Greenbelt, Md.-based Bozzuto Management Company is the property management arm of The Bozzuto Group, which has developed, acquired and built more than 42,000 homes and apartments. Bozzuto manages more than 70,000 apartments and 2.3 million square feet of retail space along the East Coast between Miami and Boston, in the Northeast and in Chicago.
A Burdensome Invoice Approval Process
According to Shawaun Alexander, Initiatives Manager at Bozzuto, “Up until 2012, we had a very labor-intensive, manual process for invoice approvals. A lot of times, stacks of invoices would be sitting on a desk or stuffed in a drawer. Staff had to wait for regional managers to visit their properties to get their invoices signed off. We wanted to take that burden off the site teams.”
Yardi Procure to Pay
Yardi Procure to Pay includes three components: Yardi PayScan, Yardi Marketplace and VendorCafe. Bozzuto initially adopted Yardi PayScan, which eliminates costs and labor associated with paper processing by scanning invoices into electronic transactions and automating workflow across the approval process. Bozzuto later centralized all procurement operations within a single connected solution by implementing Yardi Marketplace, which simplifies purchasing with a comprehensive online catalog, customizable workflows and detailed spend analytics; and VendorCafe, which provides a single, secure vendor management system of record. A mobile app further streamlines purchasing and the approval of purchase orders and invoices.
Streamlined Approvals, Full Transparency
“Yardi Procure to Pay streamlined our approval process and gave us transparency into what was happening at our properties. If somebody is sitting on invoices, for example, I can see exactly how much money is in their review queue,” said Alexander. “Also, our site teams no longer have to wait for regional managers to visit properties and sign the invoices. We’re also heavy users of the mobile app, which allows our service managers, who are constantly walking the properties, to access the catalog wherever they might be. ” She added, “It saves our site teams an incredible amount of time that they previously spent opening, scanning, coding and processing invoices. It also eliminated all those invoices stuffed in a drawer.”