The Company
Toronto-based GWL Realty Advisors Inc. (GWLRA) is a leading North American real estate investment advisor providing comprehensive asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients. The company manages a diverse portfolio of office, industrial, retail, and multi-residential assets as well as an active pipeline of new development projects.
The Challenge
Delayed Payments Hindered Transparency
GWLRA set the initiative to have all staff, tenants and vendors use the same payment processing platform to make reporting consistent and easy. “The property site staff’s top priority is serving tenants which would sometimes delay depositing cheques. As a result, we didn’t get an immediate bank reflection of the funds held by the property,” recalled Sarah Heppenstall, director of corporate finance for GWLRA.
The Solution
Yardi Payment Processing
GWLA adopted Yardi Payment Processing for its residential and commercial properties. Payment Processing, a complete solution for accounts receivable and payable, offers occupants and vendors of GWLRA properties multiple payments options. From facilitating one-time or recurring payments by cheque, credit, or pre-authorized debit via a secure portal.
Payments made to GWLRA through Payment Processing are distributed electronically and recorded in Voyager in real time. This saves staff time previously spent on bank runs, reduces manual errors, and decreases paper use.
The Story
Faster Rent Collection, Better Staff Utilization
Payment Processing saves GWLRA’s staff an average of four hours per month by reducing bank trips. “It’s more constructive to give our team the time needed to focus on high-priority tasks rather than filling out deposit slips and standing in a line at the bank,” Heppenstall said.
The fast electronic recording of receipts into the bank also provides better visibility of cash flow at GWLRA properties and quicker, more accurate financial reporting. The automation also eliminated the tedious task of reinputting data and need for email or telephone follow-ups with tenants. Providing tenants, the avenue to pay outstanding balance in a timely manner. Fostering a more efficient office environment and improving customer service.
“With Yardi we can set up specific user access. For example, property team members now have secure and easy access to the arrears and the statement of accounts. This is more convenient than having them to rely on the finance department to run this information,” according to Heppenstall.
