Balancing the books can be even more critical for the successful operation of smaller, single-family property management companies than for larger entities. Every dollar counts and even the slightest discrepancies can be detrimental to your business’s operations. Designed with single-family property managers in mind, and as part of Propertyware’s accounting suite, our bank reconciliation software helps keep your ledger balanced with features that enable you to:
- Download your bank statement activity for comparison purposes
- Identify, monitor and correct exceptions
- Quickly match transactions
- Minimize the need for manual transaction clearing
- Easily generate reconciliation reports of cleared and uncleared transactions
Comprehensive Bank Account Management
Whether you’re managing a single property or several properties, Propertyware makes it possible to easily organize the finances for your property portfolio. You also have the flexibility to consolidate financials across all portfolios or maintain individual accounts. From bank ledger views of transactions and details to financial reporting, you’ll be able to access the financial data you need and perform necessary transactions from your desktop or mobile device. You can easily transfer funds between accounts and owner portfolios and even print your own deposit slips.
Save Time on Owner Statements
Propertyware also saves you the tedium of preparing monthly owner statements by automatically generating the statements for you. You select the delivery date for online distribution through the Owner Portal. Owners are then alerted when the report is ready and can immediately view it or download it. They have 24/7 access, more convenience and your staff is no longer stuck printing, mailing and delivering owner statements each month.
Overseeing property management trust accounts doesn’t have to be complicated. Keep your owner funds properly accounted for and balanced at all times, ensuring all financials are in the right place. Avoid errors with a clear-cut solution that helps you navigate trust accounting practices and rules. Propertyware also structures the accounts for you to include:
- Selection of a default tenant security deposit account with interest calculation capability
- Management company operating account to track your business income and expenses separate from and independent of your client trust account
Audit User Accounts
Propertyware’s security features address compliance issues and maintain the integrity of all your property management accounts. You can audit user actions for increased accountability, restrict user access to various accounts and issue audit reports as part of staff training exercises. With user auditing, you can reduce and ultimately eliminate the guesswork from resolving financial and account management errors.
Fee management can be frustrating and difficult to administer, often resulting in error-filled statements and reconciliation. Now you can confidently account for all fees and provide owners with an accurate statement. Propertyware supports many advanced fee management rules and automates many of the time-consuming tasks involved in fee management including:
- Report preparation and cutting checks
- Pass-thru income tracking that can be kept hidden on owner statements
- Markups of vendor bills
- Automatically generating leasing or renewal fee charges
- Calculating commissions on generated fees for your fee-based employees