by Andrew Ruhland
Errors are an inevitable part of doing business. However, when errors occur in accounts payable (AP), they go beyond minor mishaps and can spiral into serious financial losses, strained vendor relationships, operational inefficiencies, and even compliance violations.
A recent survey by the Center for Real Estate Technology & Innovation and SurfaceAI found 60% of property managers face monthly financial discrepancies, while 40% encounter them on a quarterly basis. Unsurprisingly, 100% of respondents cited billing errors as a leading culprit. Far from isolated instances, these mistakes span from hidden late fees to duplicate invoices and incorrect coding.
To preserve financial health and maximize net operating income (NOI), operators must recognize the real cost of AP errors and embrace artificial intelligence (AI)-powered solutions designed to mitigate risk and boost efficiency.
Read Andrew Ruhland’s article in the Multifamily Executive.