4 Ways Nexus AP Automation Software and ResMan Can Help Mitigate Inflation
But eliminating manual workload isn’t the only benefit of integrating these two software platforms.
Here are four ways Nexus AP automation software and ResMan can help multifamily companies mitigate inflation – which has hit 40-year highs and shows no signs of going away soon.
1. Shrink overbudget spend – often by 15%
By integrating Nexus and ResMan, AP teams can easily identify where properties are tracking compared to their forecasted spend – without ever opening Excel or bouncing back and forth between the two platforms.
Budgets – and actuals – are synced from ResMan every night into the NexusPayables software. So, when an invoice arrives in NexusPayables (often fully coded and through electronic means), an AP manager can compare the invoice to budget and actuals for the line item, property, category, and GL code before they approve it for payment. Approved invoices (and their associated image) are synced to ResMan.
Some companies even set up approval workflows to automatically route over-budget invoices to different approvers within NexusPayables.
All this gives the AP team a near real-time view of the expenses incurred to date. From there, they can choose to:
- Hold back on spending to offset higher invoices
- Encourage property managers to adjust their spending
- Renegotiate their rates with suppliers and secure better pricing
- Change suppliers
Some Nexus customers say that by having that data easily at their fingertips, they can reduce over-budget spend by 15% or more.
2. Lessen Duplicate Purchasing
With the Nexus/ResMan integration, property managers, maintenance teams, and others can generate an electronic purchase order – within NexusPayables – before they purchase goods and services.
With a few clicks in NexusPayables, users can create an electronic PO and have it routed automatically to the appropriate approver(s) for their review.
By requiring an electronic PO for purchases before the purchase, rather than after, AP teams can often reduce duplicate purchasing because they can:
- See spend from previous years
- Track what they’re ordering and compare it to what has been ordered already
This is particularly true for office supplies, which can get out of hand easily. In fact, some Nexus customers report the online electronic PO system allows them to save 30% on office supplies alone.
3. Lower procurement costs by centralizing procurement – often saving as much as 15%
ResMan clients can incorporate all their national and specialized supply catalogs directly into their NexusPayables platform for trackable and centralized ordering (often requiring an e-PO).
They can require maintenance, property managers, and other users to order from these catalogs – which often reflect specialized pricing that’s been previously negotiated. In fact, some Nexus customers say they’ve reduced prices 10-15% off retail, using their embedded online catalogs.
They also gain more control by restricting purchasing to approved brands and SKUs.
4. Bring down costs associated with issuing supplier payments by 40%
By adding on NexusPayments functionality, ResMan clients can eliminate about 40% of the costs associated with issuing vendor payments. With just clicks, they’ll manage every step of the payment process online, no matter how many vendors they have or bank accounts they use.
ResMan clients simply generate a file of approved invoices in ResMan and send it electronically to Nexus. Designated approvers – which can include the controller, CFO, or others – review the transactions an approve or reject them for immediate payment. From there, Nexus debits the designated bank accounts and pays vendors directly from those accounts.
Nexus will issue a Nexus Virtual Card, ACH, or outsourced check, based on client and suppliers’ preferences.
Many clients find they can eliminate paper checks the moment they launch NexusPayments because so many suppliers trust the Nexus Virtual Card for payment. This, in turn, slashes payments costs by about 40% because there’s no longer a need to purchase check stock, postage, toner, or printers.
Integrate ResMan and Nexus Easily
At a time when every penny counts, automating invoice processing and payments with Nexus and ResMan make more sense than ever. AP teams will save time, reduce their workload, and even lower their hard costs. And, thanks to the seamless – and longtime – integration between Nexus and ResMan, all these benefits are available without any heavy lift by your teams.
Both ResMan and Nexus will be at NAA Apartmentalize 2022, June 22nd-24th in San Diego! Let us show you how we can work best for you.