Maintenance – the one word capable of sending shivers down the spine of any management committee member. With gated communities expanding like never before, the number of individuals responsible to submit their maintenance dues are going up steadily. Management Committee members are individuals who have voluntarily taken up responsibility to manage the well being of the community at large. Collection of maintenance dues, budgeting, expenses, society accounting are some of the pressure points all committee members relate to. With the advent of society maintenance software, society management and accounting have become easier tasks. We have several blogs discussing the benefits of society management software. However, they mostly discuss the topic from the perspective of a Management Committee member. Residents have every right to know the basis of their maintenance collection, the budget for the community and if expenses are done alright.
In this blog post, we discuss how a society maintenance software can help all community members (tenants/owners alike) to remain abreast of the financial status of their community.
Error Free Maintenance Calculation
The bigger the gated community or housing society, the more parameters to keep in mind while calculating maintenance. Oftentimes, taxes owed by the society to the government are collected from residents within their maintenance. There are also other charges like utility fees, corpus and sinking funds – the contribution to which happens from the amount collected as a part of maintenance due. It helps the residents to know the breakdown of the amount they are paying in terms of maintenance. The breakdown promotes transparency in terms of why the resident is paying the decided amount of maintenance. Payment breakdowns of this sort also helps residents to understand the sectors of apartment management where costs can be brought down. Considering the several parameters that need to be calculated to get the final amount to be paid as maintenance due, it is always possible to make erroneous calculations. While a lot of general software can get this calculation done digitally, however, society maintenance software are designed to calculate using all necessary details. The advantage? Admins can enter variables to be calculated, just once. With the advantage of auto calculation, the maintenance is calculated to the T, with an invoice being sent to all residents on a pre-set date. For residents, this makes it easy to keep a track of maintenance paid and maintenance due.
The majority of residents in the gated communities of India do not exactly have a very sedentary lifestyle. The bulk of the residents being corporate workers, government officials, celebrities, politicians, sportspeople, they are often travelling for work. As a result, walking to the Association office within a designated time period to pay their maintenance is not exactly a feasible idea at all times. Also, cheques often get bounced and wastes time to travel to and fro from banks. This is where society maintenance software again comes to the rescue. They provide multiple payment option suitable for every kind of residents. Residents who travel a lot can use the software app to pay their maintenance bill via UPI, Credit/Debit Cards or Netbanking. Individuals who are not comfortable to make payments online, can always stick to cash or cheque transactions and then upload the same details through the app to ensure all transaction records of the community stays at one place, avoiding unnecessary confusion.
Instant Reconciliation Of Accounts
The best way to optimise costs for anything is to keep a constant check on income and expenditure. Most importantly, when the stakeholders are an entire community, transparency is of utmost importance to ensure a healthy society. Society Maintenance Software are equipped to keep a digital database of all transactions to and from society accounts. These database can be easily shared with others as and when required. At the hint of a slightest discrepancy, the residents can ask to check these records. The instant availability of records, the option of including more than one moderator in the backend of such society maintenance software, cut down the chances of foul play in account keeping. In case of any leakages, it also helps to track it right at the initial stages without bleeding the society treasury dry. Another advantage is your books are always up to date to be reviewed by the auditor. The software takes care of tracking and organising every expense and income made, including petty cash.
A Little Reminder Always Helps
The truth is we are all busy people with the weight of our personal lives occupying every single corner of our brain. Sometimes, a gentle reminder goes a long way to help in completing the duties we have. Society maintenance software has the provision to send reminders to residents to pay their dues through app notifications, SMS and email notifications. These reminders help to avoid the hefty late penalty fees on defaulted maintenance, thus saving money for the resident and at the same time augmenting the revenue of the society at large.
Track Your Spending
Society maintenance software not only ease the method of calculating maintenance dues and collecting the payment on time. It also helps to reduce and optimise apartment management costs, which in turn results in lower maintenance dues for the residents.
How does this happen?
Good society maintenance software come with income and expense trackers that give a quick as well as a detailed overview of the income and expenses. Since daily records are available in a pictorial form, along with comparison graphs of previous years or months, it helps to understand and track unnecessary expenditure right at the helm. The constant detailed analysis help every stakeholder of a gated community to review and reevaluate their expenditure.
Not just that! Society maintenance software often pack in other features like visitor management, communication, facility booking that streamline the apartment management needs. It helps to cut down on manual labour, staff optimisation and avoids clutter due to its paperless method of functioning.
Apartment management apps are now a common feature in the market today. Are you interested in digitising your society management needs? Contact us today to schedule a demo.
You may also be interested in 7 Reasons Why Having A Society Management Software is A Must.
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