What Our Customers Say
“We’ve been waiting for a solid property management system for Microsoft Dynamics GP for years. Previously using software that is separate from Great Plains, we had quite a few problems with data integration. With the strong financial management and reporting capabilities of Great Plains, Binary Stream’s Property Manager software made it very easy for us to manage our finances and properties all in one database without the headaches of data synchronization”
~ Allan Bernheimer, Woodgreen Management, Inc.
Large Liquor Store Retail Chain uses Property Site Management to Step up their Leasing operations
In 2007 this large liquor store retail chain underwent a business process review of their Microsoft Dynamics GP systems and discovered they needed a property management solution to help them manage their over 200 leases. With Binary Stream’s Property Site Management, they found a fully integrated property management software package that would allow them to more efficiently manage their leases and take on future rental ventures.
The Challenges of Growth
Having enjoyed significant growth since 1996, this liquor store chain had seen many changes in their lease management which had grown to 200 properties by 2007. With an average growth rate of 18% in the total number of stores managed year over year, the demands of managing these leases and their associated payments were becoming incredibly time consuming. Because the AP side of Dynamics GP included no specific functionality that would accommodate leasing arrangements, the liquor stores head office had been managing the leasing portion of their accounting through a series of spreadsheets. This required a large amount of manual data entry for the AP transactions within Microsoft Dynamics GP in addition to time spent creating reports for upper management and shareholders. Because this processing had grown significantly over the years with their increasing expansions, in 2007 it was a key element of their business process review. At the end of the day the review told them it was time to make the change to a property management solution.
Fully Integrated Property Management Solution for GP
Because the liquor store chain was happy with Microsoft Dynamics GP they wanted a system that would work closely with this platform and integrate many of the property management tasks to their existing reporting mechanisms. Given this request their partner suggested a solution created by Binary Stream Software called Property Site Management. This solution integrated fully with Microsoft Dynamics GP and offered them a full property management package. Written in Dexterity, the native language of Microsoft Dynamics GP, Property Site Management would cover their current leasing needs as well as fully manage the rentals of future properties. A development which they foresaw.
Streamlined Lease Payment Processing
Within Property Site Management the liquor store found they would be able to fully manage their property leases. The system contained several features to track leasing information and important contacts alongside the important accounting requirements. Within the Payables Module of GP ground leases could be created and payments automatically arranged against these. As the leasee, this would significantly cut down on the processing time required to get these monthly tasks done.
Property Management Processing Functionality
Looking forward, the liquor store chain had plans to start managing their own properties and Property Site Management offered them several attractive features to enable this to happen. With tracking, billing and charge escalation functionality all available, the key areas of commercial property management were covered. This system would essentially enable them to automate monthly invoicing and billing for any of the properties they brought into their portfolio. In addition to this, vital reports could be printed directly from the system with little effort to show and relate property management data to overall company profitability.
After reviewing the solution, the chain of liquor stores determined that this would be a great solution to meet their needs. Currently they are using Binary Stream’s Property Site Management in conjunction with the eMailer Manager.