As a part of the Accounting Ask Me Anything webinar held by ADDA, on 18th May, 2024, Mr Divakar Koyande, spoke about how to set up a robust accounting system for a Residential Community.
Mr Divakar Koyande is an esteemed member of the government as Statutory Auditor for Cooperative Societies. He is also a Guest Lecturer on Cooperative issues for Maharashtra Rajya Sahakari Sangh along with Mumbai Sahakari board and Sahakar Bharati Committee.
Mr. Divakar, took the attendees back to the basics, with a session on the pillars of a thriving accounting setup. He spoke about 5 pillars:
- Pillar 1: Transparent Financial Reporting
- Pillar 2: Effective Budgeting and Expense Management
- Pillar 3: Compliance and Legal Obligations
- Pillar 4: Proper Documentation and Record-Keeping
- Pillar 5: Active Member Participation and Oversight
In his session, he mentioned the importance of instilling confidence in the residents by setting up a transparent financial reporting system. This is only possible with an online accounting system. He spoke about how Budgeting and Expense management is extremely important. A residential community should be equipped with the right tool to be able to manage these aspects efficiently.
Understanding the legal requirements and regulations is extremely important, along with proper documentation and record keeping. And last but not least, active participation of society members is extremely important. This can only happen when the Management Committee has chosen a robust platform which gives easy to use and access reports.
Download the detailed slides of the session from here
ADDA, helps the Management committee members to set up all these pillars effectively.
Contact ADDA today, if you want to set up a robust Accounting system for your Residential Community.