Why Use Real Estate Accounting Software?

property management accountingKeeping track of financial data on a single apartment complex by hand can be challenging enough. Multiply that task with a dozen or more other properties and the process can become a logistical nightmare. Not only is the person tasked with the job somewhat bored by the tedium but errors will inevitably accrue. Everything from investor data to cash flow reports will then be tainted with inaccurate information. Not a situation that any real estate or property manager wants to encounter.

The right software tools, however, can help track this data far more easily and efficiently and then automatically collate it into useful reports. The result is a better portfolio with higher revenues and a better handle on expenses. What is more, industry-specific real estate accounting software systems include features specifically designed to enhance processes.

Property Management Tools

In a similar vein, property managers can provide superior analytics to their upper management or to clients by using the latest real estate accounting software systems. The specific benefits run from better tracking of late payments – with automatic calculations for management, to more timely tenant information so that questions can be answered in a prompt and confident manner. This last fact makes everyone happy. Finally, an integrated accounting system provides a comprehensive view of the property rather than providing information as distinct “data islands.” No more “report vs. report” viewing... just one overall picture of the situation. 

Investor Information

Real estate takes an investment of time and energy on the part of many people to be a successful endeavor. The investors themselves however, only truly value the return on their capital. Furthermore, the most experienced investors expect almost real-time information about their portfolios. Fortunately, the latest property management accounting programs can provide this. In addition, the investors can even be allowed access to the database – with or without editing privileges – so that they can review the information about any property at any time as long as they have a connected device. The benefit to the property manager? Fewer phone calls when you are dealing with other important issues.

General vs Industry Specific Accounting Packages

While basic – or generic, if you prefer – accounting software programs will work fine with one or two properties, they do not offer the functionality of industry-specific ones when it comes to larger or multiple properties. It is simply cost-effective to invest in the right accounting software program as it will yield substantial dividends. Finally, the most sophisticated industry-specific accounting programs can be completely customized to your needs should you feel it necessary.

Take the Next Step

In short, the right real estate and property management software can leave you and your staff with more time out of the office. That fact means more “face time” with both clients and investors – a win-win situation for everyone involved. In addition, the online capabilities means that everyone involved with the property can access info on an as-needed basis. Not only will your clients feel more secure but your business will grow by leaps and bounds.

For more information on integrated real estate and property management software, please visit us at Compare Accounting Software. Our free survey can help you and your staff decide if you actually need a new platform and will help you make an informed decision.