Each client of this national property management company had a separate agreement that dictated which services were included in the base management fee and which were extra charges (like taking and submitting minutes at a co-op board meeting). To track these charges, each property manager would submit a paper form noting the service and time spent and submit to the accounting department. That team would manually look up the property, contract, and applicable rate to charge for the service, enter the data into a spreadsheet, and then upload it into their ERP. With so many steps and room for error, often properties were not being invoiced accurately (or at all) for these events, costing $300,000 per year.
Property management and services company with 1,000+ properties under management
Error-proof billing for high-value service add-ons
Challenge
Solution
FormedAI created a dynamic, live digital form for each property manager to fill out when completing a chargeable event. When submitted, the form data is digitally checked against the ERP and automatically pulls back the appropriate charge rate, per the property’s contract. The system automatically calculates the amount to be charged based on the data submitted in the form and the rate pulled from the contract, and then logs the event and charge in the ERP and automatically invoices the client. The accounting department no longer has to manually receive, manage, input, or reconcile data linked to this important revenue stream for the company.
Results
The company expects to recapture an estimated $300,000 per year in losses stemming from inaccurate or missed invoices to properties.
The accounting team can now focus on strategic efforts instead of manual data entry and contract look-up
The digital form reminds property managers of the variety of additional services available to clients and cues them to seek additional revenue.
