The hidden cost of paper: Switching to online accounting software

10 Reasons to Adopt Cloud Based Accounting in Senior Living ebook

It all starts with a simple delay. A member of the accounting team in the business office needs to confirm an adjustment to a resident’s charge before the end of the month. The information lives in another system, or maybe on paper on someone’s desk in another location. The business office emails a colleague, waits for a response and manually re-enters the data. Multiply that approach across dozens of tasks each day, and you can see the productivity cost to senior living providers.

So, what would be different with online accounting software?

Let’s explore.

Accounting challenges cost time

Manual workflows and paper-based processes are common in senior living, but they often lead to slower reporting, more errors and unnecessary administrative work. In fact, 45% of business processes are still paper-based.

It’s more than just paperwork. Teams spend valuable time on repetitive tasks that could be automated. In a Slack Workforce Index report, workers reported that about 41% of their time was spent on low-value and repetitive tasks.

As communities grow and expectations increase, manual and paper-based workflows make it harder to maintain visibility, track down errors and make decisions.

That’s why more senior living organizations are considering online accounting software to manage financial operations.

A simpler way to work

With the Yardi Senior Living Suite, dealing with an adjusted charge looks different. There are no emails, waiting or tracking down paper. Adjustments flow automatically between departments on the connected single-stack platform. The information in the business office is already up to date.

Instead of re-entering data, staff can review, confirm and move on to the next task in just a few clicks. The team spends less time chasing information or dealing with errors. This means a faster process at month end.

See what’s possible with online accounting software

Want to see what this change looks like in practice?

Get our guide to see 10 ways cloud-based accounting helps senior living teams save time, reduce errors and operate more efficiently.

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AUTHOR

Amy Reinholds is a marketing writer at Yardi, covering senior living. She has written for newspapers, software companies and music magazines and is passionate about successful housing solutions. Amy writes about technology and industry trends and loves sharing stories of the people behind thriving communities.

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