How REITs Can Re-DISCOVER Business Efficiencies Using Automated Accounting Solutions
Since the financial downturn of 2008-09, REITs have faced greater regulatory scrutiny and tighter control over their internal costs – a trend accelerated by the pandemic as business and investments moved online. To stay on the growth curve, REITs are increasingly turning to PropTech to streamline and manage their entire portfolios using modern accounting solutions.
Old and New Operational Challenges Heighten Need for an Experienced Partner
Staying competitive in the current environment brings with it a host of new challenges. REITs that have made the switch to digital solutions are grappling with siloed, disaggregated real estate data in multiple formats, while traditional businesses with legacy systems continue to be challenged by manual errors and the lack of a consolidated view of the data.
Besides, the inherent complexity of accounting transactions, ranging from tracking of accounts, profit and loss allocations, taxation, reconciling loans, security vulnerabilities, to mortgages and interest, add layers of complications to the accounting function. In this scenario, the simplest and most effective way to achieve operational efficiencies is to partner with an external accounting expert that is experienced in transforming processes.
Transformation Experts to Clear a Path to Improved Business Efficiencies
REITs will need a transformation partner that can enhance flexibility, help them utilize the latest technologies optimally, improve speed-to-market, and aid decision-making. Using relevant PropTech tools, innovative methodologies, and tailored solutions, the external partner can help improve bottom lines, augment efficiencies, build a scalable environment, and support accounting practices with anytime-anywhere-any device delivery of data and documents.
RRD DiscoverTM - Optimize and Empower Your Accounting Function
RRD's proprietary tool, RRD DiscoverTM, helps bridge the gap between finance and operations. Discover can be configured on the agent’s desktop, who can use it for:
- Process documentation – to help standardize, document and also support migration
- Process mining – to facilitate continuous improvement and designing for RPA
The labeled data and transformation is reviewed and edited, followed by process mining, visualization, and analysis. Once the step review/sequence is completed using a human in the loop (HITL) solution, the output can be generated in the desired format.
To know more about how we can help you enhance your accounting function, get in touch with me at: firstname.lastname@example.org.