Multifamily management firm Trinity Property Consultants, founded in 1999 and based in Newport Beach, California, provides investors with financial and accounting services, advanced IT solutions, human resources, marketing, due diligence, capital needs assessments, operational audits, renovations services, property repositioning and asset management services.
Spending Too Much Time and Money
Over the years the company had automated its property management and accounting, budgeting and forecasting, and vendor management systems in order to maximize asset values and customer service. However, its cumbersome invoice processing system still needed an overhaul.
“Our property staff had to bundle up stacks of invoices and express-mail them to our regional managers for initial approval. Then they went to Accounts Payable at our California headquarters. Some of our properties are on the East Coast. The process took too long and incurred late fees and shipping costs,” said Ken Miles, chief technology officer for Trinity. “With invoices arriving twice a week from 120 properties, the wasted time and money added up fast.”
In 2017 Trinity adopted Yardi PAYscan, part of the Yardi Procure to Pay procurement, vendor management and electronic invoicing platform, to convert invoices into electronic transactions and automate workflow across the approval process.
New Efficiency, Enhanced Compliance
Yardi PAYscan virtually eliminated Trinity’s invoice copying, mailing and storage costs while minimizing touch points and data entry errors. “Approval routing that used to take three days now takes minutes. With Yardi PAYscan, we can process an invoice, from generation to approval and vendor payment, in an hour,” Miles said.
Yardi PAYscan is built into the Yardi Voyager property management and accounting platform, enabling easy retrieval of invoice images. Electronic storage and instant accessibility helps Trinity’s pension fund and institutional investment clients comply with U.S. Securities and Exchange Commission record maintenance requirements. “Yardi PAYScan also lends clarity to our audit trail. Auditors can find months-old invoices easily, instead of rooting through filing cabinets. Their job, and ours, is much easier now,” Miles said.