When spreadsheets are used for complex reporting and other business-critical functions, errors abound. An article from Forbes states that based on various studies, "88% of spreadsheets contain errors."
As you gather your financial and accounting data for the coming tax season, how confident are you that your spreadsheets are accurate?
With accounting software, you can feel confident around tax time.
Error-free Property Management Reporting
Cash flow, along with other accounting information is used to determine how well a business is doing. Error-free reports are essential tools, especially during tax time. What can you do to ensure that your accounts receivable and accounts payable are up for tax time reconciliation? Switch to property management accounting software and you'll reap these benefits:
- Make rent collection more efficient and easier to track, so you know who owes what and how much rent came in over the course of the year. Use secure ePayments to make it simpler to receive and track online payments.
- Automatically calculate adjustments, additional fees, and late fees and reflect these in your bottom line at tax time.
- Track income from other sources, such as laundry fees, vending machines, and more.
- Create a vendor ledger to track your expenses for each property and each owner.
- Track the bills you've paid so that you and your owners can account for these on your taxes.
With property accounting software, the data that you collect is well-organized and more accurate. Not only does this simplify life for your property owners and tenants, it can also save you stress at tax time.
Accounting software helps you understand your business and plan for the future.
Use Property Management Accounting Software As a Planning and Reporting Tool
Property management accounting tools don't just help you run your business, they also help you plan for the future. A spreadsheet is not a planning tool, and depending on the accuracy of your entries, it may not be the best record of what occurred during the year.
Why Accountants Hate Property Management Accounting Software
If you want to amp up your property management accounting and your year-end reporting, try property accounting software instead. It allows you to:
- Analyze trends across months or years, to help with budgeting and business planning.
- Give access to different users at different levels, allowing multiple employees to understand data trends.
- Export data in multiple formats such as Excel and PDF for your owners, employees, and taxes.
- Reduce the crunch of owners asking for data around tax time by giving owners access to real-time data throughout the year.
- Create versatile reports that allow you to see how specific properties or specific parts of your business are doing.
Prepare for tax time and get business analytics for better business decisions.
Interested in learning more? Take a free online tour of Propertyware today!