Property management software is much more than just managing the property. Right property management solution always focuses on customer relationship management (CRM) along with property management and operations. Another critical aspect of business that can be efficiently managed by property management software is accounting and finance.
A good property management software is a CRM solution at its heart. When accounting is integrated into this solution, the result is visible across the business. An integrated solution would mean seamless data transfer between accounting and sales teams, ensuring that the numbers match.
Apart from this, there are six reasons to have accounting integrated into your property management software.
Increased efficiency by saving time
Employees of companies with separate software for accounting and property management end up spending double the time in data entry. This also increased the risk of input errors and missed entries. Another irritant is logging in multiple screens to complete one task. All this added up to lost time and increased efforts bringing down employee efficiency and hampering profits in the long run.
Save on investing in multiple solutions.
Multiple solutions for various processes mean investing in their subscriptions, training and updation. With most solutions being subscription-based, it might also mean that you are choosing a subscription plan that is more than your current requirement. All this adds up to extra expenses for services that you might not use and additional time for renewing and learning. Having a single solution makes it easier for teams to learn and execute.
Recognize profits at the business level
Accounting and sales teams are interested in accurate numbers. The sales are more focused on profits, and the accounting team is focused on costs. A single solution for accounting and property management helps teams get these numbers when they need it. The reduction in the use of paper-based invoices and repetition of work would mean the teams have a clear picture of the customer’s journey and costs associated with him.
Keep all departments on the same page.
With property management software, a property manager can raise and track purchase orders, with subsequent invoices. However, the property manager needs to share that information with an accountant for invoice clearance manually. This is either done via email or paper trail – increasing the chances of errors. An integrated solution would mean all this is done in a single software and the accountant is clear about the invoices raised and for which vendor or resident. This simplicity helps in accurate book-keeping and reduced communications over tallying numbers. The speedy process also means better trust and faster payments for vendors.
An accurate view of business performance
As a CEO, you need a macro understanding of the businesses performance, and this is easily possible with an integrated solution. A solution that captures information right from the lead level to the final acquisition or payments can offer a complete picture of profitability and revenue share. Customized dashboards can provide real-time insights with minimal errors.
An integrated property management and accounting solution would help in linking each invoice back to its source. This helps build accountability. Accounting teams would know the team member responsible for every invoice raised or expenditure and ask for more questions when in need of clarity.
Having a standard solution that can effectively track all the expenses and revenue is an ideal solution that can simplify processes and improve efficiencies. A cloud-based property management solution with integrated accounting applications can help organizations big or small track their financial health effectively.