Seamless Integration: Integrating Cloud-Based Solutions with Existing Systems

Cloud-based solutions within the world of commercial real estate management have evolved significantly over the years. Technology plays a pivotal role in streamlining operations, enhancing efficiency, and optimizing decision-making for your business.

Cutting-edge cloud-based tools, particularly those hosted in the Amazon Web Services (AWS) cloud, provide robust property management and accounting capabilities. Solutions such as ManagePath and Visual Manager, also offer unparalleled ease of integration with other platforms.

What are Cloud-Based Solutions?

A cloud-based solution is a software application, service, or infrastructure that is hosted and delivered over the internet through cloud computing resources. Cloud-based solutions rely on remote data centers and servers maintained by third-party cloud service providers.

The definition and meaning of cloud-based solutions is summarized by these key characteristics:

1. Accessibility & Scalability: Cloud-based solutions are accessible from anywhere with an internet connection. Easily scale up or down to meet changing demands.
2. Reliability and Redundancy: Cloud providers typically offer high levels of redundancy and reliability through data replication and backup mechanisms.
3. Automatic Updates: Cloud service providers manage software updates, security patches, and maintenance, reducing the burden on users or organizations to keep their systems up to date.

The commercial real estate definition of cloud-based solutions refers to software specifically designed to serve the needs of the RE industry. These solutions leverage cloud technology to provide a wide range of services and tools to real estate professionals. The aim is to improve efficiency, collaboration, and productivity in various aspects of the real estate business and operations.

The Power of Cloud-Based Solutions

Before delving into the specifics of integrating AWS-hosted commercial real estate software services with other accounting, facility management, and BI platforms that many companies use in their software ecosystem as an alternative to a monolithic IWMS solution, let’s understand the fundamental benefits of cloud-based solutions in this context.

• Accessibility and Mobility: Cloud-based software allows property managers, owners, and stakeholders to access critical data and tools from anywhere with an internet connection. This accessibility is especially valuable in a dynamic industry like commercial real estate, where being on the move is often necessary.
• Scalability: Cloud solutions can easily scale up or down according to the needs of your real estate portfolio. As you acquire new properties or expand your business, AWS-hosted software can accommodate your growth seamlessly.
• Cost-Efficiency: Traditional on-premises software requires significant upfront investments in hardware and infrastructure. Cloud-based solutions eliminate these costs and instead offer a pay-as-you-go model, reducing overall expenses. Cloud hosting, enables software like ManagePath and Visual Manager to be offered at a significantly lower price point than if they were not cloud-hosted.
• Security: AWS provides robust security measures, including data encryption, access control, and compliance certifications. Thus ensuring that sensitive real estate data is protected from threats and breaches.
• Collaboration: Cloud-based platforms foster collaboration among team members, as they can work on the same documents and data in real time. Simultaneously improving communication and the decision-making processes.

Now, let’s explore how ManagePath and Visual Manager leverage these cloud advantages to facilitate seamless integration with accounting and real estate property management platforms.

Standardized APIs for Easy Integration

ManagePath and Visual Manager come equipped with standardized Application Programming Interfaces (APIs). They also have infrastructure in place to facilitate the rapid development of custom API endpoints as needed when integrating with a new third-party system. These cloud-based APIs serve as bridges between different software systems, allowing them to communicate and share data effortlessly.

For example, when integrating with your business accounting software, these APIs enable real-time synchronization of financial data, such as rent payments, expenses, and invoices. This seamless data flow eliminates the need for manual data entry and reduces the risk of errors.

Moreover, these standardized APIs simplify the process of integrating with property management platforms. Property managers can easily import property details, lease agreements, tenant information, and maintenance records from other systems. This integration ensures that all relevant data is available in a centralized location, streamlining property management operations with cloud computing.

Customization and Flexibility

ManagePath and Visual Manager are both designed to be highly customizable and flexible. Allowing property management companies to tailor their solutions to their unique needs. This flexibility extends to integration capabilities.

Customization options also include the ability to define data mapping rules. It ensures the accurate mapping and integration of data from different systems. This level of control empowers property management companies to create a seamless and tailored integration experience.

Streamlined Lease Accounting with AP, AR, and GL Feeds

One of the key benefits of integrating commercial real estate software with accounting platforms is the streamlined payment processing and financial reporting process. ManagePath facilitates the automatic generation of AP, AR, and GL feeds. In turn, eliminates the need for manual data extraction and manipulation when scheduling and processing payments.

Portfolio managers can effortlessly produce income statements, balance sheets, and cash flow reports with accurate and up-to-date data. This automation not only saves time but also reduces the likelihood of errors in financial reporting. For companies with complex FASB, IFRS, or GASB lease accounting needs, ManagePath is able to meet all of their needs and expose that lease accounting data via simple API integrations or data feeds.

Data Analytics and Insights

By combining financial data from accounting software with property data from management platforms, portfolio managers can gain a holistic view of their commercial real estate portfolios. They can analyze the profitability of individual properties, identify cost-saving opportunities, and make data-driven decisions to optimize their portfolios. BI platforms such as Visual Manager allow users to not only explore and visualize this data but also to act on it.

Compliance and Audit Trails

Compliance with industry regulations and financial audits are critical aspects of commercial real estate management. AWS-hosted commercial real estate software, such as ManagePath and Visual Manager, ensures secure storage of all financial data and facilitates easy access for compliance and audit purposes.

Integration with accounting software guarantees that financial records are accurate and complete, simplifying the audit process. Auditors can access the integrated system to review:

• financial transactions
• lease agreements
• and expense records

Furthermore, the system generates audit trails documenting all changes and transactions, providing a transparent and traceable history of financial activities. This level of transparency is essential for demonstrating compliance with regulatory requirements and industry standards. Subsequently enhancing the end-to-end commercial real estate services.

Disaster Recovery and Data Security

AWS is renowned for its robust disaster recovery and data security capabilities. Hosting commercial real estate software in the AWS cloud ensures that critical property management and financial data are safe from unexpected events such as hardware failures, natural disasters, or cyberattacks.

Data backups are automated and stored securely in multiple AWS data centers, reducing the risk of data loss. In the event of a disaster, property managers can quickly restore their data and resume operations without significant downtime.

Integration with accounting and property management platforms also benefits from these security measures. AWS’s industry-leading security protocols, including encryption, access control, and multi-factor authentication, protect sensitive financial and property data.

Conclusion

In the ever-evolving world of commercial real estate software, the integration of cloud-based commercial real estate software with accounting, facility management, and other applications represents a better and more cost-effective alternative to traditionally hosted software or sprawling IWMS platforms. The benefits are multifaceted, ranging from streamlined financial reporting and enhanced tenant experiences to improved data analytics and compliance.

If cloud computing is on your business radar and you’re looking for a new commercial real estate solution, let’s start chatting today. Speak to one of our in-house experts to get a better idea of the service Fischer Solutions offers!