By Liz Ricci — LeaseEagle Account Manager (NSW)
In the commercial property space, end of financial year reporting is one big job.
You need to analyse your lease commitments, key dates, leasing options, rent reviews, leasing contributions — and that’s just the tip of the iceberg.
In a perfect world, preparing for the EOFY is nothing more than a brief hiccup in a normal day’s work. Your data is on hand, the process is organised, and you breeze into the new financial year.
But back to reality: EOFY reporting almost never happens like this.
June 30th looms ever-closer and it’s right about now that everyone starts scrambling. (Are you?)
Unfortunately, you can’t just leave it all to the finance team.
As a property manager, it’s your job to provide accurate data about your lease portfolio.
How accurate does your data look for you this year?
In my experience with working with property managers, it too often isn’t. And the single biggest reason is…
Data you can’t trust.
If all your data is easily-accessible, accurate and organised, then there’s nothing to worry about.
If it isn’t — you simply can’t trust it.
That means you’re in for the ordeal that every property manager dreads…
A rushed and all-consuming scramble to gather, prepare, check and back-check data. Often you’re playing catch-up on an entire year’s worth of property and leasing information — much of which may be all over the place — and difficult if not impossible to find.
4 key steps for getting your portfolio in shape for EOFY
In order to streamline leasing data management and have a more relaxing EOFY, your organisation needs to take these four steps:
1. Implement a data management system.
Putting in place a systemised, planned and automated system will dramatically boost your efficiency all year long — and save you a lot of frantic footwork in June.
2. Make regular changes to your data.
Property data is dynamic, changeable and shouldn’t be left alone to collect dust. Updating your data as changes occur ensures you don’t have untrustworthy data at the end of the year.
3. Do an audit every year.
This is another vital part of quality assurance for your data. And it’s far better that you find any discrepancies in an internal audit, rather than the external auditors finding one.
4. Avoid data contamination.
When multiple people have access to your property data, contamination can happen too easily. With multiple people come multiple editors, miscommunication and misinformation. The best way to avoid this is to limit the editing capabilities across your organisation, leaving files as read-only where necessary.
If your organisation hasn’t already taken these critical steps, you may be in for some trying weeks ahead.
But there’s no reason this can’t be the last year you have EOFY nightmares…
How to make your next EOFY a breeze
With LeaseEagle’s property management system, you can quickly and easily organise all your data into one user-friendly platform — and make EOFY reporting faster and easier than ever.
The LeaseEagle solution gives you:
- One source of the truth, in one system
- Comprehensive reporting capabilities
- Easy data management
- Access to all historical data
- Real-time access to accurate data
- Different access levels — to limit data contamination
- Easily customisable components, including reporting
LeaseEagle is mobile, easy-to-implement, and gets your finance and property teams on the same page. The benefits of its user-friendly, streamlined reporting and data management process will be felt across your entire organisation.
Give the LeaseEagle team a call today on 1300 887 609 or email firstname.lastname@example.org to talk about how you can better prepare yourself for the end of financial year.