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Investing in property management accounting software for your business is one thing, but using it to its full potential is an entirely different challenge.
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You want to make the most of your investment, but how can you ensure you’re doing so? We’ve made it easy for you with this blog:
1. What Is Property Management Accounting Software?
2. Manual Financial Management vs. Property Management Accounting Software
3. What Can Property Management Accounting Software Do?
4. Things to Consider When Investing in Property Management Accounting Software
What Is Property Management Accounting Software?
Property management accounting software helps property managers and those working in property management streamline maintenance tasks and stay in control of their finances.
Property management accounting software provides:
- An audit trail for regulation and compliance
- Communication tool for clients, tenants and suppliers
- Database of your entire portfolio
- Comprehensive reporting
The software is designed specifically with the tasks and challenges of property management in mind. Full accounting functionalities make life much easier and allow you to focus on more than manual spreadsheets.
Manual Financial Management vs. Property Management Accounting Software
Manual financial management tools, usually spreadsheets, are often used by property managers alongside accounting software. This can cause unwanted and unnecessary roadblocks, whereas combining the two into one software streamlines processes.
Improve Time Management
Spreadsheets require hours of manual work to maintain and update compared to property management accounting software’s automated tools.
Reduce Human Error
Automation also reduces the risk of human error that comes with manual tools, especially as they get more complex.
Enhance Security
Spreadsheets are infamous for being insecure. Having an all-in-one system reduces the risk of security breaches.
Improve Reporting
Manually trailing through data is time-consuming. Property management accounting software quickens this process while providing extensive insights to make better business decisions.
Better Communication
Communicating with your teams for tasks like updates and maintenance is easier with property management accounting software notifications.
What Can Property Management Accounting Software Do?
Now that we’ve established that property management accounting software is the way forward, it’s essential to understand what it can actually do for your business.
All-Inclusive Accounting
Produce full management accounts and share them with teams in an easy-to-understand format and an environment they’re comfortable with. Simplify and automate all accounting functionalities, including service charge schedules, and address overdue funds ASAP.
Gain Real-time Insights and Reporting
Access up-to-date information instantly and benefit from accurate data and insights to help with reporting. With accounting, administrative and management teams all under one roof, staying connected is achievable using a centralised task list and an instant messaging system to streamline conversations.
Automate Time Consuming Tasks
Take the pain out of those tedious tasks with automation to proactively manage maintenance work, keep communications tidy in one CRM and unite users and tasks with workflows.
Things to Consider When Investing in Property Management Accounting Software
Property management accounting software can be a game-changer for your business, simplifying financial management, improving compliance and enhancing communication with tenants and property owners.
The decision to adopt property management accounting software should be based on carefully considering your business needs, budget and readiness for change.
While property management accounting software offers numerous advantages, it's essential to consider the cost-benefit ratio for your business. Choose a solution that aligns with your budget and provides the functionality you truly need.
Introducing new software to your business involves a learning curve. Depending on the complexity of the software, it may require training or additional support to ensure a smooth transition. Consider the availability of training materials, customer support and user-friendly interfaces when selecting property management accounting software.
Unsure whether property management accounting software is right for your business? Let us convince you.
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