According to Accounting Web, disruptive automation of the accounting business is here, and
“accounting software is poised to eliminate accountants.”
With property management accounting software, you don’t need an accountant to generate data on the financial side of your business – you can do it yourself.
The days of calculators and accounting fees are over.
Accounting Software Synchronizes With Online Payments
What funds are moving into your business and what funds are moving out? Accounting software paired with online portals make it simple to pay and track your invoices and for tenants to do the same. With online payments, invoicing, and accounts payable and receivable, your property management accounting software makes all this visible in simple reports about your business accounting.
Property Management Accounting Software Helps You Develop Reports
Your owners pay you to manage their properties in the most cost-effective way. They need to know what repairs you’ve conducted and what tenants have paid in deposits, rent, and other fees.
You can’t squander your owners’ investment in your services. According to Nevada Business, in a more challenged rental market,
“managers are working more closely with owners to cut operating expenses and maintain integrity of investment.”
Do you rely on your accountant to create detailed property reports? If so, add your data to your property management accounting system and create custom reports for your owners with a few clicks. You’ll save precious funds in your property management budget, and you’ll let your owners know that you’re looking out for their best financial interests.
The Right Solutions Provide Details At All Levels
With property management accounting software, you can report on the details you need to know. If you’re concerned about ongoing expenses at a particular property or you need to collate all of the invoices for a large repair, you can generate a property-level report.
Keeping up with operating expenses is essential. According to Zillow,
“the operating expenses are typically 35 to 80 percent of the gross operating income (GOI), depending on the type of rental property.”
If you feel like your operating expenses for a specific property are too high, you can generate a detailed report with just a few clicks.
If you want to give an owner a report on all of her properties at the same time, you can develop a report on that property portfolio. Don’t pay an accountant to play with the data: with property management accounting software, your data is malleable and accessible in many different report formats.
Synch Your Property Management Accounting Software With Quickbooks
Do your invoices talk to your budget? If not, it’s time to have that conversation. With property management accounting software, you can synchronize what’s going on in a property with your current budget and projections. For example, you can log property maintenance and repairs in one area and compare it to data in Quickbooks that will show if you’re over budget on landscaping for a particular property.
You can look at your bank account and match the invoice for a repair with the amount that left your account on a specific date. This integration saves time, and this data is something that your accountant would need to ask for: with property management software, the information integrates seamlessly.
Move away from papers and meetings and toward an integrated online accounting system.
Ready to Make an Accountant Jealous?
With Propertyware, you’re going to make your accountant jealous. In fact, with our accounting software, you’ll have the tools you need to save time and money without expensive vendors and specialists. Are you ready to take the leap into a simpler and less expensive accounting system? Let software do the difficult work of tracking expenses and payments and developing reports. Check out the amazing features and take a demo of Propertyware property management accounting software today.