Adopting the automated payment processing solution produced fewer NSF charges and improved staff efficiency for the commercial real estate company
SANTA BARBARA, CALIF., Dec. 17, 2012 – Commercial real estate firm Flake & Kelley Commercial receives tenant payments more quickly and has reduced staff labor involved in processing deposits by 30% since adopting Yardi CHECKscan™, an automated payment collection solution. Yardi CHECKscan bulk scans paper checks received by Flake & Kelley into electronic Yardi Voyager™ transactions and enables same-day electronic bank deposits.
Flake & Kelley added Yardi CHECKscan to its Yardi Voyager property management and accounting system in 2010 to counteract a challenging economic climate. “When the economy started to fall, we received more non-sufficient funds checks from some tenants,” said Judy Shelley, chief financial officer for Flake & Kelley. “We looked for a way to secure those funds as quickly as possible, and CHECKscan provided it. With CHECKscan, we get a check in the morning, it’s immediately scanned into Voyager, and we’re able to get the funds into our account faster. We noticed that our NSFs went down as a result.”
She added, “We handle accounting for 80 different ownership groups in about 80 different buildings. That means we have 80 different bank accounts, and we were making daily deposits in all of them. Not only are we getting money to the bank more efficiently, we’re also having the entries posted to the tenant ledgers much more quickly. Each payment is automatically posted into the tenant’s ledgers and flows into the financial statements.”
Flake & Kelley also received a benefit from Yardi CHECKscan in terms of staff efficiency. “CHECKscan has saved at least 30% of our accounts receivable clerk’s time,” Shelley said. “I’ve been able to find other work for her because she’s no longer running to the banks. By making the job more efficient, CHECKscan gives her more time to do more productive functions.
“CHECKscan has been very much to our advantage and particularly to our owners’ advantage. That’s who we’re really taking care of when we make sure we get all the revenues that they’re allowed under their leases.”
About Flake & Kelley Commercial
Founded in 1979 and based in Little Rock, Ark., commercial real estate firm Flake & Kelley Commercial combines knowledge and experience to create practical solutions for a wide range of clients for whom it develops, leases and manages properties. Evidence of our commitment to satisfaction is the long-term relationships we maintain—including an average nine-year length of management for our clients. For more information, visit www.flake-kelley.com.
Yardi has been committed to the design, development and support of real estate investment management and property management software for 30 years. With Yardi Commercial Suite™, Yardi Multifamily Suite™, Yardi Investment Suite™ and Yardi Orion™ for SharePoint®, Yardi Voyager™ is a full business real estate management platform that includes operations, accounting, and ancillary processes and services with portfolio-wide business intelligence. Yardi serves clients around the world from offices in North America, Asia, Australia, Europe and the Middle East. More information about Yardi products and services is available at www.yardi.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255