MYRE keeps on moving forward by adding additional features to its platform: customizable budget monitoring capabilities for each property.
From the clients' perspective, an accounting plan is drawn up with three levels of priority. The budget plan provides the initial mapping as the basis for allocating expenses with the objective of harmonizing the management approach for the entire portfolio. For each property, the owner defines the specific expenses pertaining to it within the accounting plan.
The constraints of the existing tools
The various asset, fund, and property management activities use their own distinctive budget monitoring and expense management tools. Most of the time, these tools are not standardized, such as Excel, and/or they cannot be easily integrated with each other. As a result, the data may be held in several different registers that are structured in a variety of ways, depending on the person processing the data, i.e. asset manager, property manager, accounting department, and so forth. Analyzing the consolidated data, therefore, becomes tedious, if not impossible, without reworking the basic data.
The importance of standardizing the management of budget plans
By using a common collaborative tool such as MYRE, the loss of information and time wasted on data processing can be eliminated. The MYRE's budget plan empowers the corporate manager by standardizing the budget items set up and enables the property manager to specify the desired expense plan for each of their managed properties. As a result, all managers involved in the company's properties adhere to the same structure.
MYRE enables the asset and fund manager as well as the property manager to perform in a flexible manner. This also allows customizing the titles of budget and expense items to best suit the entity's business practices.
MYRE's budget management features:
- Standardized, uniform budget and expense items.
- Flexible control thanks to fine-tuning at the individual property level.
- Expense allocation tailored to the company's management style.
