Managing accounts of a residential society in a metro city of India can give nightmares to even Aryabhata and Einstein. Besides, managing the accounts of so many people at a time is a tedious job as well. Hence, it is wise to invest in accounting software for housing society, software for society accounting loaded with end-to-end accounting features, and other society account management features. These residential accounting tools bring transparency to the entire system by making things simpler, easier, and effective. We bring you a few important reasons why residential accounting software for housing society, software for society accounting is important.
Load off the burden from the shoulders of a treasurer
Today, residential societies or apartments in our metro cities are bigger than suburban villages. Their population will soon outnumber the population of a few small countries in our neighborhood. So imagine the plight of a treasurer tracking maintenance dues of residents living in such complex societies. It is not only difficult to collect outstanding dues from society members, usually collected monthly or quarterly, but also manually issuing receipts by hand to hundreds of people can be very challenging. Therefore accounting software dedicated to residential apartments can help reduce the burden of a treasurer.
Track Records of expenses
There are many expenses incurred by the society such as salaries to security guards, utility expenses per apartment, park and road maintenance, water tankers, and installing other necessary infrastructure, etc. Keeping their record is a Herculean task for the one who is assigned the job. Accounting software can help track in tracking both direct and indirect expenses incurred by society.
Verify the flat owner for maintenance dues
Finding flat owners in a society who have not paid their dues is like searching for a needle in a haystack. At the end of every month, flat owners pay for the maintenance of society. It gets messy when the treasurer spends copious time checking which member has made the particular payment when multiple flats are paying the same amount since the bank only shows the amount received etc. Residential apartment accounting will automatically keep a record and also issue receipts to members who have paid their dues. This makes it easy to identify flat owners who have not yet paid their dues.
Society account managing
Managing accounts manually is prone to many risks and errors. By investing in residential apartment accounting software, you are actually making the entire process automatic. The software is programmed to do its job and can never go wrong. The best part is that it does its work on time always without any excuses whatsoever.
Make monetary transaction digit
Paying in cash or by other means such as a cheque can become unmanageable and also give rise to errors in the final audit. Residential apartment accounting software makes it easy for the society treasurer to collect money from residents. The software digitizes the whole process and allows residents to pay their dues electronically. Thus it also helps keep an electronic record of the payments in an effective manner.
Track society maintenance
The maintenance amount collected every month is divided into multiple categories such as sinking funds, society lift maintenance, retirement funds, etc. While some members pay monthly, some pay the dues in advance for 6 months or 1 year. Suppose if the amount for any category gets revised during the year it is an extremely tough job for the treasurer to track the remaining dues from members. There are high chances of error while calculating late payments, especially when the amount of maintenance due has been changed and a few flat owners have already paid their dues in advance.
Track society FD/RD maturity date or renewal date
The society management committee people needs to remember the maturity date of the fixed deposit or recurring deposit. If they forget to track the Bank FD and neither they withdrew it, nor renewed it and they approach the bank asking for full interest as of applicable FD rate till the period of withdrawal and not the maturity date, the bank will refuse to do so as per the law. A society accounting software can cater to the needs of tracking the maturity date of FD/RD, of society members.
Give Data at the end of the financial year
The end of a financial year not only creates ripples in the corporate world but also in societies brimming with hundreds of beautiful families. At the end of a financial year, societies have to submit correct data to chartered accountants for taxation purposes. It is needless to say how difficult it can get for the treasurer to present the correct information because every detail around the year has been tracked manually.
Conclusion
Accounting software for housing society, software for society accounting will provide a hassle-free, user-friendly experience. The society application manages the housing society through “Push Notification Technology” which will assist the society members to play their roles effectively. There is no need to meet the apartment committee personally because every resident can check the annual budget report and expense report online. It is a less expensive solution for your society management app which will save money and most importantly time.