Landlords owning one or more real estate properties, agencies …Regardless of your profile, managing accounts in the rental sector will inevitably involve demanding and complex tasks. While some so-called “traditional” methods are still applied, the development of digital tools has quickly won over agencies, corporations, and landlords thanks to their attractive features.
What are the benefits of real estate accounting software? Which digital solution should you favor…And why this choice? This article will provide you with all the answers you need.
What is real estate accounting software?
The digitization of many areas continues to grow every year. As such, the use of real estate accounting software is especially recommended for agencies, managers, and property owners. You could then ask yourself a relevant question: how can one quickly and easily describe this type of software?
Briefly put, these applications enable you to precisely manage each piece of information relating to your properties while ensuring your accounting. Likewise, this software is dedicated to another significant component: communication. As a result, these tools can handle all the ways you communicate with your tenants, whether by text or by email. The information stored and centralized from your real estate accounting software will then provide comfort and efficiency during each of your efforts. Note, however, that these features are only available in certain applications.
Of course, certain software suites such as Office offer features that have become essential for gathering and processing large amounts of data. However, accounting software for your property management will offer you several additional and extremely effective tools. Such tools inevitably bring added popularity to these digital solutions where many benefits can be outlined. What do these entail?
What are the benefits of accounting software for your property management?
Optimize your performance according to the market
It goes without saying that optimal lease management requires some analysis of current market values. The centralization of data via real estate accounting software will help you to ensure this periodic and essential stage of the process. The reassessment of the number of your rents according to the verified supply, demand, and municipal “charges” is simplified. If the results are such as to justify an increase in price for a currently occupied unit, this can be considered before new leases are signed.
In short, optimizing your performance (or that of your corporation/agency) according to the market will help you to avoid long periods of vacancy or even losses relating to undervalued rent… A benefit that is particularly profitable for your activities!
Save time and money during your administrative tasks
Logically, the use of accounting software for your property management will save you time… And likewise, your money.
First, the features relating to communication will enable you to “group” your messages or emails, regardless of their destination. As a result, you only need a few minutes to draft/scan your document, configure your message (s) based on a contact list, and finally validate the process.
Landlords, agencies, and corporations can also use accounting software for property management to automate other tasks. In fact, these tools will enable you to import a digital file from Revenu Québec. This possibility will provide for the creation of RL-31 slips with ease. The manual update of information relating to your tenants is therefore no longer necessary…Cost and time benefits.
Analyze and forecast all of your income and expenses
Forecasts are essential for noting the relevance of strategies. Also, each landlord, corporation, or agency must consider certain unavoidable expenses in the rental sector. Creating budgets associated with income and expenses can be done accurately. This possibility obviously includes specific and unique situations depending on your activities.
Of course, this research can be carried out from so-called “traditional” solutions. However, real-time updating of confirmed income and expenses via real estate accounting software will enable you to ascertain the relevance of your choices and, in some cases, to avoid problematic situations on the financial side. You will be able to reassess and readjust your strategies to once again optimize your performance as a landlord or that of your corporation/agency.
Centralize rental data and management tools
In addition to the information mentioned above, the centralization of data offered by real estate accounting software concerns your information associated with invoicing. The automatic processing and recording of paid or pending invoices limits entry errors while saving your time (or that of your team).
As part of a corporation or agency, the centralization and automatic processing of your software will allow agents to devote themselves to other pressing tasks such as resolving discrepancies, verifying reports, or analyzing inconsistencies in your accounting.
Get the big picture with comprehensive dashboards
Combining several applications can lead to complex (and sometimes erroneous) analysis. Naturally, this type of situation is made particularly difficult when it comes to decisive accounting data.
The centralization of each relevant piece of data via accounting software for your property management enables you to analyze your situation and your forecasts in a few clicks from a complete interface. Depending on your application, your dashboard (s) will group verified analytical data, a great convenience for each professional or landlord owning several rental units.
Achieve accounting compliance
Accounting is a tricky subject for any professional or landlord working in the real estate sector. In fact, a simple mistake can lead to heavy penalties such as the withdrawal of a license. Your goal is therefore to comply “to the letter” with regulations (and more specifically IFRS 16). However, official changes regarding accounting compliance might elude your activities and create complicated situations.
While real estate accounting software cannot ensure the compliance of your activities, some of them can analyze your data before notifying you of compliance with national regulations.
Microsoft Dynamics 365 for Finances and Operations: a wise choice for your rental management
Rightly considered as a true benchmark, Microsoft Dynamics 365 for Finance and Operations is an ERP recognized worldwide for its features and its extremely efficient interface. Adapted for small, medium-sized, and large companies, this application has been developed for many years, distinguishing itself from other competing solutions because of its accessibility. In addition to features specific to property management software, Microsoft Dynamics 365 for Finance and Operations offers other relevant analytics.
Available on PC, smartphone, or touchscreen tablet, this software will integrate perfectly into your ecosystem while ensuring reliable security of your data via cloud storage. Finally, the compliance of your information will naturally be verified during each processing operation.
Implement Microsoft Dynamics 365 for Finances and Operations with Gestisoft
By choosing Gestisoft to implement Microsoft Dynamics 365 for Finances and Operations, you will benefit from entirely personalized services according to your profile (or that of your company, corporation, or organization). Our goal? To ensure that your solution is carried out to optimize your activities as quickly as possible. Our team is at your disposal to answer each of your queries. Contact us to tell us about the managerial challenges in your property management company.