Entrata Blog

At this year’s Summit, Entrata gave attendees an inside look at how Entrata is reimagining accounting for the multifamily industry.

In multifamily operations, financial health hinges on how well your accounting processes function behind the scenes.

The world of commercial and commercial mixed-use property management is more complex than ever.

You need to fundamentally transform how your business collects rent, focusing on efficiency, empathy, and revenue-driven processes.

In property management, efficient procurement is crucial. Having everything your site staff, maintenance teams, and residents need on hand is imperative. But managing these purchases can be a complex and time-consuming process. That's where an optimized procure-to-pay (P2P) system comes in. Let's break down how to improve efficiency and save costs at every step, using the example of purchasing bathroom sinks for your entire portfolio.

Procure-to-pay (P2P) is more than just a buzzword; it's a comprehensive approach to managing spending, from the initial request for goods and services to the final payment. In the property management industry, an effective P2P process can be a game-changer, ensuring that your properties have the resources they need while maintaining financial control and efficiency.

Does this sound familiar to you? You get an invoice from a vendor. It gets filed away for payment. Your team has to determine what the vendor’s preferred payment is and then submit an ACH payment request or worst of all, cut a physical check. This might not seem like that big of a deal, but as your business grows and you have to do this process thousands of times per year, the hours and costs start adding up.

One of the first things to consider when evaluating a new accounts payable solution is whether your current software has the ability to automate the key processes, reduce fraud, and is easy to learn and implement.

Accounting and budgeting are two sides to the same coin. One helps point where you’re going and the other helps you understand where you came from. Analyzing previous spending trends informs how much you’ll need to allocate for each activity in the coming quarters and years.