Facilities 7 Reserve Study Software
Facilities 7 reserve study software has been certified by ICBI to meet the exacting software requirements of the International Capital Budgeting Institute. Only one other software product in the USA has reached this level of achievement. Why is this important? Because only ICBI standards guarantee the user of accuracy of financial calculations. There are many reserve study software products on the market, but only two that have been certified by ICBI. See ICBI software standards here.
Many people in the industry don't think this is an issue. But, our team has identified calculation errors or programming weaknesses in virtually every other reserve study software product on the market. That's not particularly surprising, since virtually all of those products are created by engineers or programmers who have no technical training in financial modeling or financial calculations. In contrast, the Facilities 7 development team included a CPA with more than 20 years of reserve study experience. AND, to make sure we got it right, we had Facilities 7 further tested for accuracy of calculations by an independent CPA firm. None of our competitors has taken that step, nor will they. Do you want to use any other reserve study software and take the chance that the claculations aren't correct?
At Percipient Software, Inc., our philosophy is derived from our Company name: Percipient - meaning having perception, discriminating, perceiving or capable of perceiving. A "percipient" analysis of a reserve study is possible only with software capable of providing the information you need to make knowledgeable decisions. Only Facilities 7 can give you that information. Facilities 7 creates the information necessary to manage your reserve management plan.
Facilities 7 is the premier reserve study software for common interest developments. No matter what type of association; condominium association, timeshare association, planned development, or condo hotel, Facilities 7 is your best choice.
Internet-based access, so it is always available. The most powerful software on the market, yet easy to use.
Reports that are easy to understand, with a full range of reports to meet all your reporting needs. All reports are also exportable to MS Word or Excel so you customize them or insert them into other documents.
Facilities 7 is built based on completely different concepts from traditional reserve study software. The industry standard for reserve study software is essentially designed to operate like a sophisticated Excel spreadsheet. On other words, a single category level, a single component level, and financial calculations based on replacement cost and remaining life. Facilities 7 provides more power and flexibility by giving you:
- Multiple category levels
- Major and Minor Component levels
What does this mean for you? Only with these powerful tools can you manage a large amount of information. This gives you the ability to track costs at the minor component level (where you actually spend money), yet roll it up into logical groups for reporting purposes. In other words, you MUST deal with the lowest level of reportable financial transactions to assure accuracy, but you can't effectively summarize data if that is your only level of data.
A comparison would be to a financial reporting system. You write checks, which are recorded in a check register, which is then categorized into a general ledger, which is then summarized into a financial statement. You can't look at a check register and understand your financial position; that requires a financial statement. Likewise, the reserve study report is the equivalent of a financial statement; it should be the report that summarizes the financial position of the reserve fund, not the report that provides you with massive lists of detail.
Why Facilities 7 rather than any other reserve study software?With Facilities 7 you’ll spend less time, get better information, and reduce your maintenance costs.While those key benefits are enough for most people, there’s one more.No large up front software cost.Facilities 7 is an internet-based product available at a reduced annual license fee covering both software license and full support.No hidden costs.
Most associations get a periodic reserve study, and think about software only to make that static task easier.These associations don’t understand that reserves do not stand alone.They are part of a dynamic process.
For many associations, performing their operations maintenance activities is just part of the background; they don’t think about it, they don’t know there is software available to manage such maintenance activities, and they give little thought as to how operating maintenance activities affect reserve maintenance activities.
Because facilities maintenance is an ongoing process, it should be managed in the same manner that a checkbook or general ledger is used to manage financial transactions.Even for small, simple associations, if you don’t keep ongoing records of your maintenance activities, you will sacrifice accuracy, just as you would sacrifice accuracy if you failed to maintain a checkbook to track ongoing financial activities.
Operations maintenance and reserve maintenance activities are inextricably intertwined.Failure to perform necessary operations maintenance activities affects the timing and ultimate cost of reserve maintenance activities.The more complex your association, the more challenging is your task of managing maintenance activities. Facilities 7 is the only software system that integrates these activities, and further combines them with the other activities related to your physical facilities.
At Percipient Software, Inc., we believe that the basic function of software should be to empower the user. While others design software to ease the pain of specific TASKS, we design software to increase your knowledge and allow you to make better business decisions. This means easily gaining access to data that is otherwise difficult to obtain, presenting the data in such a manner that it becomes useful information, and using that information to increase your knowledge.
We believe so much in the concept of empowerment by knowledge creation that we incorporated that concept into our Company name. Percipient means “to have knowledge.”
Facilities 7 is built on that basic concept of creating knowledge from data. Facilities 7 is an enterprise system that combines into a single database (not separate “silos” of information) all the asset data, activities, and functions that are normally contained in multiple software products. And, those other software products don’t talk to each other. That means the average user has a series of disconnect points in their operations that actually prevent them from creating an effective knowledge-based system.
Facilities 7 is the solution to integrating your facilities activities. It is the result of more than 20 years of hands-on experience in working with a wide range of homeowners and timeshare associations. Our experience includes working not only with small, managed associations, but with all departments in large, complex organizations. As a result, we are familiar with the differing needs of maintenance staff, supervisory staff, accounting staff, executive staff, and volunteer committee and Board members. Each of these groups of users has a different role in the process, and Facilities 7 is designed to specifically meet the needs of each “role.”
In the facilities maintenance staff role, you are dealing with the lowest level of activities, and concentrated on scheduling and completing tasks. Nobody does that better than Facilities 7.
Executive staff needs a high level view to be able to monitor activity at a glance; to see what’s scheduled, what has been completed, where you’re falling behind schedule, and where cost variances exist. Only Facilities 7 has reports specifically designed to deliver this information.
Facilities 7 manages the data so that you can concentrate on what you do best; manage your facilities, and reduce maintenance costs.