{"id":14339,"date":"2022-03-17T07:34:50","date_gmt":"2022-03-17T07:34:50","guid":{"rendered":"https:\/\/adda.io\/blog\/?p=14339"},"modified":"2023-11-13T12:33:45","modified_gmt":"2023-11-13T12:33:45","slug":"automated-accounting-engine-an-adda-innovation","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2022\/03\/automated-accounting-engine-an-adda-innovation\/","title":{"rendered":"Automated Accounting Engine &#8211; An ADDA Innovation!"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/03\/Automated-Accounting-Engine-An-ADDA-Innovation-1024x536.jpg\" alt=\"What is Automated Accounting Engine?\" class=\"wp-image-14340\" width=\"591\" height=\"309\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/03\/Automated-Accounting-Engine-An-ADDA-Innovation-1024x536.jpg 1024w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/03\/Automated-Accounting-Engine-An-ADDA-Innovation-300x157.jpg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/03\/Automated-Accounting-Engine-An-ADDA-Innovation-150x79.jpg 150w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/03\/Automated-Accounting-Engine-An-ADDA-Innovation-768x402.jpg 768w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/03\/Automated-Accounting-Engine-An-ADDA-Innovation.jpg 1200w\" sizes=\"auto, (max-width: 591px) 100vw, 591px\" \/><\/figure><\/div>\n\n\n\n<p>Most <strong><a href=\"https:\/\/adda.io\/apartment-association\/society-accounting-software\">housing society accounting software<\/a><\/strong> stops at maintenance bill generation &amp; invoicing when it comes to the financial administration aspects of your Association or Enterprise business.<\/p>\n\n\n\n<p>These software models do not feature all-in-one 360\u00b0 automated accounting and are fully dependent on third-party accounting software integrations available in the digital marketplace.<\/p>\n\n\n\n<p>Evidently, <strong><a href=\"http:\/\/adda.io\/\">ADDA <\/a><\/strong>also integrates with multiple accounting software solutions. But YES, it has innovated <strong>completely inbuilt automated accounting<\/strong> as well.<\/p>\n\n\n\n<p><em>And what&#8217;s more? 70% of the Society Accounting Entries are automatic at one go!<\/em><\/p>\n\n\n\n<p>Keep reading on to know more about the Automated Accounting Engine innovation and the plethora of perks it brings to the table for owners, tenants, and even third-party businesses.<\/p>\n\n\n\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-69d0046476920\" 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-69d0046476920\"  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\/2022\/03\/automated-accounting-engine-an-adda-innovation\/#Invoicing_Collections_from_Owners\" >Invoicing &amp; Collections from Owners<\/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\/2022\/03\/automated-accounting-engine-an-adda-innovation\/#Invoicing_Collections_from_Tenants\" >Invoicing &amp; Collections from Tenants<\/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\/2022\/03\/automated-accounting-engine-an-adda-innovation\/#Invoicing_Collections_from_Third-Parties\" >Invoicing &amp; Collections from Third-Parties<\/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\/2022\/03\/automated-accounting-engine-an-adda-innovation\/#Purchases_Payments\" >Purchases &amp; Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/adda.io\/blog\/2022\/03\/automated-accounting-engine-an-adda-innovation\/#Whats_More_to_Innovation\" >What&#8217;s More to Innovation?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Invoicing_Collections_from_Owners\"><\/span><strong>Invoicing &amp; Collections from Owners<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You just need to make a one-time effort to set up the formulae for your Recurring Invoicing to owners.<\/p>\n\n\n\n<p>The Invoices get generated automatically and sent to each owner. They also become readily available on the ADDA App.<\/p>\n\n\n\n<p>And here\u2019s more &#8211; The journal entries with the accurate debit and credit GL Accounts get posted automatically. <\/p>\n\n\n\n<p>The same happens when the receipt from the owner is entered. The journal entries automatically take place with this housing society accounting software.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Invoicing_Collections_from_Tenants\"><\/span><strong>Invoicing &amp; Collections from Tenants<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you are collecting rent from the tenants on behalf of the owner, the process is equally smooth!&nbsp;<\/p>\n\n\n\n<p>Just set up the contract one-time with details of the rent collection.<\/p>\n\n\n\n<p>Next, invoices get generated and sent to tenants automatically. Accounting entries happen automatically for these Invoices as well as for the payments when they arrive.<\/p>\n\n\n\n<p>If payment is also made online using the ADDA Payment Gateway integrations, then the entire process of Billing, Collection, and Accounting become 100% automated end-to-end. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Invoicing_Collections_from_Third-Parties\"><\/span><strong>Invoicing &amp; Collections from Third-Parties<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you are conducting a society event with sponsors, the same automatic accounting journal entries happen for any invoice. Thus, automatic receipting can be simply made to the sponsors using this <a href=\"https:\/\/adda.io\/apartment-association\/society-accounting-software\">society accounting system<\/a>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purchases_Payments\"><\/span><strong>Purchases &amp; Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Did we tell you there is a complete Purchase Management system in ADDA that starts right from the Purchase Request (by the Site Manager) and goes all the way to purchase order, invoice, and payment?<\/p>\n\n\n\n<p>Needless to say, all society accounting entries involved in this purchases &amp; payments process are also completely automatic.<\/p>\n\n\n\n<p>Right there, your accounting brains are now freed up from these time-consuming processes. It&#8217;s time you can actually focus on Budgeting, Tax Compliances, Contract Reviews, and other housing society accounting strategies.<\/p>\n\n\n\n<p>Get yourself armed with ADDA&#8217;s Automatic Accounting Engine innovation and drive <strong>3X <\/strong>more results to your Community Management business. Make good use of this society accounting software to optimize your existing accounting resources in half the time &amp; cost.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_More_to_Innovation\"><\/span><strong>What&#8217;s More to Innovation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In cases, where the business is part of a larger conglomerate and has aspects of centralized purchases or centralized accounting, there would be a need to integrate with the accounting software used by the Parent Conglomerate. <a href=\"http:\/\/adda.io\/\">ADDA <\/a>brings APIs and an Integration Support Team available for such integrations right to the table.\u00a0<\/p>\n\n\n\n<p>Thus, for most Enterprises and Associations, the ADDA Accounting Engine is perfectly tailor-made and sufficient to meet the industrial needs in real-time.<\/p>\n\n\n\n<p>Missing out on vital <strong><a href=\"https:\/\/adda.io\/apartment-association\/society-accounting-software\">housing society accounting software<\/a> <\/strong>perks on your current system? <a href=\"https:\/\/adda.io\/contact\"><strong>Contact us<\/strong><\/a> at <a href=\"mailto:sales@adda.io\"><strong>sales@adda.io<\/strong><\/a> or <strong>022-48905764 \/ +971 56 2093390 <\/strong>to schedule a free expert demo and learn how ADDA Automatic Accounting Engine can drive better results in your community or business.<\/p>\n\n\n\n<p style=\"color:#ffffff\" class=\"has-text-color has-small-font-size\">Automatic Accounting Automatic Accounting Automatic Accounting Automatic Accounting Automatic <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most housing society accounting software stops at maintenance bill generation &amp; invoicing when it comes to the financial administration aspects of your Association or Enterprise business. These software models do&hellip;<\/p>\n","protected":false},"author":8,"featured_media":14340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[2024,2019],"tags":[548,1279,186,873,166,325],"class_list":["post-14339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adda-community-accounting","category-adda-india-housing-society-apartment-management","tag-accounting","tag-adda-accounting","tag-apartment-accounting-software","tag-automated-billing","tag-society-accounting-software","tag-society-invoice"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/14339","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\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/comments?post=14339"}],"version-history":[{"count":10,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/14339\/revisions"}],"predecessor-version":[{"id":14515,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/14339\/revisions\/14515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media\/14340"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=14339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=14339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=14339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}