{"id":10443,"date":"2019-12-10T08:45:41","date_gmt":"2019-12-10T08:45:41","guid":{"rendered":"http:\/\/adda.io\/blog\/?p=10443"},"modified":"2023-11-02T03:50:27","modified_gmt":"2023-11-02T03:50:27","slug":"tackling-the-accounting-bull-by-the-horns","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2019\/12\/tackling-the-accounting-bull-by-the-horns\/","title":{"rendered":"Tackling The Accounting Bull &#8211; By The Horns"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Having accounting responsibilities is no mean feat. Several thousands, sometimes lakhs and crores of money have to be tracked by the individual(s) in charge of the accounts of any establishment whatsoever, A housing society accountant or the management committee member responsible for the accounting job to be done flawlessly, is no different from corporate accountants. The job perhaps becomes slightly harder since they are answerable to each and every resident of the community about total income, expenditure and savings. Perhaps, that is why we observe a rising trend of housing society accounting software in the market. Such accounting software eases the job of the management committee and also cuts down the chances of errors in the books drastically.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10480 size-full\" src=\"http:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Tackling-The-Accounting-Bull-By-The-Horns.jpg\" alt=\"ADDA Society Accounting Software\" width=\"1200\" height=\"628\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Tackling-The-Accounting-Bull-By-The-Horns.jpg 1200w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Tackling-The-Accounting-Bull-By-The-Horns-300x157.jpg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Tackling-The-Accounting-Bull-By-The-Horns-1024x536.jpg 1024w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Tackling-The-Accounting-Bull-By-The-Horns-150x79.jpg 150w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Tackling-The-Accounting-Bull-By-The-Horns-768x402.jpg 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e58265c93a5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e58265c93a5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/adda.io\/blog\/2019\/12\/tackling-the-accounting-bull-by-the-horns\/#The_Management_Software_You_Need\" >The Management Software You Need<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/adda.io\/blog\/2019\/12\/tackling-the-accounting-bull-by-the-horns\/#Theres_No_Investment_Like_Cost_Optimisation\" >There\u2019s No Investment Like Cost Optimisation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/adda.io\/blog\/2019\/12\/tackling-the-accounting-bull-by-the-horns\/#Book_Reconciliation_Must_Be_Your_BFF\" >Book Reconciliation Must Be Your BFF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/adda.io\/blog\/2019\/12\/tackling-the-accounting-bull-by-the-horns\/#Reduce_Defaulters_Communicate_Better\" >Reduce Defaulters &amp; Communicate Better<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_Management_Software_You_Need\"><\/span><b>The Management Software You Need<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As a management committee member in charge of your society\u2019s accounts, there are several things you need to take care of. Two primary responsibilities are &#8211; tracking income\/expenditure and reconciliation of the books.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Transparency is of utmost importance in a housing society. There is no hierarchical system of administration in a housing society. It is a team of equals, therefore, chances of clashes at the slightest possible miscommunication is very high. To ensure a peaceful and harmonious environment in your housing society, the first rule is to keep the finances in order always.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The committee must keep regular track of all income and expenses made. Considering housing societies are growing in size daily, with hundreds of units in a single premise, it is very important to keep a regular check on the financial records of the society. Housing society accounting software gives you the privilege to track expenses and income of your community right in the palm of your hands. It gives you the leverage to accomplish your management committee responsibilities from the comfort of your home or in between your day\u2019s activities. Considering, these software give a select few people admin access on the backend, it helps to keep finance details safe.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10446 size-full\" src=\"http:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-Software.jpg\" alt=\"Housing Society Accounting Software\" width=\"560\" height=\"315\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-Software.jpg 560w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-Software-150x84.jpg 150w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-Software-300x169.jpg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-Software-355x199.jpg 355w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Tracking expenses and income daily has long standing benefits &#8211; it stops any kind of financial leakage in the initial stages; helps to understand expenses that are unnecessary; gives an idea to budget more sustainably; assists to devise plans of investments on community infrastructure with good ROI.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Theres_No_Investment_Like_Cost_Optimisation\"><\/span><b>There\u2019s No Investment Like Cost Optimisation<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Keeping a stagnant income-expense tracker or a model where expenses are high, is not sustainable. The long term goal of all housing society and their respective residents should be to reduce expenditure with every passing year and focus on infrastructure development contributing to longer shelf life of the community.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing society accounting software are equipped to help optimise the costs of maintenance of your society with time. Regular tracking of expenses, their comparison with the income with proper visual representations, instant recall of past records together give an in depth view of the financial status of the community. These records give the comprehensive data required to strategise a leaner and more sustainable financial model for the society.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Purchase requests with an approval model also help to bring down costs. Before any item is bought for the use of community members, it always helps to review it and ask \u201cWhy do we need it?\u201d multiple times.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most housing society accounting software come with integrated services like tracking community staff attendance. This in turn helps to understand if the investment done on human resources for society management is bringing back the desired ROI or not. The thorough documentation helps to bring in gradual and sustainable changes in the financial model that helps the community not only save more, but also augment revenue.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10447 size-full\" src=\"http:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting.jpg\" alt=\"Housing Society Accounting\" width=\"560\" height=\"315\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting.jpg 560w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-150x84.jpg 150w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-300x169.jpg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-Society-Accounting-355x199.jpg 355w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Book_Reconciliation_Must_Be_Your_BFF\"><\/span><b>Book Reconciliation Must Be Your BFF<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you are in charge of your housing society\u2019s accounts, you know by now, this is as good as the responsibility you have to shoulder in office or at home. One of your primary duties, is reconciliation of all books.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is where housing society accounting software is a massive help. It is a known fact that the management committee volunteers their time to society management beyond the usual call of duty. A housing society has its income under several heads. Apart from maintenance, there\u2019s utility bills, payments from facility booking or even payments from third parties in case, the society rents out community assets. Expenses include payment of taxes, staff salaries, regular maintenance of the community among others.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Different stakeholders who contribute to the society income also prefer a variety of payment methods. The best part about housing society accounting software is they come with an inbuilt feature of allowing maintenance payments in the frontend. It accommodates payment through UPI, Credit\/Debit Card, Netbanking, cheque or even cash. It helps to know how many online and offline transactions have occurred. It also helps the societies to find the most effective payment mode to ensure fund collection is more streamlined.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing society accounting software can link in more than one Association bank accounts. However, switching between records in a digital space is easy and with automatic updates of the books, reconciliation becomes that much easier. One of the greatest advantages of regular and quick book reconciliation is to prevent leakage of funds for any reason whatsoever. Also, it lightens the burden on the finance team of the committee during the annual audits. Your books are constantly updated and reconciled to be given to the auditor, as is.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Reduce_Defaulters_Communicate_Better\"><\/span><b>Reduce Defaulters &amp; Communicate Better<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Housing society accounting software are not just there to aid with accounting. These software and apps are multipurpose. Designed to not just do your accounting but also augment revenue. A step in that direction is auto generation of invoices as well as reminders to pay maintenance dues. A simple reminder goes a long ago to cut down defaulting noticeably. It helps to augment revenue of the society at large. Not just that. They also help the MC communicate with residents through app notices or SMS or emails regarding any important notice. Housing society accounting software is the modern solution to the age old problem of seamless administration in housing societies.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10449 size-full\" src=\"http:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-society.jpg\" alt=\"Housing society accounting\" width=\"560\" height=\"315\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-society.jpg 560w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-society-150x84.jpg 150w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-society-300x169.jpg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2019\/12\/Housing-society-355x199.jpg 355w\" sizes=\"auto, (max-width: 560px) 100vw, 560px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">ADDA has been in the field of housing society accounting software for 10 years now. Besides a strong accounting base, they offer a host of services and features to help you live the luxury apartment life fully. To check us out, <a href=\"https:\/\/adda.io\/\">click here<\/a>.<\/span><\/p>\n<p>You may also like to check out,\u00a0<a href=\"http:\/\/adda.io\/blog\/2019\/07\/cooperative-housing-society-accounting-best-practices\/\">Cooperative Housing Society Accounting \u2013 Best Practices.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having accounting responsibilities is no mean feat. Several thousands, sometimes lakhs and crores of money have to be tracked by the individual(s) in charge of the accounts of any establishment&hellip;<\/p>\n","protected":false},"author":18,"featured_media":10480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[2024,2019],"tags":[1396,875,189],"class_list":["post-10443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adda-community-accounting","category-adda-india-housing-society-apartment-management","tag-cooperative-housing-society-accounting","tag-housing-society-accounting","tag-housing-society-management"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/10443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/comments?post=10443"}],"version-history":[{"count":5,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/10443\/revisions"}],"predecessor-version":[{"id":10875,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/10443\/revisions\/10875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media\/10480"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=10443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=10443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=10443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}