The ability to easily access information on multiple devices is saving accounting firms significant time and money.
Accounting professionals get peace of mind from knowing that all data entries and updates are automatically reflected on all devices.
The property management industry is no different. Accountants serving this sector often struggle with landlords who lose receipts, who deposit funds in the wrong accounts, and who may even mix up financials for numerous properties. Add to that data that requires multiple entry points and manual reconciliation, and you’ve got real potential for disaster.
Property management software, property management’s brand of digital integration, is transforming accountancy for property businesses by reducing errors, saving time and ultimately increasing profits for its users.
The digital transformation has simplified accounting for property management
If you’ve ever been an accountant for a property management company or property owner, you’ll know how complicated things can get. There are many interrelated moving parts; an error here can impact a reconciliation there.
Clients with poor record keeping practices can make things even more confusing.
There are also potential tax pitfalls caused by ever-changing rules.
Because accounting for property management can be so complex, I always recommend that property managers use a professional accountant, especially if they manage more than one property. Working with their accountant to implement property management software can be a real game-changer.
When apps are integrated, data only needs to entered once.
When you digitally integrate with property management software and cloud-based accounting platforms, your accountant will have full access to all data in real-time from any device, including live bank feeds. Full transparency of data at everyone’s fingertips means no more urgent phone calls or being disorganised in front of clients and most importantly, no more costly errors.
And if that’s not enough, as an accountant, imagine how easily you can manage numerous clients’ books when they’re all digitally integrated. Having the “world at your fingertips” is a virtual understatement.
How to make it all happen, with digitally integrated management
In many cases, getting started is the most difficult part of implementing new technology; employees may be set in their ways, clients may need to be convinced that their lives will be made easier, you may even have to overcome fear of change yourself.
That’s not unique to digital integrations—it’s true of any kind of change. We like “business as usual”. That is, until we realise that “new business” is more efficient, simpler, more accurate…and makes us more money.
So how to tackle this resistance to making a beneficial change?
My first piece of advice is to do your research and choose software that integrates all the functions your business needs, from start to finish. Include those apps you already use, as well as new ones to cover what you’re currently doing manually.
Then fully educate yourself, read reviews, join conversations and groups online, gather as much information as possible before you make a decision.
Finally, create a strategy to smoothly transition all your stakeholders to the new software. Too often we’re tempted to dip our toes—when what we should be doing is jumping in, fully prepared to swim.
When you’re prepared, you can involve all parties from the beginning and the roll-out will not only go more smoothly, it will empower everyone to embrace the change.
A few final words about digital integration
The thought of losing control may be stopping you from making badly needed changes; it’s important to know that property management software is designed specifically to give you MORE control – over accuracy, quality, connectivity and so much more.
Property management software and other forms of digital management software that integrate with accounting systems offer end-to-end solutions, making everyone’s life easier.