The real estate industry is one of the most lucrative markets on the planet. When it comes to real estate developers and operators, there is still a lot of responsibility on them. And ensure that the residential and industrial properties under their management are well-maintained.
This includes conducting consistent inspections to smooth the progress of rent collections, meeting maintenance requests, taking care of regulatory compliances, and more.
On top of all this, managing the accounting books becomes overwhelming for them, and with a manual approach towards the same. It simply adds to the overall complexity. This is the reason it becomes imperative for them to invest in an effective, responsive, and innovative real estate accounting system to streamline not only their work processes but also gain a competitive advantage. So, let us dig deeper into selecting the best accounting system for your real estate business.
Key Real Estate Software Selecting Factors
This is probably the first thing When hunting for the best accounting software. If you don’t have any experience with apps, picking one with a weak UX/UI, confusing dashboards, and challenging navigation isn’t a smart choice.
In the long term, the justification for choosing the accounting method to eliminate or simplify routine processes would be forgotten. So, while keeping your technical expertise in mind, you should order a technological demo.
Real estate owners need actionable and informative reports to appreciate the complexities of their market. A strong accounting system should be able to do that easily. This method of monitoring capability not only aids in the evaluation of new, unusable data, but it also improves the client experience. So, once you find software that allows for flexible reporting, such as double-entry accounting, the advantages would merely add to the simplicity at which you can satisfy regulatory/financial criteria.
A combination of the entire back-end and front-end inputs used for creating specific software is basically known as a technical stack. If we talk about the accounting system for property management, a detailed analysis of the same provides you with an in-depth snapshot of software that may necessitate in real-time.
In other words, it helps you to correct equation, recognize gaps, which, in turn, minimize the potential crash risk. Apart from this, it allows you to experiment with different technologies and choose the one having the most established functionality finally.
Mobile and Cloud Compatibility
Since people are always on the move today and most of them prefer using Smartphones for their basic accounting chores.it is essential that your chosen accounting system is cloud-based and compatible with both mobile and desktop devices.
This mobility will make it easy, comfortable, and convenient for you to gain access to fresh information during field-based data capturing without any practical issues. So, search for a system that provides you with a complete suite for reporting and financial management. That including in-depth functionality when it comes to robust lease abstracting, escalations/recoveries, utility, and billing features for tenant service for commercial, multi-family, and other specific markets.
It is imperative that the software is interactive and integrative when it comes to its approach, extent, and nature. This should be capable enough to allow integration of routine workflows using third-party or in-built applications at zero downtime cost.
It should easily manage work orders, lend them a visual outlook, assign them to the right service provider. Also, helps to keep track of their implementation, and generate related invoices during the whole day. In a nutshell, ask yourself the following:
- Can I position the software across various platforms: private and public cloud, SaaS, and on-premises models? Will it allow me to move between such platforms?
- Is the fee covering a limitless number of units, properties, and users?
- Does it include security and role-based setup?
- Can I get APIs, a platform for web services, industry-specific applications, real-time connectivity, application/payment processing, and credit checks?
- Are a real-time dashboard, alerts, and workflows included in the package?
- Are portals for self-service owner/renter provided?
- Is Office 365 integration and integrated CRM/work order modules available?
- Does the provider offer complete training/ongoing support?
Irrespective of the size of your real estate firm, it is essential to save as much money as possible. So, the cost must be considered before you make your buying decision. Every software comes with its own set of features and costs for customization and development. So, choose a real estate accounting system that best meets your requirements as well as your budget.
Selecting amongst so many software options is difficult for sure, but it is the need of the hour. Investing in software technology is not an option anymore. In the real estate industry as it is more of a necessity.
The latest accounting and other software will help property managers to work efficiently, save time. It also helps in utilizing the same in serving clients and developing competitive strategies. The above-mentioned guidelines will surely help you in selecting the best software for your real estate business.
One imperative thing that you must keep in mind is the fact that in order to leverage software potential, you need to be technically sound too. You can opt for accounting outsourcing providers to manage your books if you are not good at operating software or lack time for the same, This is not only a cost-saving option as compared to hiring an in-house accountant but also opens the doors of great experience and expertise for you.