Blog July 23, 2020

Track and monitor performance for your commercial real estate business

By Chris Vroman

Tracking the health of your commercial organization enables you to measure your business’s performance against its competition, the state of the market, and its own expectations. With MRI @Work, your commercial organization can leverage connected solutions to make data transparent across the company and improve your reporting and decision-making to prepare for tomorrow’s challenges.

While commercial organizations might excel at attracting the right tenants, maximizing the information in their leases, and running their businesses smoothly, they also face additional challenges that can hinder greater success. Different internal stakeholders need to see different types of data, information needs to be pulled from disparate sources, and at the end of the day, all this data needs to be reported to investors and acted upon in order to know the score and drive the business forward.

Stay ahead of the curve with accurate data and reporting

Ensuring your business is on track to meet its short-term goals and long-term strategy starts with utilizing your key data and making it transparent across the organization. MRI @Work helps you get that data into the hands of those who need it through actionable dashboards that are tailored to fit the needs of any given role, helping your commercial organization stay ahead of the curve and easily identify and weed out areas of operational inefficiency.

With budgeting and forecasting tools, MRI @Work also gives you the ability to test different scenarios and anticipate market shifts. Easily bring your forecast into the general ledger to compare actuals vs. forecast to understand how you are performing against your initial expectations. Other accounting tools in the suite can be used to develop reports that are tailored and timely, from the investor level to the property level to keep all your stakeholders happy.

Streamline and integrate your financials

One of the biggest challenges in reporting, however, is mitigating the risk for errors in the manual data entry process. Integrating your accounting system with your property management system helps reduce errors, maintain accuracy within your data, and eliminate any chance for duplicate data entry.

This integration, made possible by MRI @Work, can also streamline your procure-to-pay process by automating your invoices, helping you manage your purchase orders, route your workflow, and consolidate your financial reporting. Your finance team may also want a better method to manage fixed assets and ensure compliance. This can be done through creating and managing capital assets for their full life cycle, meeting international accounting standards, reducing overall tax obligation, and more.

Ascertaining the health of your business isn’t a one-time solution – it requires constant attention to keep your commercial real estate organization functioning at its best. MRI @Work can make this process easier by giving you better access to the data hidden within your books to track performance and prepare for any challenges that the future may hold. Learn more about MRI @Work in this webinar.

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