Dec 29 2009
Yardi Systems announced today that multifamily real estate management company Epoch Management, Inc., has purchased Yardi CHECKscan™, which integrates with Epoch’s Yardi Voyager™ property management and accounting system to sharply reduce the time and labor Epoch spends processing rent payments.
CHECKscan scans paper checks and money orders into Yardi Voyager, transforms them into electronic images, and presents a color-coded online review on a dashboard. Upon approval the funds are auto-transferred to Epoch’s bank, and the payments are automatically matched to the resident ledger.
“One of CHECKscan’s principal appeals for us is the ability to direct-deposit rent checks, reducing by several days the time we spend every month on manual check processing and saving us three or four monthly trips to the bank,” said Tricia Relvini, Epoch’s vice president of Finance. “The immediate funds transfer improves our cash flow, and the check images are permanently retained in Voyager. Automatically applying the deposits to our bank reconciliation in Voyager makes reconciling our accounts much easier and more efficient, with minimal keypunching and fewer opportunities for error.”
Epoch also elected to take advantage of Yardi’s Application Service Provider hosting. Yardi hosts the application and database, provides technical support and networking resources, and assumes responsibility for system security, allowing Epoch to focus on its principal business.
“Epoch is an example of a company reaping new benefits by leveraging Yardi’s ability to accommodate new products that meet evolving business requirements. CHECKscan’s integration with Voyager retains the core system’s data integrity, workflow, and automation while enabling an automated, efficient rent-collection process,” said Terri Dowen, Yardi senior vice president of Sales.