Managing data for multiple properties for corporate accounting presents several challenges. First, the complexity of handling data from numerous properties can be overwhelming. Each property may have different accounting practices, charts of accounts, or categorizations. Achieving uniformity and comparability across different properties becomes crucial. Discrepancies, errors, or omissions in the data received from property managers can pose additional challenges.
Timeliness is also a critical factor when managing data for multiple properties. Gathering and processing data from various properties within specified timelines can be demanding. Delays in receiving data from property managers or inefficient data collection processes can hinder timely financial reporting and decision-making.
As part of fund administration, Data Exchange provides a comprehensive solution for streamlining the data collection, validation, and translation of property-level financial data. By incorporating built-in due date tracking and automated reminders for property managers, it further enhances efficiency and reduces delayed deliverables. By leveraging Data Exchange's capabilities, asset managers can significantly improve the efficiency and accuracy of property-level financial data management.
Embedded criteria are established during a one-time implementation process to ensure high-quality data submission. These criteria validate multiple data points, including completeness, accuracy, formatting, integrity, and validation.
Instant notifications upon file upload, indicating success or highlighting any errors encountered. Detailed error-handling guidance is provided to facilitate prompt corrective actions for file-related issues.
Flexible deadlines with automated email reminders can be set up for each property, ensuring timely receipt of data.
Digital repository housing all files previously uploaded.
Integrated with Alter Domus' accounting system, resulting in a fully automated process.