Northspyre, a cloud-based intelligence and project delivery automation platform, announced a two-way integration with MRI softwarea global leader in real estate technology, to improve the accounting and reporting of complex commercial real estate developments.
Calling the new service a “two-way integration,” Northspyre says its partnership with MRI will help accounting and development teams reduce time spent on low-value administrative tasks and improve collaboration. IRM users will be able to automatically funnel key documentation and data into the Northspyre system, and vice versa, including invoices, contracts, change orders, and real-time budget updates.
“Northspyre is a primary decision-making tool for real estate project teams,” said William Sankey, CEO and co-founder of Northspyre. “Often they receive a large number of invoices from architects, surveyors, lighting designers, [with] dozens of invoices, contracts or proposals. Using contextual information from Northspyre, [they can] point out the impact that approving these things will have on a project. It can also help automate the way you aggregate this type of information for your investors or financial partners.
“When teams prepare to pay these invoices or formally approve these contracts, they often want to integrate them with some type of accounting system or costing systems such as IRM. So we’re the ones feeding information into that system,” Sankey said.
Founded in 2017, the rapid growth Based in Brooklyn Northspyre, which has facilitated over $50 million in client projects, partnered with MRI in this partnership because the proptech company noticed that its clients were using MRI anyway. “We always want to make life easier for our customers, and we were fortunate enough to be able to reach an agreement with MRI to be able to ensure that these systems behave seamlessly, since teams often use these two technologies”, Sankey said.
On the receiving side, MRI cuts checks and pays various people on the project, which is often relevant information for the project manager, he said. This can avoid multiple calls between developers and project managers.
“We can also sync vendors back and forth,” Sankey said. “If we discover new suppliers relevant to the project, we can pass them on to IRM and vice versa. There is a two-way matching tool that helps us automatically determine if it is the same information. So now you got rid of a lot of duplicate work.
Philippe Russo can be contacted at firstname.lastname@example.org.