Magazine article Journal of Property Management

Profiting from Paperless Procurement

Magazine article Journal of Property Management

Profiting from Paperless Procurement

Article excerpt

Multiple catalogs, purchase orders, express shipping, manual invoice processing, filing, storage and paper checks. That is what traditional procurement and accounts payable looks like. Now, leading property management companies are going paperless to reduce costs and risk, and ensure purchasing oversight.

Brad Chandler, industry expert for award-winning solution Yardi Procure to Pay[TM] explained, "Invoice processing services help property managers monitor costs in several ways. Because invoices are digital, property managers can view them at any time without needing to search across various desks to assess property budget impact. This is key to financial decision-making and it also saves money, as there are no invoices to consume office space."

PRG Real Estate Management is one of many commercial and multifamily real estate companies using Yardi Procure to Pay to work smarter and reduce costs. Recently, the company evaluated its purchasing and payables processes and set three major goals: become paperless, streamline processes and strengthen internal controls.

To meet those goals using a single platform, PRG expanded their Yardi Voyager[R] system and adopted Yardi Procure to Pay. According to Jonathan H. Chattley, controller for PRG, "Yardi Procure to Pay helped us achieve all three goals by eliminating paper, shortening our invoice processing time with automated workflows and giving us greater budget oversight by purchasing at pre-negotiated rates."

PRG owns and manages more than 14,000 apartment units in 42 multifamily communities. …

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