With the rapid increase of technology, software has produced many things easier for property managers. Property managers have a lot taking place making use of their associations. The last thing they should worry about is searching through their computer to discover any particular one spreadsheet or possibly a file folder to get that particular vendor contract that can't seem to locate.
While generic accounting programs have their place, they are often very burdensome for managers. Searching through files and spreadsheets to obtain information wastes time. Today, you will find software solutions in position to help you managers streamline their activities and accounting operations. Having a software system like is a MUST for just about any company as a way to keep up using their competition. There are several facts to consider when looking for software.
Accounting - it is a vital part of the puzzle. The ideal accounting system will comply with GAAP (Generally Accepted Accounting Principles) and also the practice of accrual accounting. The software should also have the ability to produce financial statements without difficulty. Although many programs offer choices for cash basis accounting, it's important to note that accrual is the only GAAP preferred method. Accrual accounting now offers many advantages to cash basis and allows homeowners associations to determine the "bigger picture" in relation to their financial health.
Bank integration - Modern banking lets people to look at good thing about ACH / Direct Debit and Lockbox services. The ideal software will also support these features to help you your company automate the accounts receivable process. Does your accounting software abide by NACHA standards and convey ACH files which can be uploaded directly to your bank? Can your software support lockbox and download lockbox posting files in the bank?
Management Activities - It's easy to obtain overwhelmed when trying to track violations, maintenance issues, delinquent accounts, architectural requests. These are all basic day-to-day tasks in the management industry, but it becomes very difficult when all of this info is spread across various spreadsheets and programs. Your property management software solution must have the ability to support these functions easily and keep your information organized in a very user friendly manner.
User Friendliness - This is very important for management companies. While you can find many different programs that you can buy, some of them have a steep learning curve which translates into higher support costs and longer implementation times. Some software companies require their "specialists" to fly out for training and installation, all on the expense of the new client. Is your new system an easy task to setup? Is it simple to learn and an easy task to use? Talk to your software company about these questions and order a demo trial of the software. If the demo seems complicated, the "real" version will not be any different.
There are many factors which are into determing the best software solution. It's important to review of your needs being a management company to look for the best fit. However, A Plumbing Issue Is Serious Business are necessary what to consider within your review process.