BRADENTON, Fla., October 22, 2001 - HandySource, a leading bid and purchase portal serving the multi-housing industry, announces that it has added two new value-added features - budget variance tracking and increased reporting capabilities - to its Web site, www.handysource.com.
The budget variance tool is a customized application that allows the multi-housing owner or manager to check and manage property expenditures. HandySource customers can create a chart of accounts by entering various categories such as administration, capital and operating expenditures as well as specific GL codes and descriptions. For each GL code entered, customers can establish a budget by either inserting an amount in each month's column, which then totals the amount for the year, or by placing a yearly amount in the total column and having the program automatically calculate the monthly budget.
As purchases are made through the HandySource bid and purchase system, the budget tracker automatically places the amount in the correct category by GL code. "The budget variance feature allows our customers to make their accounting reports and processes Web centric," states John Lie-Nielsen, chief executive officer, HandySource. "From anywhere in the world, our customers can check, update and review the status of their budget through an Internet connection and our Web site."
With the amount of data in the application, new reports were added to provide customers with a clear understanding of where their budget is being spent. Reports added include:
- Variance report - which shows a line-by-line account of each GL code and where that code stands against the monthly or yearly budget.
- Trend report - which shows spending trends and spikes by GL Code on a month-by-month basis.
- Activities report - which allows the customer to monitor spending for specific items such as vendors, GL codes, dates or any combination of the three.
HandySource is a business-to-business e-commerce bid and purchase portal for the multi-family and commercial real estate industries. The company was formed in 1999 as a sister company to HandyTrac Systems, Inc., a leading supplier of computerized key control systems to the multi-housing industry. The company's corporate office is located in Bradenton, Fla. It also has regional support / training centers in Atlanta and Dallas with an additional four centers (Chicago, Phoenix, San Francisco and Washington) planned throughout the United States.
