5 Crucial Features of a Property Management Accounting System

Accounting may not be your thing, but as your property management firm grows, you need property management accounting system that gives you clear insight into your financial past, present and future. If you are considering new property accounting software, look for a solution that helps you accomplish these tasks:

1. Get Rid of Data Silos

When accounting data is locked up in an Excel spreadsheet, in a desktop program or even restricted to within the accounting department, you often deal with siloed information. With a cloud-based system, it’s centralized, so it’s easy to see both income and expenses across your portfolio and/or by individual property. You’ll know exactly how much you made through rent and ancillary services as well paid on utilities, insurance, repairs and other important expenses. Property managers can easily see who is late in paying their rent, and can immediately address the issue.

2. Easily Reconcile Your Accounts

Stop spending hours every month doing bank reconciliations! With property management accounting software, you’ll be able to find errors or discrepancies instantly. When you sync your online banking to compare statements, it’s a snap to spot duplicates, inaccurate information and missing entries. It’s a hassle-free way to ensure the accuracy of the balance sheets, cash flow statements and other financial reports you pull on a regular basis.

3. Improve Cash Flow

A good property management accounting system will encourage and enable online rent payments. This helps you achieve not only improved cash flow, but also fewer collections and less admin time spent on processing (or chasing) paper cheques. Our clients report that within the first three months of using Property Vista’s solution they experience an average increase in online payments by over 70%.

4.Streamline Accounts Payable

Your relationships with vendors are a lifeline for your business. Goods and services delivered by these companies and professionals keep your properties running smoothly, guarantee safety and security, and help raise your property’s profile. So, wouldn’t it be great if all your third-party vendors and contractors could invoice you, you could verify the work order was finished to the tenant’s satisfaction and then you could match the PO to the invoice and easily pay it? A great property management accounting software will convert work orders into POs, then pay them online—even letting you set up automatic payments for recurring items.

5. Easy Reporting

With property management accounting software, it’s so simple to run a wide variety of needed monthly, quarterly and yearly reports, including:

  • Trial Balance
  • Balance Sheet
  • Income Statement
  • Vendor Aging Report
  • Vendor Ledger
  • Bank Reconciliation

Even better, with property management accounting solutions, you can access reports and dashboards through your mobile phone, tablet, or laptop.

How Property Vista Helps

Property Vista’s property management accounting software produces customizable reporting and real-time updates on the health of your finances. And, it also gives you the power to narrow reports down to what you specifically need. Whether you’re checking a daily dashboard or generating reports, you’ll benefits from robust analytics tools, dashboards and reporting.

And, Property Vista has integrated online payments into the tenant-accessible myCommunity page.  The user-friendly layout guides renters step-by-step, whether they want to simply pay online or setup regular scheduled payments.

To see our pricing and arrange a demo, visit PropertyVista.com/pricing.