Lease Abstraction with AI
Abstracting lengthy and broad-scope leases quickly and maintaining the lease portfolio is a challenge for property management companies.
PreludeSys’s AI-powered lease abstraction services offer a cost-effective, quality-focused approach to lease abstraction and follow new lease standards.
We cater to the client’s specific needs and provide solutions via abstraction templates or through other formats such as XML, PDF, Microsoft Excel, and Word.
Our Lease Abstraction service covers
- Handle large-scale complex and lengthy lease agreements.
- Ensure authenticity across all the data points gathered.
- Abstract lease details across a range of native languages.
- Abstract, cross-verify, scan, organize and bookmark your lease documents.
- Deliver abstracts in multiple formats with easy integration across client databases.
PreludeSys has partnered with eBrevia, a cutting-edge contract intelligence software, to enhance the accuracy and speed of your lease abstraction process.
DFIN’s eBrevia tool extracts key provisions and data points from thousands of documents swiftly and accurately. Harnessing the power of natural language processing and machine learning, eBrevia can scan more than 50 documents a minute, with high accuracy and 30-90% faster than a manual review.
Benefits
- Offers rapid document review and extraction of key terms.
- Customize extractions to focus on specific terms.
- Speeds up document review by 60-90%.
- Supports multiple languages and advanced filtering.
- Provides quick exports for understanding bulk documents.
- Allows for fast analysis by answering questions.
- Helps compare clauses against standard drafting.
CAM Reconciliation
Common Area Maintenance costs can be a significant expense and it is essential to reconcile these costs regularly to ensure that both the landlords and tenants pay their fair share. Our CAM Reconciliation Services are designed to help you keep these costs under control and ensure that you only pay for what you need.
As a landlord we can help you recover your expenses for operating and maintaining the common areas of the property. Our team leverages cutting-edge technology and industry best practices to ensure that all expenses are properly documented, allocated, and reconciled.
PreludeSys is a trusted partner offering accurate, transparent CAM reconciliation services to streamline cost management for large-scale residential and commercial properties.
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Our benefits
- Advanced technology and domain expertise.
- Accurate allocation of expenses.
- Analysis and documentation of expenses.
- Estimation of accurate pro-rata share.
- Invoice generation.
- CAM fees validation.
- Transparency and trust throughout the CAM Reconciliation process.
Lease Audit
We help companies optimize their real estate spending to reduce unnecessary overhead and save real estate costs.
As part of our lease audit services, we examine your lease agreements’ financial clauses relevant to your property owners’ billing. This guarantees that what you pay conforms to your leases terms and industry norms. For real estate companies that deal with a vast portfolio of assets, it is necessary to maintain lease data that is accurate and reliable. Frequent lease audits ensure that your financial and non-financial lease data are up to date and comply with the most recent amendments and negotiations.
Our lease experts have extensive knowledge of the commercial leasing process and will help you implement best practices to streamline your lease management services.
Benefits of our Lease Audit
- Reduced operational overhead.
- Detailed risk analysis.
- Improved financial status.
- Maximized ROI.
CAM Audit
For tenants, CAM audits are essential in ensuring that property expenses are calculated and paid fairly. As tenants, it can help you ensure that you’re not overcharged. By reviewing the financial records and invoices, our auditors can help you identify any discrepancies in how the expenses are allocated and ensure that they align with the industry standards.
At PreludeSys, we also review the existing processes and procedures for managing your CAM expenses.
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Our CAM Auditing services come with a host of benefits, including:
- Increased transparency:
Expenses related to the maintenance of common areas are accounted accurately. - Cost savings:
Improvement in the CAM process reduce expenses while maintaining the quality of service. - Improved tenant satisfaction:
Fosters good tenant-landlord relationships.
Lease Accounting Services
PreludeSys offers comprehensive lease accounting services that help you meet your compliance obligations and improve your financial operations.
Our team of experts are well versed in the lease accounting standards outlined by the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board). We work closely with our clients to ensure they accurately capture, record, and report their lease transactions. We offer end-to-end comprehensive suite of services, including Accounts Payable Service, Supplier Reconciliation, Payment Process, Order to Cash, and Record to Report services.
Usage of our Lease Accounting services result in:
- Cost Savings:
You can save money on paying full-time accountants and other overhead expenses. - Timely Delivery:
Quick turn around time while complying with all the lease accounting standards - Time Zone Advantages & Remote Working Teams:
Our remote team are flexible and can work on your accounting needs based on your time zone. - Process Efficiency:
Our team works diligently to improve your process efficiency, quality, and productivity.
Lease Translation & Abstraction
We provide top-notch multilingual lease translation services to property managers to help them manage their reputation and reduce costs. Our in-house team of native language speakers and translators ensures the timely and efficient translation of documents in over 25 languages.
One of the key benefits of working with us is we have highly experienced native speakers who specialize in translating these lease agreements. We ensure your lease agreements are accurately translated and abstracted with data consistency across multiple languages.
Our lease translation services also provide flexible and tiered pricing options to cater to different language groups. We classify the languages into three tiers based on the level of expertise.
Finance & Accounting
“Remain devoted to your core functions while we handle your financial and accounting back-end operations”
With back-office accounting, real estate firms face operational hassles while managing invoice reception & categorization, data capture & coding, invoice verification, and routing. Our industry-leading back-office accounting services enable real estate firms to significantly reduce operational costs and boost their profits. Moreover, PreludeSys offers lease accounting services, streamlining the data management process and ensuring compliance with FASB ASC 842, all within the Yardi Database environment.
Leveraging our F&A solutions, Property Owners, Real Estate Companies, REITs, and Agents can help their clients meet compliance and reporting deadlines, thus saving valuable time and resources.
Our F&A offerings include:
- Real Estate bookkeeping
- Accounts Payable (AP)
- Accounts Receivable (AR)
- General Ledger (GL)
- Management Reporting
