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6 Key Considerations for Property Managers Drafting a Financial Plan During a Crisis

Posted by Tricia Gopi

Businesses draw up budgets and financial plans every fiscal year to control operational spending but not every business is preparing for disruptions to “business as usual.” In 2019, only 40% of small to mid-sized businesses consulted a financial advisor in 2019 but 7 of 10 organizations have encountered an average of 3 crises in the last 5 years .

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Topics: Property Management, Accounting, Business Growth, Finances

The Benefits of Integrated Payment Processing

Posted by Tricia Gopi

Integrated payment processors were once met with distrust and uncertainty by the general public, now the apprehension towards online payments is fading. In the U.S. e-commerce totaled over $146.2 billion by Q2 in 2019. Payment processors have grown in popularity because of the benefits and ease they offer both customers and businesses that physical cash and checks can’t.

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Topics: Property Management, Organization, Finances, Reporting

3 Reasons Businesses Want Chief Data Officers

Posted by Tricia Gopi

 

A Chief Data Officer (CDO) is a relatively new C-Suite position that sometimes overlaps with responsibilities of a Chief Information Officer. Nearly 64% of leading corporations have hired a CDO since 2018. CDOs are growing in prominence and relevance in correlation with the growth and prominence of data in business. There is some variance in what businesses expect from their CDO, but the position indicates a shift in business stressing that data is an essential part of modern businesses and needs to be represented at the highest level.

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Topics: Property Management, Hiring, Economics, Organization, Finances, Reporting

What You Need to Know About Business Intelligence

Posted by Tricia Gopi

Emerging trends are permanently changing the landscape of businesses. One of the most impactful developments is the significance of data which has led to the introduction of “business intelligence.” The impact of data is set to change the way business will be done, but business intelligence isn’t just data – it’s more than that.

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Topics: Technology, Property Management, Business Growth, Finances

1099-MISC Form: The Basics for Property Managers

Posted by Tricia Gopi

Anyone who is actively engaged in the business of leasing, renting, and managing real estate is required to provide 1099 forms. The most commonly used version of the 1099 form is the 1099-MISC.

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Topics: Property Management, Advice, Economics, Finances, Reporting

4 Tax Incentives Property Management Companies Need to Consider

Posted by Tricia Gopi

There are a variety of tax deductions or “write offs” available to your business. Your options vary depending on what region your business operates out of. According to Intuit Turbo Tax, a company can generally deduct the cost of any business expenses incurred that tax year that were necessary to be operational.

Potential opportunities for deductions include travel expenses, training, software, interest, and even insurance.

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Topics: Property Management, Advice, Economics, Finances, Reporting

Everything You Need to Know About Dirty Data

Posted by Tricia Gopi

It’s useful for businesses to review data insights and analytics by using reports to track patterns and trends. Data projections can be used to help when making important business decisions anticipating customer needs. When unreliable data, known as “dirty data,” ends up in the mix, your business insights can be compromised. Dirty data is inevitable. Studies show that executives believe around 33% of data is wrong. Even though it can’t be avoided, it should still be minimized. To safeguard your analytics against dirty data, you need understand a little more about it.

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Topics: Property Management, Tips, Economics, Organization, Finances, Reporting

4 Ways Property Managers Can Use Reports

Posted by Tricia Gopi

Reports are an important function that businesses can use at every level of the hierarchy – boards, executives, middle management, and even administration. When reports are run on a regular basis companies can tap into the multitude of data available to them. Reports can give organizations easy to interpret summaries that make it easy to identify patterns and evolving trends.

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Topics: Technology, Budgeting, Economics, Organization, Finances, Reporting

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