No matter the economic climate, property management companies need to do everything they can to maximize profitability and control cash flows. But as we enter into an all-but-certain recession, getting complete control over cash is even more important.
With so much on the line, this is an area in which CFOs and finance teams can’t afford to make decisions based on gut instinct. Instead, they need to conduct detailed analyses to understand the existing state of their organization’s finances and where the organization hopes to be in the future.
If your organization wants to gain more control over its financial situation, financial planning and analysis (FP&A) software can be particularly helpful in achieving that goal.
What is FP&A software?
FP&A software is purpose-built technology designed to help finance teams improve their financial planning, budgeting, forecasting, and reporting capabilities. Instead of crunching numbers using calculators, notepads, or spreadsheets, finance teams can use FP&A software to make data-driven decisions in less time.
Due to the benefits FP&A software provides, it’s no surprise that the market for financial planning software, which brought in $3.7 billion in 2021, is expected to explode to $16.9 billion by 2031, growing 16.6 percent each year over the next decade.
What are the benefits of FP&A software?
There’s a reason the FP&A software market is growing at a steady clip. This software provides many benefits for financial planning teams across industries, including property management:
1. More Accurate Analysis and Forecasting
First things first: FP&A software solutions give finance teams the tools to take a data-driven approach to financial analysis and forecasting. Instead of crunching numbers by hand or relying on manual data entry and dealing with the associated errors, teams can rest comfortably knowing that software is administering these responsibilities on their behalf. As a result, there’s less human error and increased data confidence.
Additionally, leading FP&A solutions enable finance teams to conduct dynamic and what-if scenarios. These capabilities allow teams to visualize what might happen if prices increase or demand plummets due to a recession, for example.
2. Time Savings
Instead of relying on cumbersome and time-consuming manual workflows, finance teams that use purpose-built software to conduct financial planning and analysis exercises save a ton of time. In addition to eliminating data-entry tasks, leading FP&A software solutions are built with automation that handles repetitive tedious tasks.
As a result, finance professionals can reclaim significant chunks of time that they can reinvest in other important areas of operations.
3. Increased Security
Because information lives inside a solution protected with access controls, property managers that use FP&A software benefit from increased security. When teams use paper and pens to keep track of their finances, for example, a bad actor can walk by and snatch it off someone’s desk, creating serious problems. Employees can also misplace critical documents, creating headaches for the organization.
Using software to manage critical financial information can solve these problems by ensuring that only authorized individuals can access sensitive financial data.
4. Improved Cross-Team Collaboration
When you deploy a robust FP&A solution, all employees can work off the same tools and data. With a single source of truth everyone can rely on, cross-team collaboration improves, new ideas are brought to the surface faster, and employee and resident experiences improve.
Ready to add FP&A software to your property management company’s tech stack?
If you want your property management business to reach its full potential, you need to get complete control over your finances as they exist today. At the same time, you also need to get as much control over your finances as they’ll exist tomorrow, which is where FP&A software can be a true game-changer.
If you’re looking to incorporate purpose-built FP&A tools into your company’s operations, Netintegrity can help.
Want to learn more about the transformative nature of FP&A tools built for property managers? Request a demo today.