A new year brings a lot of excitement for the property management industry, and with 2024 looking optimistic, you must know what to look for when implementing property management accounting software.
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Property Management Accounting Software in a Nutshell
Property management accounting software helps property managers streamline maintenance tasks and stay in control of their finances by providing:
- An audit trail for regulation and compliance
- A communication tool for clients, tenants and suppliers
- A database of your entire portfolio
- Comprehensive reporting
The software is designed specifically for the tasks and challenges of property management. Full accounting functionalities make your working day much easier and allow you to focus on more than manual spreadsheets.
Check out our dedicated blog to learn more about the ins and outs of property management accounting software.
Implementing property management accounting software is crucial when considering the housing market's volatility.
2024 is predicted to see house prices fall but rent rates rise, which could cause friction between landlords and tenants.
The continued adoption of software can lessen the strain on property managers and accountants by taking advantage of automation, allowing you to be more agile and reactive to your tenants and their needs.
Top Features of Property Management Accounting Software
Implementing property management accounting software is crucial as the industry landscape evolves quickly. We've already seen dynamic shifts, such as rural areas becoming more desirable, working from home becoming more common and the cost of living crisis becoming a primary concern.
Relationships with tenants may become tricky, especially as rent is set to increase. Communication and working proactively alongside your tenants are vital to keeping relationships positive during this tense time.
Property management accounting software eliminates unnecessary roadblocks with manual data entry, allowing you to focus on your tenants. But what features should your property management accounting software have to ensure these relationships don't suffer?
1. A User-Friendly Interface
Gone are the days of scrolling through spreadsheets to find data.
Accounting software should be easy to use and store all your data in a centralised location.
The best software will have a user-friendly dashboard that gives you total visibility over internal and external communications using third-party integrations, audit trails, transaction tracking and real-time synchronisation.
2. Automation and Other Integrations
Software that features automation can take the stress out of rent collection notifications, expense tracking and reporting by doing the job for you.
The software will automatically send communications to clients, reminding them of upcoming payments and provide you with customised reports to make better-informed decisions without any hassle.
Seamless integration with other property management tools and platforms, such as leasing software, maintenance management and CRM systems is also beneficial. It seamlessly allows data sharing between platforms and ensures consistency across all areas.
3. Reporting and Forecasting Abilities
Accounting software can compile your data through automation into comprehensive financial reports, tracking income, expenses, profits and losses.
The best accounting software will provide a bird's eye view of your figures through machine learning and forecasting features, aiding in strategic planning and informing you on key business decisions.
4. Account Management
One of the primary reasons for implementing software is to streamline your account management.
Property management accounting software will track and categorise property-related expenses such as maintenance, repairs and property management fees. It'll also notify you when tasks are due, so you don't have to worry about remembering.
You can also manage and track rent payments, late fees, lease terms and relationships with vendors, contractors and service providers in one place.
5. Security and Compliance
Property management accounting software protects your sensitive financial and tenant data while complying with ever-changing industry regulations and standards.
In a world of remote working, the necessity of accessing the software from any location and on any device adds another layer of significance. The seamless integration of robust security measures ensures the software remains secure and accessible.
This safeguards the confidentiality and integrity of critical data and aligns with the evolving demands of a modern and flexible working environment, where accessibility and security are integral components of effective property management.
Integrating Property Management Accounting Software
Integrating new software into your business can be a learning curve, but the best software will have a team that focuses on customer service and supports you to make the most of the software.
Do you still want to learn more about property management accounting software and how it can benefit your business?
