Managers of multi-tenancy buildings and apartment complexes have so many duties upon their shoulders. They track payments deposited by society members, validate the bank account, collected unpaid amounts so that there are no recursive dues, issue receipts to each single member and look after whether they are receiving these receipts. Handling all these is difficult; use of apartment accounting software however, makes it easier.
This is perhaps the reason that many apartment complexes nowadays, opt for using accounting software. However, they shouldn’t go blind and pick out any account software randomly. A research or at least a baseline idea in the know-how is required. Only software, which provides a smooth interface and user-friendly features, should be chosen.
Such software consists of some key features. These features are following;
- Accounting and book keeping.
- Income tracking.
- Expense tracking.
- Bank and cash.
- Penalty calculation.
- Reminders.
- Metered billing of utilities.
- Request for purchase.
- Managing vendors.
- Financial reports.
Accounting and book keeping contains some crucial functionalities such as supporting overall account functionality, use of accrual based accounting, allowing remote login to accountant or auditor of the society so that they could validate accounts, make adjustment and issue the final balance sheet without exporting data into excel sheet.
Other than these, the advanced apartment accounting software also allows the treasurers and auditors to create chart of accounts for configuration of assets, liabilities, revenue and expense account heads.
Tracking income and maintenance charge is a salient feature of such software. Some of the vital tasks related to income tracking, which are performed by such software are; raising invoice against all apartments based on area or fixed amount or both, setting up recurring invoices, raising credit notes on members to offer them discount, allowing members to update payments made by them in the system, combining multiple charges into one invoice before raising it, configuring receipts to embed them with logo of the association so that they bear some amount of professionalism, letting members to download receipts against payments made in the past, letting accountants to send SMS/email through the system to defaulters and many more.
Reminders are very important for adequate handling of the account related tasks in a building. Advanced apartment accounting software enables the administrator to alert selected members in following ways;
- Schedule SMS alerts for sending to one member, group of members, owners and residents. This is highly useful in reminding members about general body meeting and similar types of events.
- Letting administrators to use custom messages for reminder notification with mail-merge capabilities for due amount, number of flat etc.
Other than these quick fix ways to handle account related works, the software also allows accountants to set up and configure bank accounts with ease and filter bank and cash transactions.