As residents of a housing society or apartment complex or a gated community, it is very important to stay updated of the financial status of your community. Every resident has the right to know the breakdown of the maintenance charges paid to the Association regularly. They are also within their rights to be informed of all the categories, on basis of which, the maintenance bill is calculated. A gated community or housing society employs staff for the upkeep of the community. They also need to invest in items often for use in the apartment complex. A society/apartment management software helps to streamline the collection of finances, keeping more meticulous records and optimising expenditure to save more.
So if it’s all about the money, then why does a resident have to bother about it, to begin with? Isn’t that the job of the Managing Committee members? The answer to that is no. No, it is not JUST the work of the managing committee. As a resident, it is also your duty to keep in touch with the financial health of your community. Society management is not just the MC’s job; it’s a collective effort by all residents to promote social, administrative, financial and environmental sustainability within their community.
Table of Contents
Pay Only What Is Asked
When it comes to apartment maintenance payment, most of us tend to miss the D-day. Simply because we forgot and the last day merrily waltzed and left as silently. As languishing romantic that may sound, this does burn an extra hole in the pocket. The money most of us pay as late payment penalties, could be better used at other places.Say for instance, a memorable dinner date with your partner or taking the family out for a movie night. Gist of the matter being, make it your New Year resolution to collect the money you would have paid as fine and then treat yourself. So how can this be done? Apartment management software. I kid you not. The modern plethora of apartment management software available in the markets are worth the price. They are mostly nominally charged but makes life so much easier and simpler. Powered with automated invoice generation and reminders, it makes sure you do not miss another maintenance payment. Reminder alerts are sent through SMS, emails and in app notifications. The continuous bombardment of reminders through several channels makes it well nigh impossible to miss maintenance payment requests. The bonus – making payments on time, no late fees, smiling happy pocket.
Pay Easy, Pay Safe
Write a cheque. Wear something okayish. Then trundle to the Association office. Submit cheque. Few days later, the Association office tells you your cheque has bounced. You go to the bank. Resolve issue. Come back. Submit cheque again. So many steps for one maintenance payment. 2020 is all about making life easy and giving time to the finer pursuits of life. Society accounting software, as a part of their streamlining method, makes it possible to pay maintenance bills through their app, with any payment mode of your choice – be it UPI, Credit/Debit Cards, netbanking, etc. Apartment Management Software usually comes with a very easyily understandable UI/UX design to ensure people from all age classes can use the app easily and make most of their community living experience. Most parents these days stay alone while their children are posted in other cities or countries for their job. Considering the app features works from anywhere anytime, the wards can either pay their maintenance bill or they can do the same themselves due to the simple UI.
Are You Underusing Your Facilities?
In all probability, you are. Mostly because they are a hassle to book. What with double books, unclear charges for facility usage and lack of awareness on what is there on offer. So how does a Apartment Management Software solve this problem? How is this even an account related aspect? The clubhouses and other society facilities can be one of the best revenue generators and therefore an important part of society accounting and billing. The services offered by the clubhouses of such societies are top notch but can be availed for half the price. With an Apartment Management Software, you can use your clubhouse facilities to the optimum. For ease of keeping track of society account books, these software automate the booking and payment of clubhouse service. Avoiding double booking and multiple online payment methods, will help you utilise the facilities of your housing society to its full potential as and when you wish to use it. Since all revenue inflow channels are brought into one platform, management of books gets that much easier. Society accounting software automatically updates the books and keeps it ready for auditor checks, with every new entry made. So how is this useful to a resident? The software promotes transparency. Leakage of funds can be easily caught in the initial stages, ensuring you pay a just amount for the services and maintenance for your home. The detailed record of the books, that are always available for recall with just a few clicks keep things clear between the management committee and the residents.
Take A Step Towards Financial Sustainability
A housing society cannot make any progress if they do not strive for financial sustainability. While the peak of such stability ideally means no maintenance payment, we are well aware that might be a little unachievable. But one can always aim to lower maintenance charges. Apartment Management Software with their smart income and expense trackers, multiple verification levels of purchase orders of items, tracking of community staff attendance, detailed account books, all combine to augment revenue and increase savings. Apartment Management Software, with their strict adherence to data privacy, are a safe and efficient way to ensure the betterment of the financial health of your community. While as a resident, you may feel accounts are the job of the Managing Committee, it is not so. An economically successful society is made by the involvement of each and every resident, striving to cut down unnecessary costs and helping to budget better with existing resources.
Click here to know what others think about ADDA – Your Apartment SuperApp.
Also, read about Cooperative Housing Society Accounting – Best Practices.