AR had had no advancements within Boston Properties in quite some time.

Self-Assessment

Process was driven by the AR team as the solution needed to address their day to day needs and how they interact with tenants.

Solutions Research

Chose ARC due to the capabilities of the platform, the price and the belief that it’s a good partnership.

Provider Selection

Ran a competition between regions to get to 100% email adoption prior to implementation kick-off.

Implementation

Working with CSM to run payment adoption campaigns to increase payment adoption among tenants, including promotion of AutoPay.

Success Management

Boston Properties, a self-administered and self-managed real estate investment trust (REIT), is one of the largest owners, managers and developers of Class A office properties in the United States, with a significant presence in five markets: Boston, Los Angeles, New York, San Francisco and Washington, DC.

Company Overview

Boston Properties has greatly reduced the time and effort spent managing receivables. By implementing a solution that allows tenants to self-service, access their account information 24/7/365, and schedule payments, Boston Properties has decreased the time spent chasing small dollars and is better meeting tenant expectations.  By automating the old, manual, and paper-based tasks, Boston Properties’ AR department is now 100% paperless. With 84% of tenants adopting this new platform within the first few months alone, it’s clear to see that tenants were ready for a change.

Today

Boston Properties was spending too much time on low-value AR tasks, chasing small dollars and going back and forth with tenants. The AR team was using four separate systems to track billings and payments so instead of proactively managing receivables and positioning the company to scale, days were spent hopping between different platforms, reconciling information.  Tenants paid via ACH and checks to lockboxes but payments were rarely a true match to the amount Boston Properties showed owing. The AR team was then left with the tireless task of cash application and reconciling payment. This resulted in a lot of back and forth between Boston Properties and tenants which was both a resource drain for the company and an annoyance for the tenants.  Boston Properties’ AR department hadn’t had any advancements in quite some time so it began looking for a comprehensive solution that allowed everything to come into a single pane of glass for its tenants and improv efficiencies for its team.

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