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  • Revolutionizing Real Estate: Yardi's Procure to Pay Module Transforms PropTech

    Over the past decade, PropTech has rapidly advanced, empowering property managers, investors, and tenants alike. With the integration of artificial intelligence, machine learning, and automation, real estate operations have become more data-driven and responsive. However, the complexities of managing properties, from procurement to payment, have posed significant challenges, often leading to inefficiencies and errors. Introducing Yardi's Procure to Pay Module Yardi, a leading provider of property management software, recognized the need for a comprehensive solution to address the procurement and payment challenges faced by property management professionals. Enter Yardi's Procure to Pay module—a powerful tool designed to revolutionize the way property transactions are managed with vendors. According to Yardi, through the P2P module, clients reduced costs by up to 80% and shortened invoice processing times by 75%. Below are some of the key features that can save your property both time and money when it comes to vendor transactions. Key Features and Benefits Streamlined Procurement Process: With Yardi's P2P module, property managers can automate the entire procurement lifecycle, from requisition to approval to purchase order generation. By centralizing vendor management and catalog integration, the platform simplifies the sourcing process, reducing manual efforts and accelerating purchasing decisions. Enhanced Visibility and Control: Real-time tracking and reporting capabilities provide stakeholders with unparalleled visibility into procurement activities. Property managers can monitor spending, track order status, and analyze vendor performance, enabling informed decision-making and cost optimization. Efficient Invoice Management: Yardi's P2P module seamlessly integrates with accounting systems, facilitating automated invoice processing and reconciliation. By digitizing invoice capture and approval workflows, the platform eliminates paper-based inefficiencies and reduces the risk of errors and discrepancies. Vendor Collaboration: The module enables seamless communication and collaboration with major vendors through a self-service portal. From submitting bids to managing contracts, vendors can interact with property managers in real time, fostering transparency and strengthening relationships. Compliance and Audit Readiness: Built-in controls and compliance features ensure adherence to regulatory requirements and internal policies. Automated audit trails and documentation management capabilities simplify compliance reporting and support audit readiness, reducing risk and exposure. The Future of PropTech with Yardi and BGSF Yardi's Procure to Pay module represents a significant milestone in the evolution of PropTech, empowering real estate and property management professionals to revolutionize their operations and achieve unprecedented levels of efficiency, effectiveness, and cost savings. As the industry embraces digital transformation, solutions like Yardi's P2P module will continue to redefine the way properties are managed, transactions are conducted, and value is created in the real estate sector. BGSF specializes in providing top-notch staffing and managed solutions tailored to the unique needs of the Commercial Real Estate and Multifamily industries when it comes to PropTech. Our team of professionals is dedicated to helping you navigate the ever-evolving landscape of real estate technology, ensuring that you stay ahead of the curve and achieve your business goals. Click here to contact us today!

  • Mastering the Spring Rental Surge: A Guide for Property Managers in Multifamily Housing

    As spring blossoms and the real estate market awakens from its winter slumber, Property Managers in multifamily housing brace themselves for the annual surge in activity. One notable trend during this season is the increase in renting, driven by various factors like heightened demand and a more favorable rental environment. Understanding the Spring Rental Surge in Multifamily Seasonal Trends: Spring is traditionally associated with a sense of renewal and change, leading many individuals and families to consider moving during this time. The warmer weather and longer daylight hours make it more convenient for people to search for new housing and facilitate the moving process. Additionally, families with school-aged children often prefer to relocate during the summer months to minimize disruption to their children's education, making spring an ideal time to secure a new rental property. End of the Academic Year: For college students and individuals involved in academic pursuits, spring marks the end of the school year or semester. As a result, there is a significant increase in the number of students seeking housing for the upcoming academic term or graduating and entering the workforce, both of which contribute to heightened demand for rental properties. Improved Property Conditions: Property Managers often take advantage of the spring season to enhance the aesthetic appeal of their rental units. With winter coming to an end, maintenance tasks such as groundskeeping, exterior painting, and general property upkeep become more feasible. The improved curb appeal and overall condition of the property can attract more tenants and justify higher rental rates. Economic Factors: Springtime can also coincide with periods of economic stability or growth, leading to increased consumer confidence and household mobility. Individuals may feel more financially secure and optimistic about their prospects, prompting them to explore new rental opportunities or upgrade to larger or more desirable living spaces. Preparing for Peak Season Addressing Property Upkeep: With the arrival of spring, residents are more likely to scrutinize the condition of the property. A well-maintained and aesthetically pleasing environment can justify a higher rental price. Property Managers should take advantage of the pre-spring period to conduct thorough inspections, address any lingering maintenance issues, and enhance the overall curb appeal of the multifamily housing units. Market Analysis and Competitive Pricing: To navigate the spring surge successfully, Property Managers must stay informed about the local rental market trends. Conducting a thorough market analysis helps in understanding the competitive landscape, enabling Property Managers to set appropriate rental prices. A strategic and well-researched pricing approach will not only attract potential residents but also position the property competitively within the market. Streamlining the Leasing Process: As rental demand escalates, Property Managers should streamline the leasing process to accommodate the influx of inquiries efficiently. This includes ensuring that the online application process is user-friendly, responding promptly to inquiries, and having a well-trained team to handle leasing negotiations. A smooth and expedited leasing process contributes to resident satisfaction and increases the likelihood of securing higher rents. Capitalizing on Seasonal Promotions: Spring provides Property Managers with an opportunity to implement seasonal promotions or incentives to attract prospective customers. Offering move-in specials, such as reduced security deposits, complimentary amenities, or discounted rent for the first month, can be effective strategies to entice renters during this competitive season. Temporary Staffing Support: During the spring rental surge, multifamily teams may experience a significant increase in inquiries, lease applications, and resident requests. A staffing services partner, like BGSF, can provide temporary personnel, such as Receptionists, Leasing Agents, Administrative Assistants, and Maintenance Technicians to help manage the increased workload and requests efficiently. These temporary staff members can ensure that inquiries are promptly addressed, lease applications are processed in a timely manner, and administrative tasks are completed effectively, thus minimizing delays and enhancing customer satisfaction. Spring Support As spring prompts an increase in rental activity, Property Managers in multifamily housing have an opportunity to optimize their operations and capitalize on the increased demand. By maintaining properties, streamlining processes, and utilizing temporary staffing support, Property Managers can navigate peak season successfully while ensuring a positive experience for both current and future residents. Looking for extra staff to support you during peak season? We have skilled talent readily available, including Maintenance Technicians, Leasing Agents, Sign Spinners, Groundskeepers, and more! Click here to request talent today.

  • Empower Your Career Growth Through Workday Certifications

    In today's job market, staying ahead often means acquiring new skills and certifications. One such avenue that has gained significant traction is Workday certifications. As organizations increasingly rely on Workday for their HR and finance needs, individuals with expertise in this platform are in high demand. Therefore, Workday certifications are becoming more and more valuable in the current job market. Learn how they can benefit your career and the steps you can take to pursue them below. The Significance of Workday Certifications Workday is a leading provider of enterprise cloud applications for finance and human resources. Its innovative solutions streamline processes, enhance productivity, and drive business success. With Workday being adopted by an increasing number of companies worldwide, the demand for skilled professionals proficient in its implementation and management is on the rise. This is where Workday certifications come into play. Benefits of Workday Certifications Enhanced Employability: Workday certifications validate your expertise and proficiency in implementing, configuring, and managing Workday solutions. This makes you a sought-after candidate for organizations looking to deploy or optimize their Workday systems. Career Advancement: Holding Workday certifications opens many avenues for career advancement. Whether you're aiming for promotions within your current organization or seeking new opportunities elsewhere, certified professionals are often given preference due to their specialized knowledge and skills. Increased Earning Potential: Workday-certified professionals typically command higher salaries than their non-certified counterparts. Employers are willing to pay a premium for individuals who can effectively leverage Workday to drive business outcomes and ROI. Continuous Learning and Growth: Workday regularly updates its platform with new features and functionalities. By pursuing Workday certifications, you commit to ongoing learning and skill development, ensuring that you stay abreast of the latest advancements in the field. How to Get Workday Certified Choose the Right Certification: Workday offers a range of certifications tailored to different roles and proficiency levels, including Workday HCM, Financial Management, Integration, and more. Research the certifications available and select the one that aligns with your career goals and expertise. Prepare Thoroughly: Workday certification exams are rigorous and comprehensive. Utilize official Workday training materials, online courses, practice exams, and hands-on experience to prepare effectively. Register for the Exam: Once you feel confident in your preparation, register for the certification exam through the Workday Certification Portal or an authorized testing center. Take the Exam: On the day of the exam, arrive early, well-rested, and equipped with the necessary identification and materials. Pace yourself during the exam, carefully read each question, and leverage your knowledge and problem-solving skills to answer to the best of your ability. Maintain Your Certification: Workday certifications are valid for a certain period, typically two years, after which you'll need to renew them by completing relevant continuing education activities or retaking the exam. Working with Workday Workday certifications offer a pathway to professional growth, career advancement, and increased earning potential in the rapidly evolving landscape of enterprise cloud applications. By investing in Workday certifications, you not only validate your expertise but also position yourself as a valuable asset to organizations seeking to leverage Workday for a strategic advantage. Take the first step towards unlocking your career success with Workday certifications today. As a trusted Workday Services Partner, BGSF has a proven track record of providing exceptional talent to Workday customers nationwide. With an in-depth knowledge of the Workday product, our resources and consultants are readily available to assist customers whenever they require support, including feature adoption, business transformation, staff augmentation, permanent placement, post-production support, and Phase X projects. Want to pursue your Workday certification? It’s time to partner with BGSF. Contact us today!

  • Closing Out the Quarter: The Role of Finance and Accounting Consultants

    As the end of the quarter approaches, businesses are faced with the critical task of closing out their financial books and ensuring a smooth transition into the next period. This process demands precision, strategic planning, and a deep understanding of financial intricacies. Below we'll explore how Accounting and Finance Consultants can play a pivotal role in helping your business successfully close out the quarter with speed and efficiency. The Benefits of Utilizing Finance and Accounting Consultants Scalability: During peak periods such as quarter-end close, the workload for in-house staff can spike significantly. Consultants provide scalability by offering additional resources and manpower as needed. This ensures that the closing process remains on schedule without overburdening internal teams. Focus on Core Competencies: By entrusting certain financial tasks to consultants, in-house staff can dedicate more time and attention to their core competencies. This not only improves overall productivity but also allows employees to focus on strategic initiatives that drive business growth. Expertise in Regulatory Compliance: Quarter-end reporting involves compliance with a myriad of regulations and accounting standards. Accounting and Finance consultants are well-versed in the latest changes to financial regulations, ensuring that your business stays in line with industry requirements. Their expertise minimizes the risk of regulatory non-compliance, protecting your business from potential legal ramifications. Efficient Data Management: Quarter close involves processing vast amounts of financial data. Finance Consultants specialize in streamlining data management processes, ensuring accurate and timely financial reporting. With their expertise, businesses can optimize their financial systems, reduce errors, and enhance overall efficiency in handling financial data. Strategic Financial Analysis: Consultants bring a fresh perspective to the table, providing insightful financial analysis that goes beyond basic number-crunching. They can identify trends, assess the company's financial health, and offer strategic recommendations for the upcoming quarters. This proactive approach helps businesses make informed decisions and pivot their strategies for sustained growth. Cost Optimization and Budgeting: Accounting and Finance Consultants can identify areas for cost optimization, ensuring that your business operates within its budgetary constraints. Through comprehensive budget analysis, they help align financial goals with business objectives, maximizing resource allocation for optimal results. Process Improvement: Consultants are adept at identifying inefficiencies within financial processes. By conducting thorough audits and evaluations, they pinpoint areas for improvement, recommending changes that can enhance overall operational efficiency. This not only streamlines the quarter-end close but also sets the stage for improved financial performance in subsequent quarters. Technology Integration: Staying abreast of the latest financial technologies is crucial for modern businesses. Consultants can recommend and implement cutting-edge accounting software and tools, automating repetitive tasks and reducing the likelihood of errors. This integration not only expedites the quarter-end close process but also ensures that your business remains competitive in the digital era. Training and Development: Accounting and finance consultants often provide training to internal teams, imparting valuable skills and knowledge. This not only fosters a culture of continuous improvement within the organization but also ensures that the internal team is well-equipped to handle future quarter-end closes with increased efficiency. Close the Quarter Strong Enlisting the services of Accounting and Finance Consultants is a strategic investment for any business looking to close out the quarter seamlessly. Their expertise in regulatory compliance, data management, strategic analysis, and more, can elevate your business to new heights. As you navigate the complexities of the financial landscape, partnering with consultants ensures that your business is not only meeting industry standards but also positioning itself for long-term success throughout the coming year. Our extensive network of Finance and Accounting professionals are available to help you navigate the end of this quarter and beyond. Contact us today to learn more!

  • Discover What’s New in the Workday Spring Update

    Workday stands as a leading cloud-based Enterprise Resource Planning (ERP) solution, revolutionizing core business activities for organizations worldwide since its inception in 2005. Renowned for its seamless integration of Human Capital Management (HCM) and Financial modules, Workday streamlines essential workflows such as HR, Payroll, and Finance. By offering a comprehensive suite of tools accessible via the cloud, it also empowers businesses with agility, scalability, and real-time insights. Workday's user-friendly interface and innovative features facilitate efficient management of personnel, financial resources, and operational processes, making it a preferred choice for enterprises seeking to enhance productivity and drive growth. Workday 2024 R1 - Spring Update Workday recently unveiled its latest biannual feature release, Workday 2024 R1. This Workday spring update brings forth a plethora of enhancements across its Human Capital Management (HCM) and Financial modules, promising to streamline operations and elevate the user experience. Human Capital Management Updates Streamlined Benefit Billing Status: Employees facing insufficient funds to cover their benefit costs can now have their billing status designated within Workday, ensuring smoother management of benefits programs. Enhanced Communication Cards: Benefit program communication cards, enriched with job details, can now be effortlessly created within the Workday platform. Improved Compensation Element Selection: A new prompt for compensation element selection aims to enhance task performance by returning only the specified category of compensation elements, thereby improving speed and efficiency. Flexible Leave Configurations: End users can now configure leave types and time-offs to impact step progression and assign grace periods to steps, offering more flexibility in managing employee leaves. Refined Hire Employee Interface: Customers can opt-in for a redesigned Hire Employee user interface, promising a more intuitive and user-friendly experience for onboarding processes. Configurable Workflows and Approvals: Numerous improvements in the hire business process enable the configuration of workflows and approvals for creating or editing job profiles, ensuring seamless management of hiring processes. Enhanced Pre-hire Information: Pre-hire contact information fields can now be configured as required for all users or specific security groups, ensuring that employees receive crucial information promptly upon joining. Transparent Consent Preferences: Consent preferences can now be requested from resources for the processing of their personal data, offering a transparent and compliant approach to data management. Talent Management Innovations: The introduction of the Paradox AI chatbot for external career sites enables external candidates to engage in conversations, receive job suggestions, and gain assistance during the application process. Recruitment Event Management: Workday now allows the creation and management of virtual, in-person, and hybrid recruiting events, enhancing candidate engagement and recruitment processes. Financial Updates Streamlined Review Processes: Users can now configure one or multiple review steps in the Accounting Center Summarization Event Business Process, allowing for efficient approval or denial of accounting center summary journals before posting to the ledger. Refined Budget Rules Functionality: Enhancements to Revenue Driven Budget Rules include the definition of floors and ceilings for budget spending authority, offering more control over budget management. Intelligent Machine Learning Recommendations: Intelligent prompts are provided for various financial processes, including sales items, expense items, and tax attributes, leveraging machine learning to streamline operations. Extended Remittance Framework: The remittance framework has been extended to support the creation of remittance advice for third-party payroll payments and supplier invoice payments in PDF format. Enhanced Bank Account Validation: The Payee Bank Account Validation Override task has been enhanced to offer new configurability for bank account types, ensuring compliance with country-specific requirements. Improved Cost Reimbursable Spend Management: Users can now change the status of cost-reimbursable spend lines outside award dates, simplifying billing processes and eliminating the need for workarounds. Adaptive Planning Enhancements: The introduction of 'what if' scenarios enables users to change test data without affecting plan versions, while a predictive forecaster powered by machine learning facilitates the scheduling and sharing of reports seamlessly. The Future of Workday The Workday 2024 R1 release brings a host of enhancements across its HCM and Financial modules, aimed at empowering organizations with greater flexibility, efficiency, and control over their business processes. With streamlined workflows, enhanced user interfaces, and intelligent recommendations, Workday continues to solidify its position as a leading cloud-based ERP solution for modern enterprises. As a trusted Workday Services Partner, BGSF has a proven track record of providing exceptional talent to Workday customers nationwide. With an in-depth knowledge of the Workday product, our resources and consultants are readily available to assist customers whenever they require support, including feature adoption, business transformation, staff augmentation, permanent placement, post-production support, and Phase X projects. Need highly skilled Workday talent now? It’s time to partner with BGSF. Contact us today!

  • Navigating the Storm: The Impact of Rising Construction Costs on Commercial Real Estate Property Management

    The dynamic relationship between construction costs and property management is crucial to understand, as it directly influences the profitability and sustainability of Commercial Real Estate (CRE) investments. And as construction costs continue to soar, CRE property managers find themselves facing a new set of challenges. Understanding the Construction Costs Surge A myriad of factors are contributing to the escalation of costs in the construction industry. These factors include increased demand for raw materials, supply chain disruptions, regulatory changes, and a shortage of skilled labor. Let's explore the repercussions of the increase in construction expenses on CRE property management and dive into strategies that may help navigate these challenges. Impact on Property Valuation: One of the immediate impacts of rising construction costs is the effect on property valuation. As construction expenses soar, the cost approach to property valuation becomes more challenging. Property managers must carefully reassess and adjust valuations to ensure accurate financial reporting and maintain the attractiveness of their portfolio to potential investors. Renovation and Retrofitting Challenges: For existing properties requiring renovations or retrofitting, the rise in construction costs poses a dilemma for property managers. Budgets allocated for updates and improvements may now fall short, necessitating a reassessment of priorities. Managers must weigh the cost-benefit analysis of upgrades, potentially deferring non-essential projects while focusing on initiatives that promise a higher return on investment. Impact on New Developments: For property managers overseeing new developments, the surge in construction costs translates into increased project budgets and, subsequently, higher rental rates. The challenge lies in striking a delicate balance between delivering quality spaces and ensuring the financial viability of the project. As construction expenses soar, property managers may need to recalibrate their leasing strategies and explore innovative financing options to maintain competitiveness in the market. Lease Negotiations and Rent Adjustments: As construction costs rise, property managers may find themselves needing to negotiate lease terms with tenants. Adjusting rents to reflect the increased expenses becomes a delicate balancing act. Transparent communication with tenants about the necessity of adjustments is essential to maintaining positive relationships and ensuring the financial viability of the property. Operational Costs and Maintenance: Beyond development projects, property managers also face challenges in managing the day-to-day operational costs of existing properties. Routine maintenance and repairs become more expensive, impacting budgets and potentially affecting the overall profitability of the property. Managers must carefully allocate resources and explore cost-effective maintenance strategies to offset these rising expenses. Partnering with a staffing service provider, such as BGSF, can help alleviate these costs. BGSF allows property managers to scale their workforce up or down based on immediate needs. This flexibility enables them to reduce costs during periods of low occupancy, preventing unnecessary expenses while maintaining the ability to ramp up quickly when demand increases. Technology Integration for Efficiency: In the face of escalating construction costs, property managers can leverage technology to enhance operational efficiency. Implementing smart building technologies, predictive maintenance systems, and energy-efficient solutions can help optimize operational costs and mitigate the impact of rising construction expenses. Sustainability Considerations: As the construction industry grapples with cost challenges, there is an opportunity for CRE property managers to integrate sustainable practices into their management strategies. Sustainable building practices, energy-efficient technologies, and green certifications can not only contribute to environmental conservation but also yield long-term operational cost savings, thereby offsetting the impact of rising construction costs. Facing the Construction Cost Challenge The surge in construction costs poses a multifaceted challenge for CRE property managers, requiring a strategic and adaptive approach. By understanding the impact on property valuation, lease negotiations, and operational costs, property managers can proactively navigate these challenges. Embracing technology for efficiency and maintaining open communication with stakeholders will be key in ensuring the long-term success and resilience of CRE property management in the face of an ever-changing economic landscape. BGSF: Your Commercial Real Estate Staffing Partner Dealing with high construction costs can significantly impact a property's budget, priorities, and capabilities. However, with a skilled team in place, when you need it, property managers can focus on delivering exceptional service, ultimately enhancing tenant satisfaction and helping to attract new occupants. Contact us to request talent today!

  • Keeping the Lights On: Accounting & Finance Support for ERP Implementations

    Building a "keep the lights on" team for accounting and finance functions during an ERP (Enterprise Resource Planning) implementation is crucial to keeping financial operations running smoothly amidst the transition. ERP implementations are highly complex, resource-intensive projects that have visibility within an organization at the highest levels and have a waterfall effect on all departments within the organization. When planning for the implementation, significant consideration is given to selecting the key players from the finance and accounting functions who will play a vital role in defining and documenting processes and workflows. They will also be working as subject matter experts with respect to how the business works. Because implementations are highly complex, resource intensive, and visible at the C level, these key players are consumed with the effort of getting the implementation done and done right within a reasonable timeframe. What room does that leave for key personnel to do their day jobs? The answer is, none. ERP Implementation: Accounting and Finance Priorities So, what steps can you take to develop an effective KLO team? From hiring top consultants for key personnel to providing the appropriate training and communication, here are some steps you can take today. Identify Key Personnel: Determine the core team members within the organization responsible for maintaining day-to-day financial operations. This typically includes senior accountants, financial analysts, and IT support staff with expertise in finance systems. If they are earmarked for the project, consider temporarily backfilling their role with resources who can help “keep the lights on” during the implementation. Bringing in seasoned consultants to work with the internal implementation team can also benefit your project. These consultants are experienced in the tasks needed for a successful ERP implementation and can provide critical perspectives from outside the organization. Consider a Project Management Office (PMO): Consider adding a seasoned PMO to ensure all key ERP implementation tasks and corresponding deadlines are met. They can also coordinate with key team members and provide critical status updates to management. Establish Clear Roles and Responsibilities: Define the roles and responsibilities of each team member during the ERP implementation. Ensure that everyone understands their tasks in maintaining ongoing financial operations while the implementation is underway. This will help identify any gaps that may exist and allow you to shore up your team with temporary resources. Provide Training and Support: Invest in training programs to equip team members with the necessary skills and knowledge to navigate the new ERP system effectively. Offer ongoing support and resources to address any challenges they may encounter during the transition. Implement Strong Communication Channels: Establish regular communication channels to facilitate collaboration among team members and promptly address any issues or concerns. This may include daily check-ins, weekly meetings, or an online collaboration platform. Document Processes and Procedures: Review existing financial processes and procedures to ensure continuity during the ERP implementation. Document future state processes and procedures that reflect changes resulting from the new system. Develop Contingency Plans: Anticipate potential disruptions to financial operations during the ERP implementation and develop contingency plans to mitigate risks. Identify backup systems and alternative procedures to keep essential functions running smoothly. Coordinate with the ERP Implementation Team: Maintain close coordination with the ERP implementation team to align timelines, address dependencies, and ensure a seamless transition between the KLO team and the implementation team. Monitor Progress and Performance: Regularly monitor the progress and performance of the KLO team to identify any issues or areas for improvement. Adjust strategies and resource allocation as necessary to optimize efficiency and effectiveness. Maintaining the Day-To-Day Ultimately, the success of an ERP implementation hinges not only on the efficiency of the project team but also on the resilience and adaptability of the team responsible for maintaining day-to-day financial operations. By striking a balance between these two critical functions, organizations can navigate the complexities of ERP implementation with confidence, ensuring a seamless transition and positioning themselves for long-term success and growth. Our extensive network of finance and accounting consultants are readily available to help you navigate any function you need during an ERP implementation. Contact us today to learn more!

  • Springing into Sustainability: Energy-Efficient Property Management Upgrades

    As the vibrant colors of spring unfold, property managers in both the Multifamily and Commercial Real Estate sectors have a unique opportunity to usher in positive change. Embracing energy-efficient upgrades not only aligns with many environmental goals but also holds the potential for substantial long-term savings. In this blog, we'll explore tailored energy-savings approaches for both Multifamily and Commercial properties, ensuring a sustainable and cost-effective future. Energy-Efficient Upgrades Energy-efficient upgrades enhance the overall appeal and value of properties, attracting environmentally conscious residents and tenants, reducing operational costs, and fostering a sense of community responsibility. In an era where sustainability is not just a buzzword but a collective commitment, energy-efficient property upgrades stand as a tangible and impactful contribution toward a greener, more sustainable future. Multifamily Properties Smart Lighting Solutions: Illuminate your Multifamily property with energy-efficient LED lighting. Beyond the obvious cost savings, these bulbs last longer and contribute to a safer and more vibrant community. Smart lighting systems can also automate usage, ensuring lights are only on when necessary, and common areas are well-lit for residents. Community Solar Initiatives: Take advantage of spring's abundant sunlight by considering community solar projects. Installing solar panels on shared spaces or rooftops can generate clean energy that benefits all residents. This communal approach not only promotes sustainability but also fosters a sense of shared responsibility. Appliance Upgrades: Upgrading common area appliances to Energy Star certified models is a small change with a significant impact. From energy-efficient refrigerators to high-performance HVAC systems, these upgrades not only reduce utility costs but also enhance the overall appeal of your property. Energy-Efficient Windows: Implementing energy-efficient windows in Multifamily properties is a strategic and impactful step towards enhancing both sustainability and resident comfort. Energy-efficient windows are designed with advanced insulation materials and coatings that minimize heat transfer, effectively reducing the need for excessive heating or cooling. This not only leads to significant cost savings on energy bills but also contributes to a reduced environmental footprint. Beyond the financial benefits, energy-efficient windows also contribute to a more comfortable and enjoyable living environment for residents. Commercial Real Estate Properties Intelligent Building Management Systems (BMS): Implementing BMS allows for centralized control and monitoring of various building systems, optimizing energy use. From HVAC to lighting and security systems, BMS enables real-time adjustments based on occupancy and usage patterns, ensuring efficient resource allocation throughout your property. High-Efficiency HVAC Systems: Upgrade HVAC systems to high-efficiency models, which is particularly important for larger Commercial spaces. Spring is an ideal time for this transition, ensuring optimal performance during warmer months. Consider incorporating smart thermostats to further enhance energy management. Green Roof and Façade Systems: Transform your Commercial property into an eco-friendly oasis by installing green roofs and façade systems. Not only do these upgrades improve insulation and energy efficiency, but they also contribute to a healthier work environment. Green spaces can boost employee well-being and productivity as well. Water-Conserving Technologies: Integrate water-saving technologies, such as smart irrigation systems and low-flow fixtures, to minimize water wastage. Consider implementing rainwater harvesting systems for non-potable uses. Water conservation not only aligns with sustainability goals but also addresses a crucial aspect of responsible property management. Sustainable Upgrades for the Future Spring symbolizes renewal and growth, making it the perfect season for property managers in both Multifamily and Commercial Real Estate to embark on energy-efficient upgrades. Whether it's embracing solar solutions, optimizing lighting, or implementing intelligent building systems, the benefits extend beyond cost savings to contribute to a more sustainable and resilient future. This spring, let your properties bloom with eco-friendly innovations, setting a positive example for the entire industry. Looking for extra staff to support your sustainability efforts and upgrades? We have skilled talent readily available to support you! Click here to contact us today.

  • BGSF February 2024 Jobs Report: Robust Job Gains Amidst Rising Unemployment

    The US labor market showcased robust job additions in the February Jobs Report 2024, according to the latest data from the U.S. Bureau of Labor Statistics. The economy added a substantial 275,000 nonfarm payroll jobs, surpassing economists' expectations of 200,000 additions. This impressive performance highlights the enduring strength and dynamism of the US labor market, even as it faces new challenges. Key Highlights of February Jobs Report 2024: Total Employment Rise: Nonfarm payroll employment surged by 275,000 in February. Unemployment Rate Increase: The unemployment rate ticked up to 3.9%, the highest since January 2022, indicating a slight increase in job seekers not immediately finding work. Sector-Wise Growth: Significant job gains were observed across various sectors, including health care, government, food services and drinking places, social assistance, and transportation and warehousing. Among the standout performers, the Professional and Business Services sector saw a commendable year-over-year gain, expanding from 22,533 thousand jobs in February 2023 to 22,683 thousand in February 2024. This growth underscores the sector's critical role in driving economic progress and innovation. BGSF's Professional Division President, Eric Peters, commented on this trend, "The notable growth in the Professional and Business Services sector is a testament to our successful partnership with Workday and the increasing demand for workforce solution consulting. Our collaborative efforts have significantly contributed to this sector's expansion, reflecting our commitment to providing top-tier consulting services and innovative solutions that meet the evolving needs of the workforce." Industry-Specific Advances: Stable Labor Force Participation: The labor force participation rate remained steady at 62.5% for the third consecutive month, with the employment-population ratio barely changing at 60.1%. Government and Construction Employment: Government employment rose by 52,000, with notable increases in local government and federal government jobs. The construction sector also saw continued growth, with an addition of 23,000 jobs. In a more detailed look at the construction industry, Residential Construction jobs increased modestly from 906.9 thousand in February 2023 to 916.2 thousand in February 2024, while Non-Residential Construction experienced a more significant growth, jumping from 853.1 thousand to 893.1 thousand in the same period. This suggests a broader recovery and investment in infrastructure and development projects. Focused Growth in Services: The Management, Scientific, and Technical Consulting Services sub-sector demonstrated resilience and adaptability, growing from 1,835.6 thousand jobs in February 2023 to 1,876.4 thousand in February 2024. Similarly, the Rental and Leasing Services sector showed remarkable growth, moving from 556.2 thousand jobs in 2023 to 578.3 thousand in 2024, highlighting the increasing demand for rental and leasing solutions in a dynamically changing market environment. Kelly Brown, President of BGSF's Property Management Division, commented on this positive trend, stating, "The robust growth we're observing in the Rental and Leasing Services sector, alongside the consistent expansion in both residential and non-residential construction, underscores the vital impact of multifamily, build-to-rent, and commercial real estate workforce needs on our economy. These sectors are pivotal in meeting the evolving demands of our communities and businesses, driving employment opportunities across the board." In Computer Systems Design and Related Services, where employment numbers grew 2.34%, Chris Loope, BGSF's Chief Strategy Officer, offered valuable insights. He noted, "The burgeoning growth and relentless demand in Artificial Intelligence (AI) are undeniably propelling forward the workforce requirements in the Computer Systems and Design sector. We're observing a profound acceleration in employment, notably with an increase from 2,525.4 thousand in January 2023 to 2,531.8 thousand in February 2024. This uptick underscores the critical role of AI innovations in shaping the future of work, driving an urgent need for skilled professionals capable of developing and managing these transformative technologies." Despite the surge in job creation, February witnessed a revision of payroll gains for December and January downwards, coupled with an uptick in the unemployment rate from 3.7% to 3.9%. This has raised some concerns about potential softening in the labor market. Nonetheless, the increase in unemployment comes after a period of steady decline, marking the first rise in four months. Economic Indicators: Average Hourly Earnings: Growth in average hourly earnings slightly decelerated to 0.1% month-on-month, with a year-on-year increase of 4.3%, reflecting ongoing wage adjustments. Average Weekly Hours Worked: Remained consistent at 34.3 hours, suggesting stable working conditions for most employees. February's job market data paints a mixed picture. On one hand, the robust addition of jobs emphasizes the resilience of the American economy, capable of generating employment across multiple sectors. On the other hand, the slight uptick in unemployment and the downward revision of previous months' job gains signal caution, potentially indicating a tempering in the pace of labor market recovery. The trajectory of job growth in the United States has significantly outstripped pre-pandemic forecasts, underscoring the resilience and adaptability of the American labor market. Initially, projections based on the Congressional Budget Office forecast of 2015 suggested a much more modest increase in employment. However, these projections proved to be overly pessimistic. From the end of 2014 to the end of 2019, U.S. employers added more than 11 million jobs, far exceeding what was anticipated by the budget office. This remarkable surge in employment saw companies embracing job seekers previously overlooked, which in turn pushed the unemployment rate to a 50-year low. As we move forward, it will be crucial to monitor these developments closely. The balance between job creation, wage growth, and unemployment rates will be pivotal in shaping the future trajectory of the US labor market and, by extension, the broader economy. BGSF is a leading provider of professional and property management staffing and workforce solutions, with a commitment to quality, innovation, and customer satisfaction. We offer a wide range of services to meet the needs of our clients, and we are proud to have a team of experienced and dedicated workforce professionals passionate about helping our clients succeed. If you are looking for a professional or managed services partner that can help you achieve your business goals, contact BGSF today.

  • Unlocking Success: The Case for Hiring Outside Vendors for Your Yardi Implementation

    New PropTech technologies are continuously emerging in the Real Estate market, promising to reshape the industry and elevate operational efficiency. These cutting-edge solutions encompass a diverse range of innovations, from AI-powered property management platforms to blockchain-enabled smart contracts for secure and transparent transactions. One of these new powerful property management platforms is Yardi, a game-changer for many organizations looking to streamline their operations and enhance efficiency. Yardi: A Game Changer Yardi stands as a preeminent force in property management software, offering a comprehensive suite of solutions designed to optimize and streamline operations. Renowned for its versatility, Yardi provides a unified platform that encompasses property accounting, asset management, and investment management, catering to a diverse range of real estate portfolios. Its robust features include financial management tools, lease management capabilities, and business intelligence analytics, empowering users with the insights needed to make informed decisions. Also, Yardi's cloud-based infrastructure facilitates seamless collaboration and real-time data access, promoting efficiency in property management workflows. As a leader in PropTech, Yardi continues to evolve, incorporating innovative technologies to meet the growing needs of the real estate industry. This makes Yardi a trusted choice for organizations seeking a sophisticated and integrated solution to navigate modern property management. Implementing Yardi The key to a successful Yardi implementation lies not just in the software itself, but in the expertise of those tasked with its deployment. This is where the decision to enlist the services of outside vendors becomes paramount. Let's explore the compelling reasons why organizations would turn to external experts for Yardi implementation rather than attempting to complete the process in-house. Specialized Knowledge and Expertise: Yardi is a robust and multifaceted platform, offering a wide array of features to meet the diverse needs of real estate professionals. An outside vendor specializing in Yardi implementation brings a wealth of knowledge and expertise to the table. These professionals are well-versed in the intricacies of the software, ensuring a smoother and more efficient deployment. Customization Tailored to Your Needs: Real estate businesses often have unique requirements and workflows. Implementing Yardi effectively involves tailoring the software to align seamlessly with these specific needs. External vendors, with their experience across various real estate scenarios, can provide a high level of customization, ensuring that Yardi becomes a powerful asset rather than a one-size-fits-all solution. Faster Implementation Timelines: Time is of the essence in the fast-paced world of real estate. Outside vendors, armed with their specialized skills and experience, can expedite the implementation process. Their familiarity with common challenges and potential roadblocks allows for proactive problem-solving, resulting in quicker deployment and minimal disruptions to daily operations. Risk Mitigation: Yardi implementation is a substantial investment, and the stakes are high. External vendors bring a level of risk mitigation to the table, drawing from their experiences with various clients and projects. Their ability to foresee potential challenges and address them preemptively helps safeguard the organization from costly setbacks. Training and Support: Once Yardi is up and running, effective training is crucial for maximizing its potential. External vendors not only implement the software but also provide comprehensive training programs for your team. Moreover, their ongoing support ensures that any issues are addressed promptly, minimizing downtime and maximizing the return on investment. Cost-Effective Solutions: While there is an initial investment in hiring an outside vendor, the long-term benefits often outweigh the costs. A professionally executed Yardi implementation leads to increased operational efficiency, reduced errors, and improved decision-making. These factors contribute to long-term cost savings and a higher return on investment. BGSF: Your Implementation Partner In the realm of real estate management, the decision to implement Yardi is a strategic move toward efficiency and growth. However, to unlock the full potential of this powerful software, organizations should seriously consider partnering with external vendors. The specialized knowledge, customization capabilities, and risk mitigation offered by these experts can make the difference between a Yardi implementation that merely meets the status quo and one that propels your business to new heights. BGSF specializes in providing top-notch staffing and managed solutions tailored to the unique needs of the Commercial Real Estate and Multifamily industries. Our team of professionals is dedicated to helping you navigate the ever-evolving landscape of real estate technology, ensuring that you stay ahead of the curve and achieve your business goals. Click here to contact us today!

  • Community Events and Engagement: Spring Edition for Multifamily Living

    As the vibrant colors of spring begin to bloom, it's the perfect time for residents in multifamily living communities to come together and embrace the season of renewal. Community events and engagement activities not only foster a sense of belonging but also create a lively and enriching living experience. In this Spring edition, we'll explore a variety of exciting events and engagement ideas to help make your multifamily community blossom. Spring Community Events Blooming Gardens and Green Initiatives: Organize a community garden project where residents can come together to plant flowers, herbs, or vegetables. Host a gardening workshop to share tips on sustainable practices, composting, and eco-friendly landscaping. Spring Cleaning Community Swap: Arrange a community-wide spring cleaning event where residents can swap gently used items, promoting sustainability and fostering a sense of community sharing. Partner with local charities to donate any unclaimed items, contributing to a good cause. Picnic in the Park: Set up a community picnic in a nearby park to celebrate the arrival of spring. Encourage residents to bring their favorite dishes to share, creating a potluck-style event that showcases the diverse culinary talents within the community. Fitness and Wellness Challenges: Launch a spring fitness challenge with activities like group walks, yoga sessions, or even a friendly competition to encourage residents to stay active. Collaborate with local fitness instructors for special outdoor classes or wellness workshops. Art in the Park: Host an art festival in a community space or nearby park, featuring local artists and craftsmen. Organize art workshops for residents, providing an opportunity for them to express their creativity and contribute to a collaborative community art project. Seasonal Home Decor Contest: Initiate a spring-themed home decor contest, where residents can showcase their creativity in decorating balconies or entryways. Have a panel of judges or let the community vote for the most impressive displays, with small prizes for the winners. Community Volunteer Day: Plan a day of community service, partnering with local charities or environmental organizations. Engage residents in activities like neighborhood cleanups, tree planting, or assisting local shelters, fostering a sense of community responsibility. Outdoor Movie Night Under the Stars: Set up an outdoor movie night featuring a family-friendly film. Provide blankets, popcorn, and refreshments for a cozy evening under the stars. Spring Is in the Air Spring is a time of renewal and growth, making it the perfect season for multifamily living communities to come together and foster connections. By organizing diverse and engaging events, residents can build a strong sense of community, creating memories that will last well beyond the season. Embrace the spirit of spring and watch your multifamily community flourish. BGSF is here to assist property managers as they prepare for spring maintenance and events. Make sure you have a full staff ready to go! Contact us today to get ahead of the hiring game this season.

  • Strategic Solutions: Utilizing Consultants for Tax Filing Support

    As tax regulations become more complex and time becomes limited due to everyday operations, businesses are increasingly turning to accounting consultants for their tax filing support. In this blog, we will detail the benefits of utilizing accounting consultants for seamless tax filing and how this strategic move can contribute to future financial success. Strategic Consulting Solutions Expertise and Specialized Knowledge One of the primary reasons businesses seek the assistance of accounting consultants for tax filing support is the depth of expertise they bring to the table. Tax regulations are intricate and subject to constant changes. Accounting consultants specialize in staying abreast of these changes, ensuring that businesses remain compliant and take advantage of available deductions. Their knowledge helps navigate the complexities of tax codes, ultimately leading to accurate and optimized tax filings. Time and Resource Efficiency Managing tax filings in-house can be time-consuming and often diverts valuable resources away from core business functions. By outsourcing tax filing to accounting consultants, businesses can streamline their operations and focus on their core competencies. Accounting professionals efficiently handle the complexities of tax preparation, freeing up internal resources to drive growth and innovation. Cost Savings While it may seem counterintuitive to some, hiring accounting consultants for tax filing support can result in significant cost savings for businesses. In-house tax preparation involves expenses related to hiring and training personnel, acquiring software, and maintaining infrastructure. On the other hand, outsourcing to accounting consultants provides a cost-effective solution as businesses only pay for the services they need, without the burden of fixed overhead costs. Minimizing Errors and Audits Accuracy in tax filings is paramount to avoid costly errors and potential audits. Accounting consultants possess the skills to meticulously review financial records and ensure compliance with tax regulations. Their attention to detail helps minimize the risk of errors, reducing the likelihood of audits and associated penalties. This proactive approach to tax filing can contribute to the financial health and stability of a business. Strategic Tax Planning Beyond mere compliance, accounting consultants play a pivotal role in strategic tax planning. They can provide valuable insights into optimizing financial strategies, taking advantage of tax credits, and implementing tax-efficient structures. This proactive approach helps businesses make informed decisions that positively impact their bottom line. Accounting for Success Businesses can benefit significantly by leveraging the expertise of accounting consultants for tax filing support. From ensuring compliance and accuracy to strategic tax planning, these professionals contribute to the overall financial health and success of a business. As tax regulations continue to evolve, partnering with accounting consultants becomes a strategic move that empowers businesses to navigate the complexities of the tax landscape with confidence. Our extensive network of finance and accounting consultants are available to help you navigate this tax season. Contact us today to learn more!

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