Undoubtedly, up-to-date technology is essential for keeping companies competitive and profitable. Real Estate Development software has not always kept pace. But things are changing. Now, several products are available to help automate real estate tasks and move projects forward.
There are different categories of Real Estate development software. Some solutions manage development but require manual double or triple data entry from other sources. These solutions that are non-accounting based can’t contain all the data in a single application with a single entry point based on accurate general ledger accounting.
Real estate development management and accounting are different spheres, but both are essential for developers. The success of your projects depends not only on dependable quality work but also on accurate financials. The two processes must work together seamlessly to avoid data inconsistency and reduced productivity for your entire company.
What about spreadsheets and fancy dashboards?
Companies starting out often use spreadsheets such as Excel to organize and store data. And they are effective, up to a point. You can enter numbers and data, apply mathematical formulae, and save everything. But that requires significant manual entry. As your company grows, the room for input error also increases.
Dashboards allow your development management team to access project data visually and mathematically. But you need to transfer that information from somewhere – typically a third-party application such as Excel or your company’s accounting software.
The risk of losing accuracy and productivity increases as you bring more systems and applications into the operation. In addition to leaving your processes open to error, you also increase the complexity of all facets of your projects.
Coordinating multiple solutions, applications, and systems presents a significant operational hurdle for real estate developers.
Acumatica is a Leader in Real Estate Development Accounting Software
Until now, there hasn’t been an effective solution to this problem of multiple systems.
Our solution is the only complete accounting software designed specifically for the real estate developer. It’s powered by
Real Estate Development Accounting powered by Acumatica contains full GL, AP/AR accounting, and all the tools real estate developers and property managers need, including project control, loan draws, contract and commitment management, and more!
Development management teams can share project status and data updated in real-time with accurate reporting, visual dashboards, and greatly reduced data entry. The technology automates processes and eliminates multiple disjointed systems. It removes bottlenecks, helps manage risk, and reduces errors.
Other solutions are not accounting-based, so they require multiple applications strung together to do the same things as our accounting solution. Our solution handles all aspects of real estate development, from pre-development cost to final funding, project construction, and property management for all business sizes - from small to enterprise.
By Anton Systems,