Streamlining Management & Accounting
- Oct 14, 2009
By: Richard Malpica, Yardi Systems
Florida-based commercial and residential property developer and manager Tobin Properties stands as a compelling example of how a centralized, integrated property management and accounting database can streamline financial reporting and simplify key property management activities.
Tobin’s previous property management system could only execute basic financial reporting. As an enterprise solution, its new centralized property management and accounting database provides the full integration of property and accounting data needed to prepare timely financial reports on properties.
The financial analytics drawn from its current platform have reduced Tobin’s monthly closing cycle by three or four days. This allows the company to deliver financial reports on its managed commercial and residential properties much more quickly, allowing in-depth analysis and timely follow-up action. In addition, the visibility available through the property management system’s instant drilldown capability—starting with a financial report and going to the invoice, the check number and the payment date—represents a quantum leap in capabilities.
The new system also simplifies Tobin’s third-party management functions. Previously, monitoring commercial lease expirations involved the manual, time-consuming preparation of spreadsheets. Now they only need a few seconds to summon a dashboard that shows which leases will expire within any given date range. All changes at the property level are automatically reflected on the dashboard. Additionally, the various stacking reports created by the system provide an easy-to-read visual representation of leases and vacancies.
Tobin, whose portfolio includes more than 1.5 million square feet of retail properties and more than 450 residential units in the southeastern United States, also elected to take advantage of its property management software provider’s hosting service. The provider hosts the application and database, provides technical support and networking resources, and assumes responsibility for system security, allowing Tobin to focus on its principal business.
With a range of capabilities that helps Tobin Properties complete financial review, reporting and property management activities more quickly and accurately, the centralized property management and accounting system provides tremendous value as a full business solution.
Richard Malpica is vice president & general manager of the Eastern region for Yardi Systems.