Budgeting. It’s that wonderful exercise, which you do to tell your money where to go, instead of wondering where it went. To give you more control over managing the finances of any Residential Community, we have now released the Budgeting Module in the Society Management System, ADDA.
It is simple to use, easy to set up, yet has the potential to be extremely helpful.
With the budgeting module in ADDA, we not only help you to plan your expenses better but also give you a mathematical confirmation of how much maintenance fee you should charge to cover your expenses.
Budgeting Benefits available in Society Management System, ADDA:
1. Prevents overspending
Set a Budget for each Expense Item, from the Expense Tracker module. A Budget Vs Expense chart right on your dashboard along with Variance will bring to your notice if you have exceeded the Budget any time of the year (Pro-rated budget value till date vs actual expenses)
2. Find out where over-spending has happened through the Right Society Management System
Detailed Budget reports will tell you which item has been subject to over-spending. It also tells you if the variance in other items is enough to manage over-spending in some other head.
3. Validate your Society Maintenance Fee
Whether you are charging maintenance based on sq ft value or you have a flat charge per apartment, the budget report helps you validate whether you are charging the right value.
For example, it helps you arrive at the minimum per sq ft maintenance charge you should have to cover your expenses. If your maintenance charge is below this, then you should look at increasing it.
However, being an ADDA user, you should be able to reduce the society maintenance fee over time.
There are several Apartment Complexes that have been able to reduce maintenance charges, by taking their collection to nearly 100%. ADDA also opens up many other channels with which MCs can increase their income, resulting in reduced maintenance charges.
Do contact our Customer Success team for any help regarding the usage of the Budget module, from here.