Dallas, TX- February 24, 2005 - Glenborough Realty Trust(NYSE:GLB) has extended the operational savings it has realized from Realm Business Solutions' COLLECT rent collection solution to its accounts payable department with the successful implementation of the Realm PAY invoice processing solution.
"We were looking for a way to speed up the A/P process and have the documentation more readily accessible," said Terri Garnick, special projects coordinator at Glenborough.
Realm's PAY is a combined service and technology solution that eliminates the paper and manual processes associated with traditional accounts payable. Vendors send all invoices to a central processing facility where they are converted into electronic data and images the same day that they are received. AP personnel then connect through a web browser to quickly and easily find, view, code, approve and forward invoices online. PAY tracks changes to every invoice and automatically synchronizes with the company's property management and accounting systems throughout the approval process.
The company recently conducted a complete rollout of PAY, which included training sessions for their entire accounts payable and field staff. Glenborough has been able to significantly reduce the time and effort necessary for field personnel to process the thousands of invoices it receives each month at its many high quality office properties located throughout the United States. Additionally, the product has complied with Glenborough's achievement of Sarbanes-Oxley compliance within their accounts payable process.
"With PAY, we were able to reduce our centralized A/P staff by 80%, while speeding up the overall process," said Garnick. "PAY was completely integrated with our current processes and worked with Realm's CTI software, so it was fairly painless for us. Now that we're using PAY, we don't have to worry about lost invoices and we always have complete audit trail of the process."
"PAY is the only A/P solution to require little or no change in the way real estate companies do business with their thousands of vendors," said Glenn Murray, VP and General Manager of Realm's Cash products. "PAY's ability to support any invoice format from any vendor is the key to enabling rapid implementation and an almost immediate ROI."
As operators of both Realm COLLECT and PAY products, Glenborough users are able to toggle between both applications through a single, secured login. The combined solution for these two mission critical business functions has enabled COLLECT and PAY customers like Glenborough to minimize deployment and operating costs while enabling field personnel to focus on tasks that improve the value of their assets.
Glenborough has also leveraged several other software solutions from Realm, including CTI property management, INSIGHT reporting, and ARGUS for financial analysis.
About Glenborough
Glenborough is a real estate investment trust which is focused on owning high quality, multi-tenant office properties concentrated in Washington D.C., Southern California, Boston, Northern New Jersey and Northern California. Glenborough has been listed on the New York Stock Exchange since 1996 trading under the symbols GLB and GLB PrA. Glenborough is a member of the National Association of Real Estate Investment Trusts and is included in the Standard and Poors SmallCap 600 Index. |
About Realm Business Solutions
Realm Business Solutions, Inc. provides software and services that enable its customers to better manage the financial and operational performance of their real estate portfolios. More than 8,000 of the industry's leading owners, managers, financial institutions and REITs trust Realm solutions to improve the visibility and flow of information throughout their critical business processes. Realm is the developer of such industry standard products as ARGUS, BUDGET, CTI, DYNA, INSIGHT and LEASE. Visit Realm's website to learn more about these solutions, as well as reXML, the open source language for exchanging data between Realm and other applications: www.realm.com. |
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