Like many other industries, the property and real estate sector has become accustomed to instability. Between the unquestionable impact of Covid-19, growing concerns around climate change, and the influence of emerging industry trends, achieving internal stability is more important than ever.
For many finance and treasury teams, though, this can prove to be difficult. Modernity can often seem out of reach, blockaded by high costs and tricky implementations. This doesn’t have to be the case, though. Right now, we’re willing to bet the following rings true for your banking operations…
➜ Your Banking Operations are Complex
In the property and real estate industry, there isn’t just your money to worry about – there’s your clients’, too. There are no two ways about it: this introduces complexity.
One on hand, you have internal payments to worry about, such as company-wide payroll. However, you also have client accounts that may well comprise hundreds of individual manual logins and processes.
Imagine if you could cut this process down to a single process instead of hundreds…
➜ Risk Means Your Reputation is on the Line
Taking care of your clients’ money not only means your banking operations are complex, but it means your reputation is on the line, too.
If there are issues, your business is accountable. And, given the prevalence of human error when conducting hundreds of disparate payments, fraud or error aren’t unlikely occurrences.
Put simply, you can’t afford the risk.
➜ You Want to Ditch Manual Processes
You may not even know it, but manual processes are putting a big splinter in your banking operations. Spreadsheets, card readers, and banking portal logins may be tried-and-tested, but that doesn’t mean they’re efficient.
Automation is quickly becoming all the rage in the property and real estate industry, and for good reason; your team can and will save hours and reduce risk every day.
Places for People have always used Bacs to make supplier and payroll payment runs and to process direct debit rent collections from tenants. But in 2018, Places for People moved to AccessPay as they wanted a cloud-based solution with scope for improvements by way of a Bacs Bureau. With more than 60,000 transactions to process each month, they went in search of a new way of working.
AccessPay offered system-based approval steps which allowed Places for People to remove the need for paper sign–off across the group. Our fully integrated, cloud-based solution enables Places for People to distribute wages, allowing the staff to continue their fantastic work in the UK housing sector. Thanks to our platform’s capability, the parent group will soon be able to make and schedule payments across multiple subsidiaries in one swift payment run.Read More