Property Management Softwares
Whether you're handling just a few apartments or hundreds of units, property management software can assistance you market your property and track tenant accounts accurately and efficiently. And by integrating with your accounting software, property management software applications can provide a unified user experience from advertising vacancies to year-end reporting.
Property management software supports property managers in managing rental properties, condos or homeowner association groups. Key functions of the software contain accepting payments, recording income and expenses, tracking property repair and maintenance costs and producing a financial statement on a monthly basis.
Through automatically linking property management software to a property company's bank accounts, electronic payments can immediately applied to the accounting records within the software. This also speeds up the bank reconciliation procedure.
To speed up that procedure for manual checks, scan-able property owner bills should be mailed to tenants so that when they return their payment with the scan code, the payment can be immediately applied to the right account.
For accounts payable, the system can automatically print checks and update banking records for the correct balance.
All expenses incurred to maintain and repair an individual unit might be coded with the unit identification so that a complete repair history of a unit is maintained through the system. Having such detailed records makes it possible to calculate the profitability of each unit, a feature not available in many property management software systems.