a leading global provider of software and data analytics to the real
estate industry, announced today that it is launching software that
automates the creation of month-end and year-end work papers. Senior
vice president Alan James says RealPage Financial Close Management will
save property management companies untold hours of drudgery at month-end
"Most companies still close using basic spreadsheets,” said James. "This
means hours of copying and pasting trial balance data from the
accounting system into spreadsheet tabs, reconciling the subsidiary
ledgers to the trial balance and attaching supporting documentation.
It’s a shame that people are still doing things this way in the age of
"We’re not the only vendor to come out with software that helps automate
closes,” he added, "but what’s been missing is an integration with the
accounting system—without that it’s a half-solution at best.”
RealPage Financial Close Management was engineered to execute workpapers
at the click of a mouse. It eliminates the error-prone, manual back and
forth between the accounting system and sub-ledgers; the data is placed
in the appropriate sub-ledgers and reconciled to the trial balance. All
supporting documents are attached to the appropriate sub-ledgers.
Workflow management is also incorporated for tracking and documenting
the flow from preparer to reviewer to approver. It enables preliminary
and final packages to be generated throughout the month for ongoing
reconciliation, and the color coding of data tabs to indicate whether
they are reconciling.
Unlike with a spreadsheet, property management companies can now show
owners and auditors a verifiable review process, with compliance and
"What you end up with is a complete history of closes with all data,
workflows and documentation in one place,” said James. "Not Susan’s
laptop or Dave’s backup drive, but integrated right into the accounting
system where it’s safe and accessible. And at the end of the year, it’s
extremely easy to make all of this available to auditors, owners or
lenders who need to see it. There’s no need to waste time pulling
A February 2017 article in Accounting Today underscored the need
for a solution such as RealPage Financial Close Management:
"Old habits, including business processes, die hard — and for many
organizations, the monthly close is the perfect example. While other
accounting functions have applied technology to streamline and automate
recurring tasks, the monthly close process has remained mired in
For more information about RealPage or RealPage Financial Close
Management, please visit https://www.realpage.com.
RealPage is a leading global provider of software and data analytics to
the real estate industry. Clients use its platform to improve operating
performance and increase capital returns. Founded in 1998 and
headquartered in Richardson, Texas, RealPage currently serves over
12,200 clients worldwide from offices in North America, Europe and Asia.
For more information about the company, visit https://www.realpage.com.
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