As a Management Committee member, you are often faced with multiple questions around the different aspects of the Community. Wouldn’t it be great to have the superpower to be able to answer these questions in a quick and efficient manner?
Having this ability to quickly answer, not only saves your time for the MC, but also gives the residents immense confidence in the Management Committee.
As a part of the Accounting Ask Me Anything webinar held by ADDA, on 18th May, 2024, Mr. Ivan Rosario, a seasoned accounting professional with over 3 decades of experience managing over 100+ societies across India, shared his master tips on the same topic.
Mr. Ivan started his session by talking about one of the most crucial aspects of financials – the financial statement.
He mentioned, “For Management Committees, understanding financial statements is extremely crucial, and understanding these is not that hard”.
Mr. Rosario went on to empower MCs from non-accounting backgrounds to decipher key reports, like the Trial Balance, which gives you a complete picture of your society’s financial health. Once the MCs can understand such reports, keeping an eye on it can give them the superpower to answer any question from the residents at the blink of an eye.
He went on to praise ADDA’s Live Visibility into the financials which takes the guesswork out of financial statements.
Typically residents have multiple questions, around the Expenses of the Community. Most Management Committees do not have ready answers to these questions, as they do not track expenses on a live system like ADDA on a regular basis.
Mr. Rosario went on to stress the point that maintaining expenses on a system like ADDA, and implementing best practices like budgeting, and communicating the same to the residents on a regular basis, instills huge trust and confidence in the residents.
These are also best practices, which ensures that the Community is able to keep a control on the expenses and maintain a healthy financial position.
You can download the detailed slide of the session here, to get more details on the tips and tricks shared by Mr. Ivan.
“Residents are often curious about how much money is there in the Community’s fixed deposits. Many Management Committees do not have a clear view into their Fixed Deposits. This is extremely dangerous and can result in serious loss of money for the Community. This is why the Fixed Deposit module in ADDA can be very useful” said Mr. Rosario.
Mr. Ivan went on to explain how Management Committee members can use various features like AMC tracking, Fixed Deposit module, etc. in ADDA. Judicious use of these features empowers the Committee members to be able to track and keep different information around the most crucial aspects of the community in their fingertips, which is – Compliances & Financials.
Mr. Ivan went on to explain how the Best Management Committee members go one step ahead and proactively equip the residents with information about the runnings of the Community, about community guidelines and compliances.
This makes sure that the Owners / Tenants find the answers to their questions right in the official software of the Community (ADDA) – rather than having to run behind the Community Managers / Accountants or MC members for answers.
You can download the detailed slide of the session here, to get more details on the tips and tricks shared by Mr. Ivan.
“It is great how ADDA shows the breakup of the late payment penalties right in the invoice which the Owner/Tenant receives. This takes care of all questions that the residents might have around the penalty calculation”, added Mr. Rosario.
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