| This FAQ has six categories of questions
: General Questions,
Product Use,
Product Licensing,
Network Use,
Installation and Compatibility,
and Management. Click
on a question to view its answer. Press the Back button in your
browser to return to the top of the page. Type Ctrl-F if you would
like to search for a word in the FAQ
|
General Questions |
| How long does
it take to learn how to use Kardin software? |
| What makes
Kardin software so easy to use? |
| Can Kardin
handle budgeting for office, industrial, retail, and multi-family
property types? |
| Does Kardin
software do anything to validate accounting data or the budget? |
| What is the
primary benefit to using Kardin software instead of the budget features
found in some real-estate accounting packages? |
| What are some
other benefits to doing budgets with Kardin software instead accounting
packages? |
| How is Kardin
software different from Cash Flow Projection / Valuation Software
packages that are out on the market? |
|
Product Use |
| I am the owner
and I have different management companies that I hire to manage
my properties. How can I get the budget files so I can view them
on my computer? |
| Can I consolidate
properties and how would I do that? |
| What if I
manage buildings for different clients and they require different
Chart of Accounts? Can I use this for all my clients' budgets? |
| Once the budgets
are approved, how do I get them back into our accounting systems? |
| If I want
one person to handle the leasing assumptions and another person
to do the expense side of the budget, can both people work simultaneously
on the budget? |
| If I have
a space that is now occupied by one tenant and when that tenant's
lease expire, they will downsize and use only half the space and
the other half will become vacant, how can I handle that in Kardin? |
| Do I have
to create a lease assumption for every space that's vacant? |
| Our company
uses many different accounting systems because different owners
have their preferences. Can Kardin work with all of them? |
| If I can create
a one-year budget, does Kardin have the ability to create multiple
(such as 3 or 5) year budgets as well? |
| Budgets are
generally created during the current year. Can I first create a
reforecast of the current year and then start budgeting for next
year? |
| My company
owns buildings. We also lease space and have to budget our rent
and our portion of the building's expenses. Can I use the Kardin
software to do this? |
|
Product Licensing |
| How is your
pricing structured? Do I have to buy 1 license for each property
I manage? |
| How many licenses
will I need if I have 5 managers that manage a total of 45 properties? |
| Can I run
Kardin software from an network application server and let several
people use the same license? |
| If I lose
the management contract for a property or I sell the property, how
can I recover the license? |
|
Network Use |
| Can users
or the IT administrator install and upgrade Kardin software from
a network server? |
| Can users
access budget files over a network? |
|
Installation and Compatibility |
| Some of our
users have older computers, while others users have
newer versions of Windows. Can Kardin software work on all
of these computers? Also, will the users be able to share files? |
| How is Kardin
software installed. Is it difficult? |
|
Management |
| Can I prevent
certain people from accessing the Chart of Account Setup? |
| If I setup
the Chart of Accounts at the accounting office, which is located
at our corporate headquarters and I need to add an account, how
do I get this update to the field offices? |
| Will our accounting
staff need a copy of the Kardin software at their office too? |
| What steps
are involved if I decide to implement Kardin software? |
How long does it take to learn how to use Kardin software?
Without any traditional training, many of our users learn the
software and complete several budgets within the first couple of weeks.
Our new webinars make it very to learn Kardin at your own pace.
What makes Kardin software so easy to use?
We use an interface that follows a standard workflow process which makes
our software very easy to use and learn. Our system walks the user through
the budget process from start to finish so they can learn as they go along.
Can Kardin handle budgeting
for office, industrial, retail, and multi-family property types?
Yes. Using one application, users have the benefit of standard budget
features as well as property type specific features. This includes
expense allocations for multi-building projects and industrials parks,
% sales and retail specific recoveries for retail properties and calculations
of gross potential rent and loss to lease for multi-family apartments.
Owners and asset managers are able to consolidate budgets for all of these
property types.
Does Kardin software do anything
to validate accounting data or the budget?
Yes. Kardin software has extensive validation of both the accounting information
that is pasted into the budget, as well as the budget itself. We have
built our validation routines in response to real-world problems found
in accounting data, as well as the many possible errors that can occur
during budget preparation.
What is the primary benefit
to using Kardin software instead of the budget features found in some
real-estate accounting packages?
The main difference between Kardin software and accounting packages is
that our software stores budget data at the Sub-Account level. Most accounting
packages store the budgets at the Account (GL) level. This means the user
needs to create spreadsheets to store the back-up detail information.
We have spoken to many property managers who build large, complex spreadsheets
with hundreds of pages to store the day-to-day budget details. Some managers
even use hundreds of separate spreadsheets all linked together. Both of
these methods can lead to errors if the users add or remove a page or
a row, which can "blow the links". With our software, the information
for a budget is stored in a single, easy to use file that is actually
a very efficient relational database.
What are some other benefits
to doing budgets with Kardin software instead accounting packages?
There are several.
First, most management companies use many different accounting packages
for different clients. Our software gives these companies a standard
tool to do their budgets, which are then uploaded into the different accounting
systems. A manager doing many different budgets only needs to learn one
tool. This can save everyone time, money, and STRESS.
Second, most companies do not want everyone to be changing the information
in the "mission-critical" accounting system. Our software gives the users
a tool to make assumptions and changes without fear of damaging the accounting
data.
Third, and most important, Kardin is easier for property managers
to use because it was developed from a management and operational perspective.
How is Kardin software different
from Cash Flow Projection / Valuation Software packages that are out on
the market?
Kardin software is developed primarily from an Operations perspective.
Most Cash Flow projection models were developed for the financial analyst
in the Acquisition department. When you are focusing on getting to an
NOI in year 10 to determine "value", rough estimates will work just fine.
When you have to explain month-to-month variances, a different type of
tool is needed and that is what Kardin software provides.
I am the owner and I have
different management companies that I hire to manage my properties. How
can I get the budget files so I can view them on my computer?
If you have the responsibility of reviewing the budgets, you
will also need a license for the software. Once you have the application
installed and authorized, your managers can send you their budget file
to review via floppy disk, E-mail, or over a network.
Can I consolidate properties
and how would I do that?
To consolidate, you will need the Kardin Portfolio Consolidation. Once
you have all the budget files available, you simply select the budget
files you want to consolidate. There will be a whole new set of reports
available to you on a consolidation basis that will allow you to see totals
and also view trends among different properties. The only restrictions
on your ability to consolidate files is that the budgets in each Portfolio
must have the same Start Date and the same Chart of Accounts.
What if I manage buildings
for different clients and they require different Chart of Accounts? Can
I use this for all my clients' budgets?
Yes. Our flexible Chart of Accounts system makes it easy to set
up as many sets of Chart of Accounts as you need. Each budget file can
have its own.
Once the budgets are approved,
how do I get them back into our accounting systems?
In the report section of all Kardin budget applications, the
final budget numbers can be downloaded into an Excel spreadsheet that
is consistent with a standard accounting format. Depending on the accounting
system you use, there are different procedures for uploading the numbers.
Most of our clients will NEVER need to manually type their final budgets
into accounting like they did before they started using our software!
If I want one person to handle
the leasing assumptions and another person to do the expense side of the
budget, can both people work simultaneously on the budget?
Yes. The master budget file should be the one with your leasing
information. Someone else can work in another file with expenses only.
Then from the master file, you can import the data from the file with
the expenses. The Kardin software allows you to choose a range of accounts
to import data from. It will also produce a report of the changes made
during import of the budget numbers.
If I have a space that is
now occupied by one tenant and when that tenant's lease expire, they will
downsize and use only half the space and the other half will become vacant,
how can I handle that in Kardin?
Because Kardin is a stand-alone piece of software with no connection
to your mission critical accounting software, it gives the users a lot
of flexibility in how to divide up spaces and move tenants around. The
general rule of thumb is to enter your suites in the lowest common denominator.
In other words, if you have one space that will be divided into two, make
two spaces so that each space can have its own leasing assumption.
Do I have to create a lease
assumption for every space that's vacant?
No. You can create one or more leasing templates and apply them
to each space. Then once the templates have been applied, you can adjust
them for the specifics of each lease. You can also leave a space vacant
without any assumptions.
Our company uses many different
accounting systems because different owners have their preferences. Can
Kardin work with all of them?
As long as the accounting systems you use can download information
into a spreadsheet format, you should be able to paste that data into
our software without re-typing it!
If I can create a one-year
budget, does Kardin have the ability to create multiple (such as 3 or
5) year budgets as well?
Yes. Each year in a multi-year budget will have its own file,
but the leasing data in these files can be linked together so changes
only need to be entered once. After you've completed your 1st-year budget,
simply make a copy for each additional year. Open the copies and 1) change
the budget start dates and 2) link the leasing sections to your source
file. You can also increase each year's expenses by a % or adjust the
budgets directly in budget input.
Budgets are generally created
during the current year. Can I first create a reforecast of the current
year and then start budgeting for next year?
Yes. Kardin Systems has a Commercial Reforecast that is an add-on
to the Commercial Budget. It is identical to the Commercial Budget except
that it allows you to set the number of months of actuals, and then paste
in the actuals from your accounting system. There are also additional
variance reports that are not available in the Budget. The Commercial
Reforecast can also help with preparing your Operating Expense Reconciliation.
My company owns buildings.
We also lease space and have to budget our rent and our portion of the
building's expenses. Can I use the Kardin software to do this?
Yes. Kardin calculates rents and operating expenses the same
way regardless of whether you are a landlord or a tenant. The only difference
is that if you are a tenant, you will link the results from rent and recovery
calculations to Expense accounts. If you are a landlord, results are linked
to income accounts.
How is your pricing structured?
Do I have to buy a license for each property I manage?
No. We license our software on a per user basis. You must purchase one
license for every computer on which the software is installed. So if you
have one manager who manages ten properties, he/she need only one license.
How many licenses will I need
if I have 5 managers that manage a total of 45 properties?
With 5 managers, you will need 5 licenses. Each manager can have as many
budget files as they need for the properties they manage.
Can I run Kardin software
from an network application server and let several people use the same
license?
While our current products do not allow for floating
licenses, you can install the software on Terminal Server. This
allows one person to manage the installation of the software from a single
location. The licensing use of Kardin remains the same in that each user/workstation
must be a licensed user.
If I lose the management contract
for a property or I sell a property, can I recover the license?
Yes. Our software has a system that allows a user to transfer
the license from one computer to another over your network.
Can users or the IT administrator
install and upgrade Kardin software from a network server?
Yes. We recommend that the IT administrator create a directory with disk
images for our products. The administrator or the users can then access
these disk images to install or update the software from each desktop.
This can greatly speed the installation and upgrade process.
Can users access budget files
over a network?
Yes. You can run Kardin locally and access a file on your network;
however, the software performance will be best if both the data file
and application are on the same machine. We do not recommend
running Kardin locally and accessing a file over a VPN or remote
drive.
Some of our users have older
computers, while others users have newer versions of Windows.
Can Kardin software work on all of these computers? Also, will the users
be able to share files?
Our currents products should run on all versions of Windows,
as well as Terminal Sever and Citrix environments. The budget files
that Kardin creates can be shared between any of these computers.
How is Kardin software installed.
Is it difficult?
Kardin software is very easy to install. The majority of
our users just download the installation file from our website.
Once you have downloaded the installation file, you can either run it
from where you saved it on your hard driver, or you can save it on your
local network so others can also install Kardin without having to download
it again.
Can I prevent certain people
from accessing the Chart of Account Setup?
Yes. We generally recommend that you have only a few people in your accounting
or headquarter office control the Chart of Account Setup. Problems can
occur when a manager in the field adds an account while budgeting. This
is because once the budgets are completed, they get uploaded into Accounting.
You must make sure that the accounts used for budgeting purposes match
exactly the accounts in your accounting system.
If I setup the Chart of Accounts
at the accounting office, which is located at our corporate headquarters
and I need to add an account, how do I get this update to the field offices?
All you need to do is update your Master Chart of Accounts and
distribute it to the field via floppy disk, E-mail, or your network. Managers
simply re-import the the Master COA into their budget files to add new
accounts.
Will our accounting staff
need a copy of the Kardin software at their office too?
If your accounting staff will only be downloading lease data
and uploading budget data, then they will not need a copy of the software.
They can easily send the managers the Excel files. If the accounting staff
is responsible for setting up the Chart of Accounts or reviewing budget
assumptions, then they will need a copy of the application so they can
work with the budget files.
What steps are involved if
I decide to implement Kardin software?
There are generally three phases to implementing Kardin software.
The first phase involves working with the accounting department to set
up your Charts of Accounts. The second phase includes writing any reports
necessary to download leasing information from your accounting system
or lease management system. The third phase involves training the property
managers who will actually be the ones preparing the budgets. This can
generally be accomplished in a few days with our webinars.
|
