Without a solid plan, implementing Yardi Investment Accounting (IA) and Investment Manager (IM) can be a daunting task. From complex investment structures to transaction types, there is a plethora of moving parts that can create bottlenecks without effective management.
If you’re planning your IA or IM implementation, here are five key strategies to help streamline the process and set your team up for long-term success.
1. Define Your Investment Structures Early
Before diving into your implementation, it’s crucial to have a clear vision of both your current and future investment structures. While it’s impossible to predict everything, having a general idea of your business’s direction will ensure that your Yardi setup is scalable. This foresight not only saves you time but also helps avoid the need for major overhauls as your organization grows.
2. Tailor Transaction Types to Your Needs
Many implementations suffer from a “cookie-cutter” approach, where too many transaction types are created just because they can be. Instead, start with a core set of transaction types specific to your business needs, and add more as necessary. This will keep your system lean and easier to manage, rather than cluttering it with hundreds of unused transaction options that complicate day-to-day operations.
3. Standardize Your Investor Codes
When you’re dealing with multiple investment channels, it’s easy for data to become misattributed. By establishing a standardized coding system for your investors early on, you’ll prevent future headaches. This is especially important if you’re working with institutional investors or selling units through public channels—keeping your data organized and easy to find will save time and reduce errors in reporting.
4. Keep It Simple
IA and IM implementations can get complex, but the key to flexibility and future-proofing your system is simplicity. Stick to straightforward designs that meet your immediate needs while allowing room for growth. A simpler setup will adapt better to unexpected changes in your business, and will be easier for your team to maintain and update as needed.
5. Work with Experienced Experts
No matter how well you plan, the success of your Yardi IA and IM implementation largely depends on the expertise of the team guiding you. You need professionals who understand not only the intricacies of Yardi modules but also the accounting principles that support them. IM is heavily focused on investor communication, but without solid accounting, the system will fall short. A knowledgeable expert can ensure that your implementation is tailored to your exact business needs, setting the foundation for a system that supports your growth for years to come.
Conclusion
Of the above tips, the most important one is partnering with an experienced implementation team. A team with the right experience will help you navigate the complexities of Yardi IA and IM, ensuring your system is designed correctly from the start. Lynx has rescued clients with difficult implementations, and our goal is always to get it right the first time. Reach out to us to learn how we can partner with you for a smooth, successful Yardi implementation that will serve your business for the long haul.
