In Part 1 of this series, we discussed the accounting technologies we're currently using at The Real Estate CPA. In this part, we'll discuss accounting technologies that are currently on our radar.
Tech on the radar
The following topics have to do with disruptive technology that is taking a more defined shape day by day. There are no set timelines for implementation of the items below, but they're on our radar nonetheless.
If you pay even marginal attention to tech blogs or sources, you may have heard about machine learning. Machine learning is a branch of computer science that focuses on using data to learn patterns within in the data. Once ‘trained’, the machine learning program can predict, classify, find anomalies and make other decisions on your new data. The applications of this ‘artificial intelligence’ have been numerous in many fields and you more than likely have been exposed to them. However, with greater technology machine learning is becoming more used and available for anyone to innovate solutions. Intuit has used it to make suggestions on data coming into their software. From experience, there could be more accuracy when it comes to REI transactions. Through the use of the QBO API, we feel there is an opportunity for a more customized solution. Furthermore, by automatically collecting data for benchmarking, greater metrics can be provided on reports; along with automatic insight recognized by patterns in the transactional data.
How would you like to have a virtual assistant available to you 24x7. We’d love that internally, and we believe we could use the same technology externally for our clients. Backed by The Real CPA knowledge base, your personal, virtual assistant will be able to provide metrics on your data, tips on demand, schedule appointments, and more. Through API integration this is very possible and has our development interests.
REI Report Dashboard
Current accounting software offers generic dashboards for you to interface with when you login. Software programs like Appfolio are more centered around REI, however, they show limitations on the accounting end and don’t offer a robust open API for integration. We think having a secure dashboard to show reporting (available for export) that combines that data from the accounting software and property management information will be the best of both worlds.
REI Bookkeeping Tutorials
We’ve found there is a great interest in real estate accounting tutorials. Yet, the ones we’ve seen have been insufficient due to the method of delivery and the content. It’s our goal to provide advantageous instruction in the form an interactive program. We know the intuitive nature of the product will satisfy many people and set them up for success.
Of course, all of these interests have varying timelines toward adoption. However, the takeaway from this section and entire article is that The Real Estate CPA won’t fall behind as technology continues to advance.
The Bottom Line
If your excited about what you have read and if you are looking for more information on how we can help you stay ahead of the curve please contact us.