Property managers process a large volume of incoming and outgoing money including rent payments from tenants, rent proceeds to owners, payments to contractors, and more. Even with an accounting application, this is a highly manual process. Property management employees have to:
- find the document that originally initiated the money coming in or going out, which means looking through emails and folders or asking colleagues
- review the document to ensure the information is correct
- transfer the document’s information into an accounting system
- save the initiating document to a specific folder to justify the transaction
Without strict organization, a file naming convention, and a diligent team, it’s easy for information to quickly get lost or spread out among multiple employees’ emails.
How can technology help property managers with accounting?
One data source
An accounting system integrated into a larger property management platform delivers a single source of truth. Instead of reconciling between different documents and systems, all data is flowed through from the same source. Instead of scanned documents, information is automatically captured in fields (e.g., through EDI solutions) and entered into a billing system. Fixed fields prevent inaccurate data while free text fields give staff members the flexibility to enter additional information.
Low hanging fruit, high flying potential
The property management industry has been historically neglected when it comes to technological innovation. This highly labour-intensive industry is ready for solutions that simplify and systematize repeatable processes, so property managers can focus on the more complex, high touch areas of their work such as delivering excellent customer service to their tenants. Today, there is ample “low hanging fruit” in the property management space. Small changes, such as integrating systems, centralizing information, and increasing access through mobile, cloud-based solutions can lead to major cost-saving and revenue-generating changes.
Learn how technology is changing the property management industry for good in “The Profitable Property Manager.” Download your copy now.