Like many other businesses, MRI Software faces the challenge of managing the financial commitments around its leases for multiple properties across the country. In this case study, we’ll explore how the MRI facilities team uses MRI Lease Administration Services to keep track of leases and effectively make key financial decisions.
The challenges of facilities management
The MRI Software facilities team is responsible for managing 11 offices across North America, though most MRI employees in those offices have been working remotely since March 2020. As the team continues to manage the properties, they needed to ensure that payments were accurate and processed and that the financials were being managed properly. To help alleviate these concerns, the facilities team leveraged MRI’s Lease Administration Services team to assist in invoice management, critical payments, and financial forecasting.
An organized invoice management team
The MRI facilities team required a managed services team that could help with tasks involving lease payment processing and management. The Lease Administration Services team helped ensure that MRI is paying the correct amount for their leases in a timely fashion.
Full visibility into leases
Lease Administration Services (LAS) worked in tandem with MRI’s facilities team to help manage lease payments. The MRI team makes the final decisions regarding the payments and has the ability to easily access the lease database without any obstacles. This allows the team to efficiently
keep track of all critical tasks and dates, such as payments, termination dates, and landlord obligations.
Alerts and forecasting
As part of its workflow, the facilities team would receive automated notifications from LAS for any upcoming critical tasks, such as lease renewals or termination dates. Additionally, LAS helped with forecasting financial requirements during the budgeting process. They were able to compare the budget to actuals at all levels of detail and by different segments, such as region, business groups, and buildings.
Streamlined invoice management
LAS used a company-wide, single-channel approach to help manage the facilities team’s invoices. They helped with reviewing invoices and backing up data, auditing expenses, and ensuring compliance stayed up to date for lease accounting standards. Any final payments were triggered only by the facilities team, which were then processed with generated vouchers.
By working with LAS to manage the financial commitments of their leases, the MRI facilities team saved significant time. They no longer had to search for specific information like rent and CAM charges on each property location. Financial data was managed in a single repository that was easily accessible, and payments were processed in a timely fashion.