Why is Rabbet building integrations with every major accounting software? Development management and accounting are distinct and important activities for any real estate developer. Like drywall and paint, both are... Read More
Real Estate Development Team Efficiency Tip #3 – Spend Time Solving Problems, Not Searching for Them
When it comes to addressing problems, it’s easier if you know about them earlier. The sooner you know about it, the more control you have over how to deal with the issue. Luckily, affordable technologies exist today that leverage machine learning and advanced analysis to automatically alert developers to issues on their project finances. For development managers, that means giving your team the ability to track project costs in real-time and easily deal with change orders or other unforeseen issues. Because you know where things stand at all times, you always know where you can pull from in the budget to cover changes. Best of all when budget issues or data discrepancies do occur, you will know about it immediately, and not when it’s too late.
To optimize project ROI it’s important to ensure individual line items don’t overdraw, and have supporting invoices or documentation. Unfortunately, manually reviewing line items takes a lot of time and is susceptible to human error. Luckily, modern-day development management tools can automate these tasks for you. Instead of going line by line, today’s development management software can automatically flag items that require the reviewer’s attention. This saves hours of time as the software automatically detects inconsistencies or errors in the data. As a result, you spend less time searching for errors and more time actually fixing them.