The Future of CAM Reconciliation Services and Process: Automation and Accuracy
Learn the benefits of automating CAM reconciliation services with better tools and practices to ensure accuracy.
Automation’s Role in Increasing Accuracy for CAM Reconciliation
Automation can help mitigate the risk of errors and speed up the cam reconciliation process. Accuracy and efficiency are ensured with the help of automation. Conventionally, the data is calculated manually, which may cause errors. Automation can effortlessly handle complex and intricate calculations such as pro rata shares and gross-up adjustments, resulting in calculating fair CAM charges. Automation reduces manual effort, decreases labor costs, and allows staff to focus on more strategic activities rather than repetitive tasks.
How Automation Simplifies the CAM Reconciliation Process
Automation integration in CAM reconciliation addresses many problems faced using the traditional way of calculating the charges.
Here are some of the common challenges faced during the CAM reconciliation process:
- Adjusting calculations for fluctuating occupancies
- Changing expense limits
- Time- and effort-consuming
- Prone to errors since the calculations are done manually
Here’s how automation solves the problems:
- Automation helps with real-time data tracking
- Automation can consolidate lease information effortlessly
- Swift expense calculation
- Reduced need for tedious and manual verification
Overall, automation in CAM reconciliation saves time, maintains quality, improves tenant satisfaction, and enhances transparency.
Challenges in CAM Reconciliation and Automated Solutions
Despite the advantages automation has, some challenges should be considered.
- CAM reconciliation involves complex calculations such as pro-rata shares and gross-ups. Since the process is mostly carried out manually, there is a high risk of miscalculations, inconsistent record-keeping, or incomplete lease information, which may cause disagreements between tenants and landlords
- Many companies rely on outdated software to calculate CAM charges, making adopting advanced tools challenging. Advanced tools require technical expertise and investment to start with
How automation can help:
- Automation tools use algorithms to carry out intricate calculations. With no manual intervention, miscalculations and inconsistencies are eliminated. These tools can easily spot discrepancies in real-time, making the task easy, effective, and accurate
- Automation can be a bit challenging for companies with large and varied portfolios due to data integration issues
Despite the challenges, with technological advances, automation keeps getting stronger by the day. Tech companies are coming up with solutions to all the existing challenges. Keeping up with technology is one of the best ways to make the process effortless.
Leading Automation Tools Transforming CAM Reconciliation Services
There are several tools available in the market that can help businesses with CAM reconciliation services. Each one has its pros and cons. Here are a few leading tools that help in CAM reconciliation services:
- MRI Software
- Prophia
- Yardi Voyager CAM Reconciliation
- Occupier
- CAMS Recon Dynamic
While every tool is unique in its own kind, it is advised to choose the tools carefully.
Effective Strategies for Accurate CAM Reconciliation with Automation
Companies should focus on using effective strategies for accurate CAM reconciliation with automation. Some of the effective strategies include:
- Conducting system audits at regular intervals
- Mastering specific lease components
- Maintaining data accurately from the beginning
- Communicating with the tenants regarding charges and adjustments
Following these strategies will ensure an efficient and transparent CAM reconciliation process. Also, companies can invest in AI-enabled CAM reconciliation software to be future-proof in predicting CAM charges and analysis.
The Future of CAM Reconciliation with Automation
As the landscape advances, it is crucial to automate CAM reconciliation since it not only saves time and effort but also helps forecast CAM charges, enabling landlords and tenants to be financially prepared for the year end CAM reconciliation services. Mainly, the integration of automation in CAM reconciliation reduces manual oversight and makes reconciliation seamless for landlords and tenants.
Who Are We?
We are Lapiz Digital, and we have been delivering CAM reconciliation services to multiple clients across the globe for the past 25 years. Our services hinge on integrity, trust, transparency, dedication, innovation, development, and commitment. We undertake best practices and bleeding-edge tools to ensure accuracy and transparency. Our key services include expense analysis, tenant billing, reconciliation statements, and dispute resolution.
