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Mohamed Hussein: Hello, everyone, thank you for joining us today. We're gonna give a a couple of minutes for some folks to

 

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Mohamed Hussein: to go ahead and log in and join us here, and we'll get started in a in a few minutes.

 

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Mohamed Hussein: Alright, while we're waiting for some additional folks to join us looks like we have

 

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Mohamed Hussein: handful of folks that have already been logged in if you want to add in the in the little webinar chat where you're calling in from today.

 

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Mohamed Hussein: Julie. From Iowa we got Marsha

 

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Mohamed Hussein: Champaign, Illinois.

 

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Mohamed Hussein: Call a lot of strings.

 

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Mohamed Hussein: Alright, one more minute we'll go ahead and get started here.

 

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Mohamed Hussein: Alright, let's go ahead and get started.

 

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Mohamed Hussein: so thank you. Everyone for for joining us. You should be seeing my screen here. Presentation on today's topic is on accounting

 

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Mohamed Hussein: and beyond. We'll be talking about robotic process automation what's called Rpa

 

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Mohamed Hussein: and and how this technology can be utilized to be able to save time, boost productivity.

 

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Mohamed Hussein: My name is Mohammed Mo. Hussein. I am the principal consultant CEO. Here at balanced asset solutions. We are a Cpa and technology advisory firm

 

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Mohamed Hussein: specifically focused in the real estate market. And I have our Rpa specialist.

 

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Mohamed Hussein: Jason Cook.

 

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Mohamed Hussein: That will be working with me today as we go through the our presentation.

 

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Mohamed Hussein: Hey, Jason.

 

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Jason Cook: Hey, everybody. Yep. I work on

 

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Jason Cook: Rpa. Projects here, based out of Salt Lake City and excited to chat today about this topic.

 

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Mohamed Hussein: Beautiful, beautiful. So a quick check on our kind of our agenda. We'll be talking about what rpa is. How does rpa work? You know the benefits of Rpa, and why? And and kind of had the some some use cases, including accounting use cases.

 

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Mohamed Hussein: data, entry and migration, and then just more in totality, and comprehensively how to how to utilize and view Rpa as a

 

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Mohamed Hussein: as a total solution, and then and then we'll save some time at the end to to have folks be able to ask questions.

 

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Mohamed Hussein: You'll see in the in the Webinar chat there is a a widget for QA. You can post your questions there. as as we're going through kind of a presentation here. If the question is relevant to the slide or the the talking point that we're at, we'll go ahead and address it. If not, then I will. I will. We'll revisit it at the end of our presentation when we have our our actual QA.

 

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Mohamed Hussein: So

 

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Mohamed Hussein: what is robotic process? Automation? So you know, in this day and age. We hear a lot about just in general kind of AI and machine learning.

 

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Mohamed Hussein: I think there's some misconceptions that are out there, and kind of assuming that you know Rpa and AI is kind of the end all, and be all to take away jobs and things of that sort.

 

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Mohamed Hussein: But honestly, the the concept of Rpa has been around since the early 1990. S, it actually initially started off with Uate user acceptance testing. So think about

 

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Mohamed Hussein: you know, when the developers and software engineering teams develop a software product, that testing phase to be able to mimic what a human would be kind of going through and using and using the actual application. You know, fast forward, some, you know. 30, 30 years later. That has kind of expanded and the tech and technology has gotten a lot more sophisticated. Where now we have actual, like artificial intelligence and actual logic and stuff that can be built into into Rpa. So Rpa stands for robotic process automation.

 

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Mohamed Hussein: Generally speaking, it's it's a piece of technology that's used to automate, you know, repetitive and rule based tasks using a software bot, it mimics a actual human being in terms of the clicks and what it is doing on a particular application.

 

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Mohamed Hussein: and this can be applied in a lot of different, a lot of different use cases, a lot of different industries, you know, today, we're going to be talking about. You know, property management specifically.

 

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Mohamed Hussein: So think about, think about when you're thinking about Rpa and kind of use cases for it. Think about, you know the things that you're the mundane type of tasks

 

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Mohamed Hussein: and activities that you're doing on a, on a, on a monthly, you know, daily basis.

 

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Mohamed Hussein: And these are the things that can be utilized to be able to like program a bot to kind of do in your in your place. Okay.

 

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Mohamed Hussein: how does rpa work? So

 

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Mohamed Hussein: we. There's kind of a an entire kind of process that needs to have kind of gone through like in with these kind of core steps. That we go through whenever we're kind of building a bot for a particular client.

 

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Mohamed Hussein: But Jason, I'd love to get kind of your feedback, you know, as as we take a look at these kind of 3 steps, you know, we have process which is like, okay, hey? What are the steps that are involved in this, and whatever whatever the the repetitive tasks that we're looking to automate

 

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Mohamed Hussein: and then building out the actual bot, and then kind of like testing and execution and monitoring.

 

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Mohamed Hussein: You know, in kind of looking back at kind of the customers that we've worked with. You know, how long does this process usually kind of take? And

 

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Mohamed Hussein: and what are some of the obstacles that you've seen that folks run into.

 

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Jason Cook: Yeah. So

 

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Jason Cook: lot of the groups that we've worked with were a little intimidated by Rpa kind of coming into it.

 

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Jason Cook: cause they, you know, they think, Hey, this is gonna take a lot of our time. This is gonna be a if any of you have ever been part of a

 

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Jason Cook: 8 to 12 month implementation for any type of software. It can be very cumbersome, intimidating, and we just like don't want to do it.

 

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Jason Cook: So you can kind of see these 3 steps. What takes the most time from an organization is just doing the the capturing of the process.

 

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Jason Cook: So the best way to explain it is.

 

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Jason Cook: it's almost like if you were to hire a new employee tomorrow to come in on your team, you're gonna sit them down at a desk, and you're gonna say, Hey.

 

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Jason Cook: you know, Steve, here's your logins. And then here is like a workflow of what you're going to be doing for whatever task you're going to have them do?

 

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Jason Cook: We're doing the same thing with an rpa bot.

 

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Jason Cook: So once we have a flow chart of what you would want your bot to do. Think of this as like an assistant to the team

 

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Jason Cook: like Mo said. Just to offload the manual work

 

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Jason Cook: after we have that done and we have access to the systems. It's a very fast process for us to do the bot development. It's a matter of weeks. It's not a 6 month project, even for very complex tasks. And we'll talk about some of those later. In this call. The bot development is done by us. And then we go into a testing phase and make sure everything's working right.

 

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Jason Cook: And then it's going into a monitoring, just making sure that the bots executing. You know what we've programmed it to do. So for most people, you know, a 6 week process total is like pretty average. We have had some groups get up and running in half that time. So, yeah, it's. It's a lot more simple than people think.

 

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Mohamed Hussein: Think right? Right. That's a and that's great. I I love that point that you kind of touched on like, hey? If you've gone through an 8 to 12 month, you know, implementation cycle for the complex piece of technology.

 

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Mohamed Hussein: A lot of folks may be getting intimidated and kind of like creating an rpa or a workflow around that.

 

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Mohamed Hussein: You know. 1 1 thing that you know, I constantly hear when we're talking to clients is like, Hey, you know, there's this particular process, let's say if it's like work orders, and then being able to connect that with like expenses. And we have to kind of manually toggle together, you know, spreadsheets and and and different systems where like, this, data needs to be updated before, like the vendor gets paid or posted on the on the properties. Financials, for example.

 

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Mohamed Hussein: a lot a lot of folks will have, you know, kind of a a very general kind of high level notion and idea of like, hey. This process, I know, is very manual, but it's very important to kind of actually capture and recording kind of that steps and what that workflow kind of looks like. And it sounds like, from what you were saying. This is kind of like an area that a lot of clients, maybe, is the kind of the rate limiting step, if you will, in this kind of 3 core step process.

 

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Mohamed Hussein: Yeah.

 

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Mohamed Hussein: beautiful, beautiful. So

 

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Mohamed Hussein: from a from a an integration perspective. And this is maybe something that also maybe a misconception Jason, that you also probably hear of is is hey, you know, is this bot gonna work, for you know, our current solution?

 

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Mohamed Hussein: and and the idea is that you know. I think you you had a great anecdote there like, hey? If you would have hired somebody extra and gave them a login and gave them some workflow to work on this process, and they go and execute on that process the bot essentially kind of takes that place, and so in that in that regard. It is something that's like externally accessing the application. And your technology and kind of simulating what a user would be going through. And so in that regard

 

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Mohamed Hussein: a lot of you know there's there. There isn't a quote unquote, like specified type of integration, if you will. Although I imagine they're probably aspects of like, maybe Apis that can leverage certain steps in a maybe a complex workflow to automate it. But

 

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Mohamed Hussein: yeah, we're.

 

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Jason Cook: Always

 

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Jason Cook: sorry to interrupt you, Mo, but we're always looking to optimize, you know, whatever process the customers wanting to do so, whatever whatever process. If Apis make sense like the bots, will actually leverage Apis. But what we hear a lot is people saying, Hey.

 

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Jason Cook: you can't work with us like our instance of Xyz. You know whether it's you already have folio. MRI, like whatever it is, is just unique. It's customized, or we're on premise. So bots won't work. That's a big misconception, because the way the the bots are going to operate is just like a human would. They're logging into the system, and we have a full audit trail of everything that the bot is going to do with any process that you have it doing.

 

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Jason Cook: And so they're actually more secure than a full time employee that might get curious, or if there's resentment towards the company, they might try to do something.

 

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Jason Cook: you know, that would hurt the company. The bots are gonna do exactly what we program them to do. And we have audit trails of of everything that

 

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Jason Cook: that they're performing in these systems.

 

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Mohamed Hussein: Beautiful, beautiful. And even on top of that. Since these bots are actually using a login, there's also just the audit trail. Even within these applications as well. Right? So you kind of have that double the double the double audit and kind of like control process and and I know some of these applications even have like things like 2 factor, authentication. Whatnot like, for example, like a folio, may require that.

 

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Mohamed Hussein: How how, how have we kind of solved for that internally, even to kind of simulate what that would look like without necessarily having to inject like a human in that process?

 

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Jason Cook: Yeah. So we we

 

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Jason Cook: when when we're working with 2 factor, authentication, simple ones like email and phone number, we can set up a dedicated phone number for the bot to get through those with some of the processes with accounting, like, you know, if we're if we're actually going to a bank.

 

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Jason Cook: That requires like a physical token. Then we have a human interaction that will just kind of assist the bot and getting logged in. But then the bot will do everything. But today we haven't run into a 2 factor authentication that we weren't able to to work with. So that's that's not an issue. That we've run into before.

 

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Mohamed Hussein: Beautiful, beautiful.

 

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Mohamed Hussein: well, great.

 

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Mohamed Hussein: Why use? Why use? Rpa? I think this is a a great, a great topic, or a great question to ask,

 

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Mohamed Hussein: usually what you know, what we kind of implore our clients to do, or folks that are considering using Rpa or having a bot kind of built out is is trying to understand kind of the

 

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Mohamed Hussein: the total cost of time and ownership for a particular kind of process. And so you know, a good, a good example is like, Okay, hey? You know the Ap approval workflow. You know the amount of time it takes, for you know, one person to open up the emails with the attachments of that particular invoice.

 

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Mohamed Hussein: And then taking that invoice and manually uploading it or forwarding it to an email associated with the database

 

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Mohamed Hussein: where you have your accounting the amount of time it takes to parse out like the actual. You know, the property, the the vendor information like the actual invoice number, and and kind of going through that entire process, and and seeing kind of like, where, like, what kind of quantifying. How much time did that kind of takes? And so.

 

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Mohamed Hussein: you know, bots can handle a lot of these kind of repetitive kind of types of tasks like, you know, very quickly.

 

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Mohamed Hussein: and the kind of the savings that clients get from this is is very, very significant. One.

 

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Mohamed Hussein: You know. There's a decrease in kind of error reduction, because it's a machine kind of performing this task.

 

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Mohamed Hussein: It doesn't really require too much human input or human logic, if you will, because it's it is repetitive, and and because it's so repetitive and a machine is doing it. The the likelihood and probability of an error happening is is almost nil

 

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Mohamed Hussein: not to mention that you know the amount of time that gets given back to your team right? Especially, you know, as businesses kind of want to scale and be able to manage more larger portfolios, more clients, without necessarily

 

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Mohamed Hussein: also linearly increasing the amount of headcount that you have. Like. You know, Rpa is kind of a great use case to be able to kind of scale the business

 

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Mohamed Hussein: and and not have to increase headcount linearly as your actual. Your business is also growing.

 

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Mohamed Hussein: I would say. You know the other thing that you know I want to comment on here is kind of the, you know, the time to value and kind of the opportunity cost, right? You know, being being like a small business owner our ourselves. You know, we've kind of. We've implemented some of these. You know, rpa solutions within our workflows internally as we're delivering to clients, and

 

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Mohamed Hussein: and it gives a lot of flexibility to give time back to our team to focus on more higher value. Kind of strategic work. And that. And I can't. I can't emphasize how important and critical that is, especially as you're kind of growing. As as a business. You know a lot of times clients will.

 

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Mohamed Hussein: We'll make a comment about like, Hey, you know. Well, we have Susie or somebody else is doing kind of this task, and this is mean that that person is no longer gonna have a job, and that's not necessarily the case. Usually there's, you know, eons list of of a lot of things that the business wants to kind of focus on, even from a strategic point of view.

 

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Mohamed Hussein: But there's a lot of administrative and manual tasks that the team is kind of working on and being bogged down that doesn't allow for them to kind of focus on those more strategic items. So

 

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Mohamed Hussein: so let's now we've talked about kind of like. Why, why, you know the why use Rpa, and kind of the value around that. Let's talk about some kind of a accounting use cases. And so and one of the biggest things is kind of a bank. Reconciliations, right? You know, getting looking at your bank statement from all the different bank accounts that you're

 

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Mohamed Hussein: that you have in your system, and then looking in your accounting system and kind of reconciling and cross, referencing kind of transactions. I know this is one of our kind of most popular kind of use cases in general for for Rpa. Jason, can you speak to kind of why, why, we see that being kind of most popular.

 

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Jason Cook: Yeah, it's it's something that just kind of naturally happens. So as we present the idea of Rpa to groups in this industry

 

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Jason Cook: very quickly.

 

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Jason Cook: Customers say, oh, yeah, bank recs. Takes a lot of time when we talk about time consuming right?

 

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Jason Cook: And this is kind of one of the low hanging fruits that common phrases we hear from from clients is

 

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Jason Cook: Hey, you know it takes till the 20th of the month to reconcile for the previous month or Hey, this is a position that we have a hard time staffing for like, it's a high turnover

 

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Jason Cook: type of position. So we're bringing in higher level people to perform this function.

 

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Jason Cook: And that's not what we want to be doing to your point earlier.

 

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Jason Cook: think of these as like assistance to the team, not necessarily replacing everybody on the team. That's not not not not the goal.

 

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Jason Cook: So when you look at the bank rec process from like a very high level.

 

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Jason Cook: There's a lot of time spent, especially if your organization is leveraging multiple banks

 

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Jason Cook: and lots of bank accounts in those those banks, the amount of time just to go log in to get all the statements cause. Not every bank has a seamless Api flow into whatever Pms system you're using.

 

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Jason Cook: And so

 

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Jason Cook: that right there is usually where the conversation starts when they when they recognize, oh, man! Just grabbing the information from the bank

 

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Jason Cook: and then doing the actual reconciliations and then throwing an exception.

 

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Jason Cook: W. At the end of this process, what happens is your team can come in and say, Okay, here's all the things that require human logic. Here's all the exceptions of things that did not match.

 

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Jason Cook: So it's a no brainer for most people. This I would say in 90% of the cases. This is the 1st bot that groups start with.

 

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Mohamed Hussein: Right? Right? Thanks for that explanation. And you know it's a it's when when we take a look at kind of like what these manual processes look like. One like. One thing that you had mentioned is like, Oh, hey! You know, each month I need to go into each of these individual bank accounts and pull the bank statement. And so

 

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Mohamed Hussein: there's a lot of these small menial tasks that just kind of add up over time. Right, you know. For example, you know, if it takes, you know, 5 min for you to go into each bank account

 

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Mohamed Hussein: and pull out the actual. You know, log in, go through the 2 factor, authentication. Go to statements, look at the last statement, download it, you know, into some folder and then do that again and again for every bank, for every account. Even if it only takes you like a couple of minutes, 5 min to do for each bank account. If you have 30 bank accounts, you know, that's close to 150 min, or like 202 and a half hours right, just that little task. And that's something that needs to be done every single month. Right?

 

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Mohamed Hussein: And and that's just one aspect of kind of that. What that workflow looks like that you can just completely, you know, completely automate right? Potentially using a bot

 

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Mohamed Hussein: the other thing that Jason, I'd love to get kind of your your feedback on is you know, some of these tools like, you know, at folio even, and even you already have, like this auto reconciliation with this feature. But you know, the biggest challenge that we see is that the logic, and how these reconciliation features work is very, very tightly kind of scripted. What I mean by that is, you know, if you have an online transaction like an Ach payment

 

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Mohamed Hussein: in your in your system, like our folio that's dated for today.

 

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Mohamed Hussein: however, in your actual bank account, on the actual bank statement that transaction, the Ach payment is actually dated for yesterday. You know that auto reconciliation feature is not gonna pick that up because the days don't kind of match right? So I'd love to. I'd love to hear, you know, like how we've kind of solved for that to like kind of further increase kind of that automation.

 

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Mohamed Hussein: If there's like a little bit of a discrepancy in terms of like the exact day when it hits

 

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Mohamed Hussein: the bank statement versus what what's showing in the actual accounting system.

 

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Jason Cook: Yeah, we've, you know, we've had a lot of groups very skeptical because they they, you know, they have been using an auto reconciliation that's already provided by the software. And in a lot of cases that's great, these bots we can program to pick up wherever you want them to start the process.

 

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Jason Cook: So some of our groups they'll use the auto reconciliation function, and then they have the bot pick up after that and do everything right. But in a lot of cases. What we have found is when groups find out how detailed they can get with their reconciliation rules and logic

 

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Jason Cook: and exceptions.

 

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Jason Cook: we? We kind of take over the the whole thing because it's just going to be more accurate, and it saves you more time than having to go double check. And this is like becoming more and more common across a lot of industries is this auto reconciliation.

 

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Jason Cook: But usually it's just a 1 to one match.

 

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Jason Cook: So it's great. It'll catch, you know, a small portion of everything that does match.

 

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Jason Cook: But our bot can be very sophisticated, and you can determine the rules and logic that you want it to do

 

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Jason Cook: which is a huge value. Add for even a simple process like reconciliation.

 

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Mohamed Hussein: Right? Right, I think. And I think that notion you mentioned is a is A is A is a great point, and that like, Hey, you know, absolutely may have, like the this auto reconciliation feature, and it'll get you kind of 60% of the way there

 

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Mohamed Hussein: and then still requires kind of manual intervention for those items that it wasn't able to auto, reconcile, and so building a bot to be able to handle these complex, more complex kind of lot rules logic of like, you know, days, maybe that a little bit off, or even how the transactions show up right in the system. You may create an actual check

 

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Mohamed Hussein: or an actual journal entry, and you know there's no way for that auto reconciliation feature to match that one to one to the actual transaction. And so building like these mapping tables like you mentioned to understand. Hey? When you see an Ach! Transaction like, for example, this is mortgage associated with this bank

 

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Mohamed Hussein: that should always associate with this particular journal entry. Right? That's in the accounting system that wouldn't have been able to been picked up by the software. Natively right? And it's, you know, these are. These are kind of small things that we're kind of highlighting. But you know, when you're talking about dozens, sometimes even hundreds of bank accounts that a company may be managing. You know those those things kind of add up right and just kind of that manual intervention.

 

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Mohamed Hussein: you know the yeah. Then.

 

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Jason Cook: One other thing, though, too, that's that's

 

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Jason Cook: awesome, for groups is once you have the logic and the bot built.

 

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Jason Cook: If your business doubles in size overnight.

 

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Jason Cook: like the bot can handle double the workload where, traditionally, you're gonna have to go like scale headcount.

 

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Mohamed Hussein: Keep.

 

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Jason Cook: Up with with the demand.

 

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Jason Cook: Once the logic and everything's built and the the bots doing its work, you can throw a lot of work at it. So from a scalability factor, that's something that groups that are motivated and growing. That's a that's a big roi for them. They don't have to rebuild a bot. It's just throw more work at it.

 

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Mohamed Hussein: Right? Right? Right? Right? Right?

 

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Mohamed Hussein: And that's that's and that kind of ties directly into kind of the comment that I made earlier about kind of opportunity costs right? Like, Hey, you can have staff spending time on this, as you're kind of growing versus, like, you know, kind of focusing on more.

 

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Mohamed Hussein: higher, higher value processes, items and and and work that can be contributed to the business.

 

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Mohamed Hussein: that's a very important, you know, the the other thing that we've that we've been seeing also in the market is kind of like the utilization of, like, you know, virtual assistants vas, or kind of, you know. Cheap resources kind of that are overseas. Right?

 

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Mohamed Hussein: I think. And I think you know there, that definitely kind of serves a purpose for for for some things. Usually things like, you know, bank reconciliations and things that are touching

 

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Mohamed Hussein: kind of financials. You want kind of more controls in place to ensure, you know, high level of accuracy. But that's also the very unique thing about bots is kind of, you know. They're not very error prone right? Taking out the kind of that human element altogether.

 

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Mohamed Hussein: Streamlining. You know, accounts, payables process. So you know.

 

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Mohamed Hussein: there's a lot of different AI that's out there now what's called Ocr, like optical character recognition that can look at a particular document and extrapolate a lot of like critical data associated with an invoice being able to route those invoices through an approval process and even automating that through a payment process and ensuring kind of there's compliance. And

 

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Mohamed Hussein: and there are like, you know, payment schedules in East and Sla's that are kind of consistently meet and and some of these systems, some of these systems, like even like at folio that have like features like, you know, smart Bill entry. And what have you?

 

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Mohamed Hussein: We've seen? We've seen, even when we compare the accuracy of that, those that technology kind of picking up everything that needs to be picked up for a particular invoice and automating that entry

 

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Mohamed Hussein: is nowhere near as kind of effective as like utilizing a bot that's been particularly kind of trained for your invoices and your vendors, and kind of like the the the the the stuff that you're sending through the the the payables workflow. And so.

 

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Mohamed Hussein: you know, 1 1 great example is, you know, for example, utilities. Invoices are usually a very big pain to kind of manage, and it's usually you have to log into multiple different portals to pull that information. And usually there isn't a quote unquote kind of invoice number, and there'd be maybe even all host of other vendors that you're getting

 

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Mohamed Hussein: that don't have an actual invoice number associated with their invoice. But you still need to process that invoice. And so you know, one thing that our bots are able to do is kind of come up with a logic on how to create and and and fabricate an invoice number and ensure that that doesn't get duplicate kind of in the future, and that can be used like a combination of like, maybe a utility, invoice

 

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Mohamed Hussein: the account number plus the billing amount, plus the date, and coming up with like some logic like that that the system can automatically map to and create a

 

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Mohamed Hussein: a, a invoice for those that don't have for the invoices that don't actually have an invoice associated with them. And so

 

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Mohamed Hussein: so, Jason, you know a lot a lot of customers have heard of. Kind of AI. Can you speak to kind of how our our, you know, some of our clients are kind of leveraging this technology to kind of automate the accounts payable process.

 

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Jason Cook: Yeah. So accounts payable is one of the processes. But when we're when we're leveraging AI, the biggest value, add here is what Mo went through is like the reading of documents. So if any of you have ever heard of, like the whole Ocr, everything

 

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Jason Cook: building templates like longitude latitude, hey? This is exactly where you go. Look on a page.

 

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Jason Cook: that technology has been around for a while. AI is is truly different where it's reading the entire document. And it's intelligent looking, intelligently looking for. Hey, what is the invoice number? Where is the amount? So you can throw documents that are completely different formats. You can even throw in handwritten checks, and the AI is gonna read. Read the information

 

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Jason Cook: and the beauty of combining AI and Rpa together

 

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Jason Cook: is the Rpa side. The bot is actually going to go enter the data where it needs to be entered.

 

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Jason Cook: There's a lot of solutions you probably all have access to out there where you can have a document kind of read, but then you need to go. Fill in, and then you have to take it and copy and paste it into another system.

 

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Jason Cook: So I I know. I know we're running short on time. The biggest thing I would say here is the ability to leverage AI for Ap specifically will reduce errors and a lot of the data entry

 

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Jason Cook: with, with like any given process outside of reading of documents, you don't really want an AI making decisions for your accounting.

 

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Jason Cook: And so

 

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Jason Cook: yeah, this, I'll just end it there. This is the one area where AI really helps. Accounting is reading of documents.

 

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Mohamed Hussein: You know documents? Yeah, yeah. And and definitely and definitely echo that that note on kind of, you know, AI or AI is not there to kind of take. You know, the decisions like the more of those complex decisions on like, you know, how like, what gl account should be used. However, if it's the same gl account, it should be mapped always for this particular vendor. Those are the things that will kind of take take off your your plate, but definitely doesn't take the place of the human thinking right?

 

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Mohamed Hussein: So kind of the benefits of automating kind of accounts. Payables, you know, significantly reducing the amount of time for manual invoice, processing small things like connecting an invoice to a work, order, or even things that were seen on like an inspection. For example. You know, fewer errors from data entry or delays in approval. You know we've seen clients that have experienced a substantial increase in the velocity of how fast

 

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Mohamed Hussein: it takes for them to be able to pay vendors. And then, even just like that, that data entry process, and then just kind of scalability. Right? You know. Of course, as your business grows and you're working with more and more clients, the amount of invoices more and more properties you're working with like that just naturally kind of increases. And having a solution like this would allow for you to be able to kind of scale that necessarily having to scale headcount at that same clip

 

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Mohamed Hussein: accounts, receivables. So a lot of these systems today, they have they have, you know, online portals for tenants to be able to make online payments. And so and there's a great deal of automation that comes with that.

 

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Mohamed Hussein: However, there's still, folks most like there's there may be still folks depending on your portfolio size, and where you're at

 

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Mohamed Hussein: folks that either submit, you know payment, you know direct wire transfer into the trust account, or they send an actual like physical check. Right? And so that process of you know, for example, for those folks that are automatically depositing into the account having to like grab that transaction as it's coming into the actual bank statement identifying the actual tenant in your accounting system and creating that actual accounting transaction.

 

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Mohamed Hussein: Is is something that can be saved, that that manual time can be saved with with an AR bot. Additionally, if you want to.

 

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Mohamed Hussein: You have a commercial portfolio, for example, or or want to be able to regularly send invoices ahead of time, and even payment reminders to to to your, to your tenants. That's something that can be utilized for this. And so, you know, leveraging, you know, especially from like a cash flow, perspective like being able to track and enter those transactions that are kind of manually coming in

 

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Mohamed Hussein: on a timely basis is super important as a business to understand kind of cash flow.

 

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Mohamed Hussein: And this is definitely something that can be utilized for that.

 

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Mohamed Hussein: So faster payment cycles reduce reduction and kind of manual work and kind of real time tracking are kind of the the main kind of value props here when it comes to improving kind of your AR process.

 

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Mohamed Hussein: So next we'll be talking about kind of data entry and kind of migration. And so a lot of a lot of you maybe, have gone through a migration process where you moved from one database like a yardy tabfolio, or vice versa, or even from excel spreadsheets to yardy or app folio, or one of these other accounting kind of systems. Or maybe you've acquired a property that's using another system, or even the system you're using and need to move kind of over that data. So

 

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Mohamed Hussein: now there's this, there's there's this concept in kind of database, vernacular, if you will, it's called etl extract transform and load.

 

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Mohamed Hussein: And there are these series of kind of spreadsheets that can be used and information that's pulled from one system that can be, you know, updated or uploaded into another system. And so

 

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Mohamed Hussein: that type of kind of repetitive process and task is something that can be used for for an rpa and a bot additionally, things like, Hey, you know, I have a bunch of attachments, you know, in this other database that are associated with my tenants, my owners, my vendors.

 

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Mohamed Hussein: I need to move that to my other system here, you know, and that's kind of a manual repetitive task right? Going into the the the source system down, going to the individual records, downloading those attachments, going into logging into the destination system, finding those relevant objects and then uploading those attachments. So that's something that we've actually been able to build bots and kind of automate that process

 

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Mohamed Hussein: as part of like migrations and like upgrades, and even moving from one system to another, or merging 2 systems and data kind of together.

 

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Mohamed Hussein: usually with a lot of these kind of data, migration projects and implementation projects. There's a lot of data that's kind of moving and it's very. It's very, very easy, for, like, you know, attachments from one database to be added to the wrong record in the other database. And so

 

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Mohamed Hussein: you know, Rpa is very, very is very, very like. It minimizes kind of like those potential for those errors.

 

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Mohamed Hussein: Secondly, it's just like the speed which is, which is very, very very, very critical, you know good examples. When you wanna. We had a client that had migrated from a from one from one Erp product. I think it was the already tap folio, and had, you know, close to 90,000 different attachments that needed to be moved over to this new database, and we were able to kind of do that within within a within a 10 day period, something that would have taken months, probably, if they were to do that kind of manually

 

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Mohamed Hussein: and and part of these mapping processes moving from one database to another. There's this

 

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Mohamed Hussein: There's this notion of like a key pair like a key identification that the bot that our bots kind of used to understand. Okay, hey, this record from this database is the same as this record in this other database. And that's what minimizes kind of the error, and ensures that the bot is, knows for certain like this is where a record kind of needs to be moved to.

 

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Mohamed Hussein: So you know the in general, you know, Rpa is can be utilized in a lot of different areas. You want to look at it as a kind of like a complete solution set and kind of. And there's, you know, multiple different areas where you're doing things manually, whether it's the leasing side, the work order side compiling reports, Ap. Bank reconciliations, and a lot of different bots can be utilized for these different use cases

 

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Mohamed Hussein: and all these different rps, and can be kind of tied together to automate and streamline a substantial amount of kind of manual and tedious work

 

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Mohamed Hussein: that's done on just accounting and just general operations. You have the scalability factor as well. And as Jason was alluding to before, you know, if you have more and more bank accounts, or more and more invoices that need to be kind of processed. You know, the bot can easily kind of scale to kind of meet those needs allows, for, you know, significant amount of time saving, especially as you're kind of scaling.

 

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Mohamed Hussein: Let's be honest, you know, especially from an accounting perspective. Well, you know, nobody gets into real estate because they love accounting. And you know, automating a lot of those menial tasks is gonna give you as a business owner a lot more time back to spend

 

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Mohamed Hussein: to spend time on the things that make the biggest difference in your in your business. And you know, and every company is different.

 

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Mohamed Hussein: The problems challenges you're dealing with is can be different for one company to another. But the nice thing about you know these rps is that it can be very customizable to your particular workflows and your particular set of challenges. And so

 

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Mohamed Hussein: yeah, although you may be strong in in certain areas where your business is highly streamlined. There may be other areas where things are very kind of

 

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Mohamed Hussein: bogged down, mundane and very, very tedious and slow. And these are the areas that that Rpa is a is a very big promise. So Jason, you I'd love for you to kind of talk through kind of this real world success and kind of use case that we have with with one of our clients.

 

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Jason Cook: Yeah. So we we kind of connected with this group.

 

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Jason Cook: it's previous, they were actually pretty strong in this area. But they ran into some issues when it came to

 

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Jason Cook: staffing, and they made some acquisitions, and they were kind of growing as a group.

 

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Jason Cook: But again, we we kind of presented. The idea of Rpa bots and bank reconciliation was the 1st thing that came to mind.

 

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Jason Cook: Because with some of the acquisitions they, their their bank accounts doubled, and also the number of banking institutions they were working with.

 

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Jason Cook: So we we kind of went through a process of mapping this out of the ideal state

 

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Jason Cook: again. A lot of the times, we say, Hey, if you were hiring a new employee tomorrow

 

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Jason Cook: like, what would you do? How would you train them. We went through the process of mapping it out

 

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Jason Cook: And

 

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Jason Cook: after their bot was launched I mean, they were saving 3 to 4 days every single month, just in the amount of time with this process. But they also were very high, and I would say

 

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Jason Cook: 80 plus percent. They were closer to 90 of all the transactions were completely done by the bot.

 

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Jason Cook: It enabled them to take staff and go do other chores.

 

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Jason Cook: so their team loves the bot they actually

 

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Jason Cook: I think they've named the bot. They've got a desk set up in the office. It's it's part of the team, so we can dive into questions. But this is this has been a huge success for them, and this is not uncommon. This is what we expect with

 

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Jason Cook: every group and every process that we launch a bot for.

 

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Mohamed Hussein: Right? Right? Wow! 60 HI mean, that is substantial. If you actually extrapolate that out to, you know, 12 months.

 

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Mohamed Hussein: That's 720 h, and that actually comes out to like 4 and a half months of a of a full time employees kind of hours and bandwidth. And so

 

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Mohamed Hussein: I can't imagine the amount of time savings, and how how, how much, how much time that this gave back to their team kind of focus on.

 

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Mohamed Hussein: on other, on other more kind of high value. Items like, you know, increasing, you know, work working directly with their vendors or their owners and their tenants and getting more business and whatnot. This is a, this is an absolutely great use case. And

 

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Mohamed Hussein: this key metric that we have here on kind of 89% of bank transactions covered

 

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Mohamed Hussein: from over 200 bank accounts. I could. I could imagine that you know

 

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Mohamed Hussein: the amount of the amount of manual kind of like inner human intervention and entry. Now, kind of required is so is so minimized, and probably something that they can kind of get through within maybe a couple of hours from any of those exceptions that this bot kind of comes

 

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Mohamed Hussein: is up with. I'm curious, Jason. Was this like level of efficiency kind of gained very quickly, like like you know how how long after, like the client had deployed the spot? Did they see kind of this.

 

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Jason Cook: Yeah. So after one run, the team kind of realized, oh, hey, we we kind of need to add just a couple more reconciliation rules to cover a little bit more.

 

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Jason Cook: But it was on the second run of testing. So within the very 1st month of fully now again, a lot of the times with Rpa. Teams are a little skeptical, like handing off work. That's very important. They're like, you know, is it? Gonna do what it's gonna do we do a lot of testing? But the very 1st month of running this bot they were seeing this type of Roi, and the confidence was there, you know.

 

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Jason Cook: month 2. They were completely confident to say, Hey, let's let's let the bot handle everything. We've had groups that didn't have to tweak any rules because they were so thorough in mapping it out as soon as the bot went live. And again, these are processes that you're already doing. So. It's not like you're reinventing something.

 

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Jason Cook: But during the testing period, couple of tweaks and then they were, they were confident, seeing 89% being completed.

 

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Mohamed Hussein: Wow within the second run is, it's extremely, extremely, extremely, extremely

 

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Mohamed Hussein: phenomenal. Okay. Well, yeah. For those of you that are interested in having a con. A conversation. You're welcome to

 

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Mohamed Hussein: schedule a free consultation with our with our bot and rpa specialist teams. Happy to kind of demo different use cases. If there's specific, you know, needs and use cases that you guys kind of have that you guys would like to for us to kind of evaluate and kind of vet out we're happy to kind of do so as well. So

 

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Mohamed Hussein: no, we only have a kind of a couple of minutes here for those of you that want to get a hold of our team. You can go to our website and submit an inquiry under the the balance assets, the the Rpa automation kind of a technology solution that we have on there.

 

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Mohamed Hussein: And one of our team members will reach out, but

 

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Mohamed Hussein: we'll go ahead and open.

 

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Jason Cook: Well, there is.

 

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Jason Cook: There is one question.

 

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Jason Cook: that Aaron put it into the chat here. That I can that can I kind of dive to aaron kind of threw in a question of like, what level of access or control do we have for the bots that you make for us. How do we tweak or maintain the bots over time?

 

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Jason Cook: So this is a great question, because when we build a bot again, there's a very logical path anytime that the path is going to change. So if you're adding additional rule sets.

 

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Jason Cook: or if you now want the bot to follow a different workflow. That's really simple. With our support team. You just let us know. We'll map it out. We'll make the adjustments to your bot

 

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Jason Cook: when it comes to like ui changes with the systems that you're using. We're usually on top of that. So for example, if you're using at folio and something in the ui changes. We're usually making those in the background. So you don't have to worry about those?

 

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Jason Cook: And then he also asked, Is there AI incorporated to the bot that you create. Ai is layered into the rpa, where it makes sense, especially when it comes to to reading of the documents.

 

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Jason Cook: Outside of accounting. There are a lot of processes where AI is great. In combination with with rpa,

 

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Jason Cook: but yeah, just wanted to kind of dive into both of those. Sorry, Mo. If you were, you were heading there.

 

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Mohamed Hussein: No, no, those are. Those are, I think you. I think you summarize that pretty well. So so yeah, Aaron, as far as like the AI being incorporated into the bot. So this is something that we actually, you know, like, our bots are complete solutions. So basically, anything associated with kind of that process that will kind of explicitly kind of define and lay out. And if there are particular, like mapping tables and exceptions and things that the bot needs to kind of take into consideration. We'll bake that into the bot

 

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Mohamed Hussein: so it won't. It won't really require any other piece of technology if you will aside from just the the bot that we would develop and kind of deploy

 

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Mohamed Hussein: great, great, great, great questions.

 

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Mohamed Hussein: Any any other questions for any folks. If you wanna if you wanna raise your hand, I'm happy to give you kind of the mic, or you can also enter the questions in the QA. And we can. We can address in that manner as well.

 

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Mohamed Hussein: going once, going twice.

 

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Mohamed Hussein: Try not to all yell at the same time.

 

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Mohamed Hussein: Okay, looks like, looks like, maybe our presentation was thorough enough, or we can always have a kind of a separate conversation specific to kind of your use cases. So coming out of this, we'll definitely share. Tyler, our marketing coordinator.

 

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Mohamed Hussein: Would. Yeah. So Aaron just had a question. I'd like to sign up for a demo meeting on your website Tyler's something we should have.

 

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Mohamed Hussein: Let me show you exactly where you can schedule.

 

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Mohamed Hussein: So on our website.

 

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Mohamed Hussein: Go to www.balanceassetsolutions.com. If you go under our services.

 

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Mohamed Hussein: go under technology, you'll see robotic process automation.

 

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Mohamed Hussein: And you want to click on here where? And we actually have a video here of a bank Rec Bot automating app folio reconciliation. You can click on here, talk to an expert, and then it'll pull up a a brief kind of questionnaire

 

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Mohamed Hussein: coming out of this also. Tyler will send a copy of the presentation with also the the link for this. So in case if you forget

 

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Mohamed Hussein: we'll be able to access that.

 

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Mohamed Hussein: Okay.

 

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Mohamed Hussein: so I think we're a little bit over time. I think we've answered all the questions. Lastly, is there a video of this meeting, Tyler? Is that something that will be shared.

 

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Tyler Guthrie: We'll definitely be sharing the video out to everyone.

 

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Mohamed Hussein: There we go. Want to share with my accounting teams, of course. Aaron, of course.

 

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Mohamed Hussein: Alrighty. Well, thank you so much for for joining us. Look out for an email from from Tyler. That'll have the presentation recording as well as kind of a link for be able to schedule a demo and also talk to any of our bot experts.

 

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Mohamed Hussein: And and aside from just the the bots and kind of this automation, we are also experts in a lot of these accounting systems. So we offer pretty wide range of services.

 

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Mohamed Hussein: feel free to take a look at our website and reach out if there's anything that we can help with.

 

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Mohamed Hussein: Thank you so much for your time, and you guys have a have a great blessed day. Take care.