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Benefits of Using Price Edwards
Distressed Property Services
Accounting SystemPrice Edwards & Company has standardized on the Yardi Property management and accounting platform. We can handle virtually any reporting requirement on a monthly, quarterly or annual basis. Yardi is based upon the industry standard Microsoft SQL server, which allows for us to create any custom report in many formats like PDF, Excel, Word and other common computer formats. We routinely create custom reports for clients to meet specific reporting requirements
A major initiative has been to more paperless and automated systems. We continue to work toward this goal. Our custom solution for cash receipts processing ties to our Yardi database and automatically creates an electronic deposit schedule and import file into Yardi. After the file is created and imported, it can be posted to the tenants open charges. The electronic creation of transactions allows us efficiency, eliminates the possibility of keying errors, and allows for a near real time posting of cash receipts.
We have also created a custom solution for the paperless processing of accounts payable. Invoices are scanned in once and never touched again. Invoices are electronically routed to the appropriate internal approvers and are reviewed for proper coding and distribution before being imported into Yardi. An owner approval routing option is also available. In the cash disbursements cycle, Yardi uses one database for the tracking of vendors while also allowing us to make payments and track activity property by property. This allows us to have efficient administration of vendor records and allows us to share information on a particular vendor across the portfolio.
Once imported, both the cash receipts and the cash disbursements functions post transactions to the general ledger automatically and real time. There is no need for a separate posting function to get information to the general ledger. Yardi also automatically tracks general ledger activity on cash and on an accrual basis; this functionality is built into the system.
For financial reporting, we use a chart of account mapping feature called Account Trees. We use this functionality to convert from our accounting chart to any chart you may have or desire. In this way, you get any report the way you expect to see it, but we gain the efficiency of using one standard chart. Once the data is finalized in the general ledger, we have the capability to do monthly, quarterly or annual reporting on a cash and accrual basis. We have written hundreds of custom reports, your choice of which is included in your core reporting package. In addition, the system has literally hundreds of canned reports, making our ability to produce any report you might want easily attainable.
The standard reporting package would include an executive summary, which outlines the current leasing status of the property as well as a variance from operations as compared to the budget. This analysis can be created on a monthly, quarterly or annual basis and can be based upon the budget or re-forecast. Other reports included in the package would include the rent roll, the monthly leasing status report, aged accounts receivable reports, income receipt reports, balance sheet, income statement, budget comparison report for the current period and year to date, check register, monthly general ledger, security deposit register, bank statements and the bank reconciliations. In addition, we can add additional custom reports to your packet. Once your packet is complete, it is published to MS SharePoint and stored by month to meet your viewing, printing and archival needs.
Price Edwards & Company has provided accounting to institutional clients for years and have been complimented numerous times for financial reporting. Our accounting staff has provided financial reports to all types of ownership groups including individual owners, corporations, institutional funds, pension funds, limited liabilities, and partnerships. During the life of this company, we have provided management, leasing, and full service accounting for numerous institutional owners including Travelers, TIAA CREF (Teachers), Cornerstone Realty Advisors (The Hartford), Archon, E.R.I.C., Phoenix Mutual Insurance, Heitman, and SCI Properties (TIC specialists).