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- Dealmakers' discussion
We are looking forward to a great panel discussion at #PraguePropertyForum2022. iREMS's CEO Andreas Kozma will be there emphasizing the significance of data quality when investing. “Data is the new soil”, as David McCandless, London-based author, data-journalist and information designer points out at one of his TED-talks. We could not agree more. Especially in challenging times like these, owning and controlling your data, being able to compare, analyze, look for tendencies in varying data visualization formats is the key to your business.
- Another operational milestone achieved in the Adventum Group implementation
The team at Savills PL under Michal Wróblewicz just completed the first invoicing run from iREMS. All 150 leases of Sky Tower were uploaded and validated literally in a matter of a few days, despite extreme time pressure. Congratulations, well done!
- Adventum Group chooses iREMS as the management platform for their growing business
Adventum Group decided for the most efficient “one platform for all service providers” concept, which gives them the advantage of a unified, transparent base to a scalable investment platform. They chose the iREMS platform to connect their asset management team with property managers and accountants from multiple external service providers in one environment, where they can work concurrently with a single source of truth for all financial information. iREMS will provide a unified, homogeneous reporting platform - integrating multiple countries, currencies and GAAPs - that is fed by fully validated and integrated data obtained automatically from the transaction processing activities of the service providers on the iREMS Platform. Benefits of this high automation level are operational cost savings, reduced error rates and improved data quality. “Choosing the iREMS integrated service model allows us to delegate a lot of the management and training of external service providers to the iREMS team. They ensure that all users have the necessary knowledge and training, and that data entry standards are enforced. In our Asset Management team this frees up a significant amount of time that can be spent on higher value-added activities. A well managed, efficient implementation process keeps costs low and ensures fast returns on our investment.” says Kristóf Skwarek, Chief Financial Adviser at Adventum Group. Using the automated onboarding process of iREMS, the project team was able to upload the first batch of assets, including the KÖKI shopping center in Budapest and five office buildings in Poland, into the system within less than two months.
- What a Year! Looking back to 2021
It’s been an extraordinary year. With COVID we were faced with new problems, which we had to solve with completely new ways of thinking. One thing led to the next and before we knew it we had the pillars of a new platform: increased productivity through well-organized remote work, flexibility through cloud-based delivery models and an automated learning platform that allows our clients to implement iREMS much faster, simpler, cheaper. Gone are the days of standard ERP systems where consultants had to spend days and weeks at the customer site. This fall we were able to exceed our new clients’ expectations with onboarding speeds and efficiency never seen before. We also launched the iREMS Dashboard, which automatically feeds from the vast data pools of the iREMS platform and presents highly condensed information in a powerful, yet simple web UI. Starting last spring we had the opportunity to partner with an industry-leading company that has a strong background in business automation and that shares our vision of high-quality, real-time reporting. Stay tuned for more information on this next year. I would like to thank our clients who keep motivating us to continuously improve the iREMS platform based on their suggestions and ideas. It is a great privilege and pleasure to work with all of you! Thank you very much!! Last but not least, my warm thanks go to the entire iREMS team for putting in this amazing effort and making our vision come true. None of this would have been possible without each and every one of you. All the hard work allows us to cooperate ever more efficiently and without sacrificing the fun. Every new work day is a pleasure that I look forward to. Thank you and looking forward to leap into the New Year together! Merry Christmas!
- Metered Invoicing in iREMS
Cascading - The answer to busywork With so many moving parts involved in managing the utility invoicing on a property, it's no wonder that many parameters can change. For example, there can be a change in the price used for calculating utility expenses re-charged to the tenants, or the reference on an invoice line on the utility invoices needs to change for all the tenants in the building. In iREMS, these changes and many more can be managed easily with the cascading feature used in utility invoicing. The underlying concept is that parameters such as the price or the invoice line reference can be configured on multiple levels in the system and the configuration on the higher level applies to the lower levels as well. If cases are met where a specific configuration should override the higher level setup, only the more specific part needs to be configured separately. This ensures that a single change with a wide blast radius won't require you to perform changes in numerous parts of the system. Temporality allows you to focus only on invoicing While it is true that most of the time a utility invoice is issued for a single month, in some cases the performance period must be adjusted. Various events can affect the performance period, a tenant can leave in the middle of the month, a unit can be closed, the utility meter might be shut down, etc. In iREMS all these and more can be modeled, and the utility invoicing handles any temporal changes for you when the invoice is generated. This eliminates the need to keep track of any changes that can affect the invoice generation, as all the variables are handled for you. Tailor your invoice to your client's requirements We understand that clients can have a wide variety of requirements on what information they wish to be displayed on their invoices. To provide the necessary transparency, iREMS allows you to meet these requirements, by configuring a Metered Invoice Reference Template. The Template will govern what text will be displayed on each of the invoice lines on the invoice. You can have any text on the invoice as you wish, and you can also combine your text with so-called Wildcards. Wildcards are interchangeable fields that are switched out on the invoice line to the actual relevant information when the invoice is generated. E.g. the [Meter ID] Wildcard will put the ID of the Meter on the invoice line from which it was generated from.
- How can we turn NAV Online to our advantage?
LEAN SETUP, less headaches One of the main questions when implementing new enterprise software at a company is how much effort setting up everything will be before the employees can start using it. In iREMS, the only setup needed before invoices can be sent or received through NAV Online is to configure the NAV Online credentials on the issuer of the invoices. Optionally, you can configure with a single click who receives e-mail notifications of successful or failed invoice sending to increase transparency and accountability. FULLY AUTOMATED invoice transmission Automated processes always save time and money. You have one less step to worry about in your invoicing workflow with the automatic sending and receiving of invoices from the Hungarian Tax Authority in iREMS. Your outgoing invoices are sent to the Tax Authority through the NAV Online Interface at the same time as they are sent to your invoice recipients. In case you wish to have more control over the process, iREMS offers full transparency by providing detailed information on which invoice was sent when, and if they were successfully received by the Tax Authority, with an invoice-by-invoice breakdown. From the other end, once you have received your supplier invoices, and they are available in your NAV Online profile, all available information on the invoices can be automatically imported into iREMS. Here as well the process is triggered automatically when the invoice upload process is started. Only thing your users need to know is the invoice number. ELIMINATING USER ERRORS minimizes compliance risks A friend in the banking industry once relayed to me a blood-chilling story of compliance rules gone wrong. In the story a CEO of a flourishing company, a long-time customer with the bank, needed to restructure the company’s finances, as the company suffered an unexpected loss. The reason: a fine imposed by the Hungarian tax authority. The CEO explained that a supplier of his, with whom they have had a working relationship for many years, has sent over his usual quarterly invoice, which was accepted and settled as usual. Unbeknownst to the CEO his supplier got into some serious legal trouble with the tax authority, and they have been barred from issuing invoices. According to Hungarian regulations it is the responsibility of the recipient of the invoice to verify the status of the supplier. Accepting and thus paying an invoice received from an invalid supplier carries a hefty fee. To ease our clients’ minds and iREMS has implemented a solution to safeguard them from getting into similar situations. By using the NAV Online Taxpayer Query feature, when a new Hungarian supplier is created in iREMS the tax authority’s database is queried to see if the supplier is valid according to NAV. Since the partner information is also imported, it also eliminates user input errors. 2021-04-19