San Diego-based MG Properties Group specializes in acquiring, rehabilitating and managing apartment communities in the western United States. MG Properties manages more than 19,000 apartment homes at 68 properties in California, Arizona, Nevada, Washington and Oregon. Its apartment portfolio market value exceeds $3.9 billion.
Lost and Miscoded Invoices
MG Properties’ previous approach to processing about 5,000 invoices per month was “old school,” according to Joe Anfuso, the company’s chief financial officer. The company relied on faxes, emails, express mail deliveries and manual coding. Invoices inevitably were lost or miscoded, and entering, routing and tracking the massive volume of paper invoices stretched MG Properties’ resources. Frequent inquiries from vendors seeking payment added to the disarray.
Yardi PAYscan & Yardi Marketplace
MG Properties adopted Yardi PAYscan and Yardi Marketplace, two elements of the Yardi Procure to Pay Suite which consolidates procurement, invoice processing and vendor management in a single connected solution. Yardi PAYscan turns scanned invoices into electronic transactions and automates workflows across the approval process. Yardi Marketplace comprises a single-point online and mobile purchasing platform, and automatically enters invoices into Yardi PAYscan.
Fewer Mistakes, Better Visibility
“Our properties live and breathe on their ability to control maintenance, repair and operating supply expenses, and Yardi Marketplace and Yardi PAYscan give them the tools to succeed,” Anfuso said. Invoices submitted from a property to the corporate office are scanned and automatically matched to purchase orders, making it easy for the accounting staff to resolve issues and continue the process. Yardi PAYscan eliminated the time the company spent keying, revisiting invoices and correcting mistakes. Yardi Marketplace provides full insight and control into procurement activity, from purchase order to invoice to payment, contributing to a complete picture of the company’s overall financial performance. The solution also helps MG Properties build and maintain good relationships with vendors. “Online approvals eliminated pieces of paper being shuffled all over the place,” Anfuso said.
He added, “Yardi Procure to Pay products give us the process, controls, and checks and balances we need to determine controllable net operating income across our portfolio. This is the principal measurement of our properties’ performance.”