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The (Invoice) Genius is Born by Scott Downing

By Scott Downing, Chief Customer Officer, Rockend

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 being spent doing mundane, repetitive but necessary and important admin work.

"If your Agent 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"

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,” explains Andrew Emanuelli, the Product Owner of Invoice Genius who has been working in document management solutions across an array of industries for over 15 years.

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 to grow 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.

“Every minute of their day is highly valuable, so we set out and created a feature which not only scans, processes and digitally files documents, but one that streamlines our clients' processes and workflows. Therefore making them increasingly agile and efficient, whilst putting time back in their day that they can spend growing their business and investing in providing exceptional customer experiences,” says Emanuelli.

The Journey to create the feature that eats invoices for Breakfast

To create Invoice Genius, the Product team has worked closely with our Customer Experience Team and stakeholders within the wider Rockend team who have previously been in property management, 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 can start using this straight away. The feedback we received from the sample of our customers - who are current users of REST Professional, fileSMART, 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

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.

Invoice Genius will be a part of the document management solutions we are creating in the ecosystem of 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.

Get your hands on Invoice Genius

We are looking forward to having the Invoice Genius functionality accessible to PropertyTree customers from October 2017.

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

Whether you manage 2000+ properties or 50, there has never been a better time to make the switch to PropertyTree, and fast-track your admin work with Invoice Genius. Contact us for a demonstration today.

AU 1300 778 733 NZ 09 909 7093 sales@propertytree.com propertytree.com

 

 

 

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