not everything needs to be printed out in order for us to read it and then file or toss away. For instance, if you buy tickets or register for an event, showing your receipt on your phone at check in is just as good as having a printed copy. So every time you're about to print something, stop and ask yourself if it's really necessary to waste that paper and ink — or your money.
Discover more ways to improve productivity in your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.