You're managing multiple properties and need to streamline your accounting. What are the best tools to use?

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If you're managing multiple properties, you know how challenging it can be to keep track of your income and expenses, prepare financial reports, and comply with tax regulations. You need a system that can simplify and automate your accounting tasks, save you time and money, and help you grow your business. In this article, we'll explore some of the best tools to use for streamlining your accounting as a property manager.

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Amey Acharekar

Director at ATMS & Co LLP| Zoho Books Partner| Head of Outsource Accounting Department.
Geovanna Gregory

Gest?o de Propriedades | Esp. Direito Imobiliário e Condominial | Especialista Negócios Imobiliários | Especialista…

1 Accounting software

Accounting software is an essential tool for any property manager, allowing them to generate invoices and receipts, track rent payments and late fees, manage deposits and refunds, record expenses and maintenance costs, and produce accurate and detailed reports. When selecting a software, ensure that it is cloud-based and mobile-friendly, offers customizable and scalable plans, has secure and compliant data storage, a user-friendly and intuitive interface, supports multiple properties and currencies, and integrates with other tools and platforms.

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Geovanna Gregory

Gest?o de Propriedades | Esp. Direito Imobiliário e Condominial | Especialista Negócios Imobiliários | Especialista Gest?o Estratégica de Pessoas
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Ao lidar com a gest?o de várias propriedades e buscando simplificar a contabilidade, a escolha das ferramentas certas é crucial. Plataformas integradas de gest?o imobiliária oferecem funcionalidades abrangentes, desde rastreamento de receitas e despesas até a gera??o de relatórios personalizados. Ferramentas financeiras também s?o valiosas para uma contabilidade eficiente. Além disso, considere solu??es específicas para automa??o de processos e rastreamento automático de despesas e receitas. A chave é encontrar uma combina??o de ferramentas que atenda às suas necessidades específicas, simplificando efetivamente a gest?o contábil em um contexto de múltiplas propriedades.

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Joseph V.

Multifamily & Property Accounting Leader Cultivating Success, Embracing Change and Driving Growth | RealPage & Yardi Expert
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The best way to streamline the accounting process is to utilize your company accounting software to its full potential. A few great examples, if your current software has the functionality, are below. ? Utilize automation and schedule events such as monthly billing, late fees, etc. This will eliminate the need for someone to manually post these items. ? Utilize online payments which reduces or eliminates manually check scanning in the property’s office. ? Utilize an e-invoicing process; this replaces manually recording invoices with vendors submitting e-invoices which are then routed to a queue within your accounting software for approval. Long story short, utilizing your PMC software significantly improves efficiency.

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Amey Acharekar

Director at ATMS & Co LLP| Zoho Books Partner| Head of Outsource Accounting Department.
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When we deal with Multiple properties the most crucial thing in any organisation is what are the policies in managing the accounting software. So if the accounting software is easy to use, easy to access and simple in execution then it makes it more durable and successful. Cloud softwares are more useful in such cases (Like Zoho, Xero, or QuickBooks.) The software makes the process simple in execution

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2 Budgeting tool

Using a budgeting tool can be a useful aid for property managers when planning and monitoring their cash flow, income, and expenses. It can help them set realistic financial goals, track performance and progress, identify areas of improvement and savings, and avoid overspending and debt. The benefits of using a budgeting tool include having a clear and visual representation of finances, easy automated updates and adjustments, alerts and notifications for due dates and deadlines, comparison and analysis of different scenarios and outcomes, as well as integration with accounting software and bank accounts.

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Amey Acharekar

Director at ATMS & Co LLP| Zoho Books Partner| Head of Outsource Accounting Department.
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Many cloud softwares like Zoho have a budgeting tool inbuilt in it so the management sitting in whichever country can control and monitor the spends done by multiple properties based on the guidelines and limits given by the management. Having proper budget tool gives us a proper and clear picture on the long term goals and vision of the company.

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3 Tax software

As a property manager, you have to deal with various tax obligations, such as income tax, sales tax, property tax, and payroll tax. To make your life easier, you can use tax software to assist with filing and paying your taxes. This software can help you prepare and submit your tax returns electronically, calculate and pay your liabilities automatically, maximize your savings and refunds, stay compliant with regulations, and store documents and records. All of these features can help make the process of filing taxes easier and more efficient.

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4 Bookkeeping service

For property managers looking to streamline their accounting, a bookkeeping service can be of great help. Outsourcing to a professional bookkeeper can take care of your daily and monthly accounting tasks if you don't have the time, skills, or resources to do it yourself. A bookkeeping service can provide accurate and timely data entry and reconciliation, expert advice and guidance on accounting issues and best practices, monthly financial statements and reports, audit and compliance support, as well as peace of mind and more time to focus on your core business.

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5 Accounting app

An accounting app can be a useful fifth tool to enhance your accounting as a property manager. With an accounting app, you can access and manage your accounting data on the go, from your smartphone or tablet. For example, you can scan and upload receipts and invoices, send and receive payments and reminders, check your balances and transactions, review and approve reports and statements, and communicate and collaborate with your team and clients.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You're managing multiple properties and need to streamline your accounting. What are the best tools to use?

1

2

3

4

5

6

1 Accounting software

2 Budgeting tool

3 Tax software

4 Bookkeeping service

5 Accounting app

6 Here’s what else to consider

Property Management

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You're managing multiple properties and need to streamline your accounting. What are the best tools to use?

1

2

3

4

5

6

1 Accounting software

2 Budgeting tool

3 Tax software

4 Bookkeeping service

5 Accounting app

6 Here’s what else to consider

Property Management

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