Property management software is much more than the management and operations of a property. A good property management software with a well-entrenched accounting practice will streamline operations and help property managers achieve better results and customer satisfaction. However, beware of solutions that offer a bit of everything but fall short of simplifying processes. When finalizing a property management software solution, it is a good idea to understand how well it can streamline the accounting processes in your company.
When these five property management accounting features, are utilized well, it can simplify a property manager’s life.
Automated General Ledger accounting
General ledger accounting in the property management software makes it easy to track the property financials. A software that can help you see the money received and expenses expected without having to leave the solution or juggle between multiple applications saves time. Property management software can automate the process of updating the general ledger. Each time an entry is finalized in account payable or receivable, an entry gets added in the general ledger. Such real-time corresponding updates go a long way in maintaining an accurate general ledger.
Online Rent Payments
A property management software with integrated online payment option helps at multiple levels. It is simple for the customers and updates real-time in the property management software. Along with this, it can create automated receipts and update the account receivables in the accounting books. This saves time for the property manager as he does not have to make multiple entries.
Automated Bank Reconciliation
Automated bank reconciliation can save a lot of time and frustrations for a property manager. Accurately record every check and deposit and reduce the chances of a clerical error. You can compare your record with your bank statement and quickly match transactions and create reconciliation reports.
It is always better to prepare for the tax season early and have all the 1099 e-filing related documents in order. With a property management software that includes accounting applications, it is easy to meet all the tax deadlines. A property management software that can automatically batch 1099 e-filing with IRS and mail forms to owners and vendors while maintaining a complete record is something that will help the property managers’ immensely.
Customized Reporting and Dashboards
A property manager wants to see the reports, and an accountant wants to know entries related to a particular property. The property manager can create customized reports in a few clicks and provide it to the owners or accountants. Such reporting helps accountants tally the books and give owners an overview of their income. A feature of customized reporting and dashboards can save a lot of time for the property manager and offer personalized service to his clients.
Customer-centric property management software like RealForce makes it easy for the property manager to access all records right at the customer level. A single window can offer complete details about the renter along with his invoices and payments. These details are automatically updated in the accounting, thereby removing redundancies in the data entry process and achieving greater accuracy in accounting.
Software that acts as a single solution for management, operations, customer relationships, and accounting is the secret between a good property management software and the best property management software solution.
Rialtes RealForce is a cloud-based property management software that is created on Salesforce – World’s No 1 CRM solution.