How to Say Goodbye to Spreadsheets for Senior Living Property Management

Cut and paste. Write formulas. Are they correct? Was that cell copied? Does that column total correctly? Let’s face it. Spreadsheets are no longer trés chic. They’re cumbersome, often inaccurate because of human error and bulky when reviewing and distributing all across the company. But most businesses rely on spreadsheets for budgeting, planning and forecasting revenue. If this is true for your senior living business, it’s time to make a change for 2019. Streamlining budgeting in the world of senior living The senior living business has gotten far too complicated to manage using traditional methods. Housing operators deal with a unique set of variables that many other businesses just don’t face. Every resident needs special care, which defies using many outdated business practices. Being able to streamline the budgeting process is critical for senior living. Of course, every budget has good intentions and assumptions are made that it’s a matter of pulling together data from all the departments and blending into one presentation. The truth is, combining spreadsheets from other areas is time consuming and information may be inaccurate. More time is spent collecting data than analyzing it. Also, just upping the numbers a bit isn’t realistic. It’s a simple approach and one that only seems likely to be easily approved. However, businesses change and the budgeting process has to conform to peaks and valleys, whether it’s in occupancy or changes in laws and regulations that affect costs or revenue. Spreadsheets also don’t account for change and allow for effective collaboration. That usually means having to explain variances to the budget every single month to owners and investors. Addressing critical business components with reliability Today’s forward-thinking senior living operators are relying more on web-based budgeting tools that integrate with existing property management and accounting sys...