Five Ways Microsoft Dynamics GP Helps Property Managers Achieve the Ever-Elusive 100 Percent Occupancy Goal

Five Ways Microsoft Dynamics GP Helps Property Managers Achieve the Ever-Elusive 100 Percent Occupancy Goal

Written By: Patricia Porras

from October 27, 2015

Recently, a client mentioned that when she first transitioned her property management company’s accounting to Microsoft Dynamics GP, she configured it to send her a text alert any time the occupancy rate hit 100 percent and all rents were paid in full and on time. As anyone familiar with managing several multi-unit properties will tell you, she may be waiting a long time before getting that notification. Despite her boundless optimism, the ability to initiate such an alert point is just one of the many features of Microsoft Dynamics GP that property managers are using to stay on top of their rental finances.

Microsoft Dynamics GP’s alert feature allows you to “manage by exception” by notifying users of items that need immediate attention such as delinquent rents, below-threshold bank account balances, or construction contractors at risk of going over budget.

Alerts are fully customizable and can be created easily using SmartLists or by unique SQL queries. When an alert is triggered, users are notified by email or SMS text message. With Microsoft Dynamics GPs’ role-based web interface, they can even log in and drill down on the issue, taking immediate action whether they’re in the office or out in the field.

Recurring billing
Microsoft Dynamics GP allows you to set up monthly or annual recurring billing batches. The resulting invoices can then be automatically emailed to renters using the type of email they want to receive, embedded invoice or PDF attachment.

An additional benefit to the automatic emails is that property managers can be automatically notified of unsuccessful deliveries. Users can then view these exceptions and immediately resolve the issue. Tenants, and potentially arbitrators, will be hard-pressed to dismiss a notice when you explain that the email was tracked and received.

Another great feature – and included in the Microsoft Dynamics GP starter pack – allows staff to set rent increases ahead of time. Rent can be can charged globally, for a group, or for an individual.

Reserve Planning
Knowing what to expect, even several years down the road, is critical to ensure there’s always adequate funds for the upkeep of units and common areas. For managers facing a reserve study, Microsoft Dynamics GP allows them to analyze real-time data and track both short-term and extended overhead including utilities, contracts, and vendor fees. The reports are easily set up on your Microsoft Dynamics GP home page, so that when you log in, you can immediately identify the state of your business.

This knowledge will not only help you plan your reserves for long-term maintenance projects, but it will also help you identify when your company needs to increase rent to cover the ongoing costs of doing business.

Human Resources Management

Property managers love the improved flexibility, time-saving automation, and real-time financial data that Microsoft Dynamics GP provides. Another tool included with Microsoft Dynamics GP is a complete, integrated system for managing financial, payroll and personnel-related information. Not only can your staff manage all of your HR needs in one system, but you also have the choice to allow staff to log in to role-specific home pages and record their hours, including sick and vacation time, freeing up HR staff for other important tasks.

Add-ons to Further Improve System Management
Microsoft Dynamics GP 2015 starter pack comes with multiple modules that allow you to tailor Microsoft Dynamics GP to your needs. There are also innumerable inexpensive third party add-ons that seamlessly connect to Microsoft Dynamics GP, allowing you to further improve your processes with tools for collections management, online payment, customer relationship management (CRM), and so much more.

Microsoft Dynamics GP gives your property management company the ability to “automagically” invoice your tenants and homeowners, monitor the financial status of your properties, and manage by exception. This can greatly reduce your staff busywork time, freeing them up to do what is important: Managing tenant communication, unexpected repairs, and planned upgrades. Happy tenants not only pay their rent on time because they want to stay, but they also recommend your units to their friends, leading you towards the ever-elusive 100 percent occupancy goal.