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Property Management | 3 min read

The (Invoice) Genius is Born

Alex Cohen

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Alex Cohen

Consider this: On average, it takes around 40 seconds for a property manager to manually enter an invoice. If your agency manages a rent roll of around 1,000 properties you are more than likely manually entering in the vicinity of 20,000 invoices a year. This equates to approximately 4 working weeks of your year is being spent doing mundane, repetitive but necessary and important admin work. 

If there was a tool that could give you back 2.5 out of the 4 weeks you would normally spend on manual invoice entry, would you make whatever change was necessary to get that time back and spend it doing something more meaningful? You don’t need to be Einstein to answer that question, all you need is PropertyTree’s new feature Invoice Genius.

 

As the market leader in property software, we have been, supporting our customers - and the wider real estate industry - through the production of robust and intuitive solutions that both streamline and simplify their business for over 38 years. 

The demand for robust cloud property management solutions are only going to continue to rise, which is why Rockend’s development and product teams have been hard at work creating an array of new and exciting features, such as Invoice Genius. 

Meet Invoice Genius: 

Invoice Genius is an intuitive and useful tool that simultaneously automates the processing of creditor invoices, and eliminates the laborious task of manually entering these invoices into PropertyTree. 

As approximately 60% of invoices are now coded, Invoice Genius has been engineered to read and process both QR codes and barcodes, giving you back 60% of the time you would usually invest in data entry. That’s a lot of time back in your calendar for you to invest in strengthening your relationships with existing clients, and growing your business. 

The need for Invoice Genius: 

It’s no secret that the real estate industry is notoriously paper heavy, and after working closely with both internal stakeholders and our valued customers, we identified that manual data entry is one of the most time-consuming, boring, and painful parts of their job. 

We understand that every minute of  a property professionals day is highly valuable, so we set out to create a feature which not only scans, processes and digitally files documents, but one that streamlines our client’s processes and workflows. Therefore making you increasingly agile and efficient, whilst putting time back in your day that you can spend growing your business, and investing in providing your customers' with exceptional experiences.

The journey to create the feature that eats invoices for breakfast

To create Invoice Genius, the Product team has worked closely with our User Experience Team and stakeholders within the wider Rockend team who have previously been property managers, for approximately 6 months to ensure that our customers needs were at the core of its design.

The goal was to create an intuitive tool which required little to no training, so that property managers and administration staff are able to start using it straight away. The feedback we received from the sample of our customers - who are current users of REST Professional, File SMART, and PropertyTree - that participated in Invoice Genius’s beta testing confirms that we have achieved this goal and then some. 

How Invoice Genius will enable Property Managers to work smarter, not harder everyday 

Beyond digitising invoices and automating workflows and business processes, Invoice Genius offers Property Managers opportunities to get more out of their days by: 

  • Helping an office go paperless and creating more space in their office as filing systems will no longer be needed
  • Handling and processing hundreds of different creditor invoices in minutes
  • Reading both QR codes and barcodes - Invoice Genius is the first digital document management system in property software that has this ability
  • Eliminating manual data entry errors as it reads the data directly from the barcode or QR code on the invoice
  • Eliminating creditor invoice payment errors
  • Providing an increased level of transparency and clarity in document storage, through the PropertyTree document drop.
  • More than halving the amount of time usually spent processing creditor invoices. With Invoice Genius, Property Managers can say goodbye to the usual 40 seconds per invoice to approximately 5-10 seconds each.  
  • Maximising productivity

How Invoice Genius fits into the future of PropertyTree and Property Management

Invoice Genius will be a part of the document management solutions we are looking to create in the wider ecosystem in PropertyTree, and this initial version is just the tip of the iceberg. 

As the real estate industry is one that generates a vast and necessary paper trail, features and functionality provide a huge amount of benefit to property businesses both now and in the future. Scanning, automating and assigning creditor invoices to the correct account before you have finished a cup of coffee is just the beginning of opportunities that document management systems can offer. 

Already in our pipeline for future document management functionality in the PropertyTree ecosystem include the following: 

  • Duplicate invoice checking
  • Email direct to cloud storage platforms
  • Integrations with hardware (scanners etc.)
  • The ability to scan, upload and process/delegate into a workflow any business document & much more!

When you can get your hands on it?  

We are looking forward to having the Invoice Genius functionality accessible to PropertyTree customers from the 8th of November. 

Our sales team are able to provide all property management professionals with a free demonstration now! 

There has never been a better time to fast-track your invoicing with Property Tree’s Invoice Genius. Click here to book your free demonstration now.

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