Importance of Simple Accounting for Property Management

One of the most time-consuming aspects of running a property management business is handling all the financial aspects, from accounting to budgeting to compiling reports. Especially if you manage dozens of properties and hundreds of units, the financial workload can pile up fast, taking you away from the more productive side of your business. Luckily, with Property Matrix’s digital property management software, the burden of accounting is taken off of your hands, allowing you to get back to what’s important!

Keeping the Books

With all the different properties, units, tenants, and vendors that you have to keep track of as a property manager, it can quickly get out of hand. Documents will be filed away everywhere, spreadsheets will get lost or combined, and invoices will get mixed up. It’s a lot! With digital property management software, however, that is all taken care of. This software allows you to keep a separate set of books for different properties and companies, helping you stay organized and on top of your information. With a detailed account journal, you can itemize your billing and can see exactly what kind of payments are coming in from what sources. By being able to securely store files into the system and search them up with ease, you can access all your information and data easily, without misplacing any important files! Property Matrix can help get your accounts in order, making the rest of your business much easier to manage.

Effortless Transactions

When you manage all these different properties and units, you have a lot of different tenants and vendors who you need to pay or get paid by. Trying to manually send out payment requests and bills to each of these people is time consuming and makes it easy to make a mistake. With property management software, you can set up recurring payments through the system, letting you get the work done while the software ties up all the loose ends. You can also easily view transaction history and attached documents for each individual tenant and vendor, allowing you to see who’s all caught up and who you still have to follow up with or keep track of. All of this, in addition to document and check scanning, means Property Matrix can take care of your payments and bills so you can take care of expanding your business even more!

Budgeting Made Simple

While accounting and payment tracking take up so much of your financial time, budgeting for the future is a necessary step in furthering your business. With property management software, not only are past and present financial burdens lifted, but the future as well! With Property Matrix’s budgeting software, you can create a budget for every type of revenue stream, while comparing with actual values from past months. This way, you can see if you’re above or below budget for every single type of payment, letting you know where to focus your attention. Just like with accounting spreadsheets, here you can create multiple budgets to separate properties or companies, exactly to your liking. And with hundreds of different, customizable reports, Property Matrix can provide you with all the information you need to make easy, informed decisions about the future of your business. Don’t waste your time compiling data, creating reports, and adjusting for the upcoming months; let Property Matrix’s property management software do that for you!

When Simple is Better

With Property Matrix’s property management software, all the stresses of financial bookkeeping are off your hands, letting you connect with tenants, perform maintenance, and expand your business! By being able to generate custom budgeting reports, automate payments, and organize your spreadsheets, you can take care of the rest of your business. Schedule a demo with Property Matrix today and see how else we can give you time back to run your business!