{"id":14523,"date":"2022-05-11T12:30:25","date_gmt":"2022-05-11T12:30:25","guid":{"rendered":"https:\/\/adda.io\/blog\/?p=14523"},"modified":"2023-11-13T12:34:33","modified_gmt":"2023-11-13T12:34:33","slug":"financial-governance-workshop-takeaways","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/","title":{"rendered":"Financial Governance for Communities &#8211; Workshop Takeaways"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/ADDA-Financial-Governance-Workshop-Banner-1024x536.jpg\" alt=\"Workshop Event Banner\" class=\"wp-image-14525\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/ADDA-Financial-Governance-Workshop-Banner-1024x536.jpg 1024w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/ADDA-Financial-Governance-Workshop-Banner-300x157.jpg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/ADDA-Financial-Governance-Workshop-Banner-150x79.jpg 150w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/ADDA-Financial-Governance-Workshop-Banner-768x402.jpg 768w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/ADDA-Financial-Governance-Workshop-Banner.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>It is officially time for all living communities to achieve best practices for their long-term financial stability &amp; prosperity. Towards this, <a href=\"https:\/\/adda.io\/\"><strong>ADDA <\/strong><\/a>returned almost after 2 years of COVID with an offline workshop on <strong>\u2018Financial Governance for Communities\u2019<\/strong>.&nbsp;<\/p>\n\n\n\n<p>It was held on 7th May 2022 in Teri Auditorium, Domlur, Bengaluru.<\/p>\n\n\n\n<p>A panel of community management experts offered result-driven practices, and practical insights, and busted popular myths on Financial Governance throughout the interactive workshop.&nbsp; <\/p>\n\n\n\n<figure class=\"wp-block-embed-vimeo wp-block-embed is-type-video is-provider-vimeo wp-embed-aspect-9-16 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/vimeo.com\/708636652\n<\/div><\/figure>\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-69da14f90127a\" 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-69da14f90127a\"  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\/05\/financial-governance-workshop-takeaways\/#Keynote_Speakers\" >Keynote Speakers<\/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\/05\/financial-governance-workshop-takeaways\/#Key_Workshop_Takeaways\" >Key Workshop Takeaways<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#1_What_is_the_role_of_RERA_in_society_budgeting\" >1. What is the role of RERA in society budgeting?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#2_Points_to_Note_on_Builder-Association_Handover\" >2. Points to Note on Builder-Association Handover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#3_Fundamentals_of_Billing_Accounting_Operations\" >3. Fundamentals of Billing &amp; Accounting Operations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#4_Financial_Prosperity_%E2%80%93_Community_Hierarchy_of_Needs\" >4. Financial Prosperity &#8211; Community Hierarchy of Needs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#Importance_of_Financial_Governance_in_Communities\" >Importance of Financial Governance in Communities<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#1_The_Reality_of_Residents_Treasurers_in_Gated_Communities\" >1. The Reality of Residents &amp; Treasurers in Gated Communities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#2_E-Governance_%E2%80%93_What_is_it\" >2. E-Governance &#8211; What is it?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#3_Procurement_Billing_System\" >3. Procurement &amp; Billing System<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#GST_Taxation_Checklist_for_Communities\" >GST &amp; Taxation Checklist for Communities<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#1_Why_do_Treasurers_Need_an_Accounting_Schedule\" >1. Why do Treasurers Need an Accounting Schedule?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#2_Why_Choose_a_Robust_Society_Accounting_System\" >2. Why Choose a Robust Society Accounting System?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#3_Common_Accounting_Challenges_Faced_by_Treasurers_and_Their_Solutions\" >3. Common Accounting Challenges Faced by Treasurers and Their Solutions<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/adda.io\/blog\/2022\/05\/financial-governance-workshop-takeaways\/#The_QA_Session\" >The Q\/A Session:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Keynote_Speakers\"><\/span><strong>Keynote Speakers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here\u2019s what our key speakers talked through:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>San Banerjee,<\/strong> <em>Co-founder &amp; CEO, ADDA<\/em>, tackled the \u2018Top Myths Busted About Community Finances and Accounting\u2019.<\/li><li><strong>Sunil A,<\/strong> <em>Sr. Product Specialist, ADDA<\/em>, explored \u2018GST &amp; Taxation Checklist for Communities\u2019.<\/li><li><strong>Rahul Raj,<\/strong> <em>Treasurer, Shanthi Nagar Residents\u2019 Association<\/em>, discussed \u2018Financial Governance and its Importance in Communities\u2019.<\/li><li><strong>Iswar Dixena<\/strong>, <em>Management Committee, Prestige Sunrise Park Birchwood<\/em> led \u2018A Walkthrough on Setting Up Your Finances During Builder to Association Handover\u2019<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"305\" src=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/Workshop-speakers.jpg\" alt=\"Workshop Speakers\" class=\"wp-image-14526\" srcset=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/Workshop-speakers.jpg 600w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/Workshop-speakers-300x153.jpg 300w, https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/Workshop-speakers-150x76.jpg 150w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Workshop_Takeaways\"><\/span><strong>Key Workshop Takeaways<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u201cThis is where it gets technical,\u201d San starts off smiling. Some of the major takeaways from her keynote are as follows &#8211;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_is_the_role_of_RERA_in_society_budgeting\"><\/span><strong>1. What is the role of RERA in society budgeting?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>At the beginning of every financial year, every community must do its budgeting and send it to RERA for approval. Only then, error-free maintenance invoices can be issued.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Points_to_Note_on_Builder-Association_Handover\"><\/span>2<strong>. Points to Note on Builder-Association Handover <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Once 51% of units are sold, the builder must register an Association under the<a href=\"https:\/\/adda.io\/blog\/2009\/11\/owners-association-registration-of-apartment\/\"> <strong>Apartment Owners Association (AOA)<\/strong><\/a> Act.&nbsp;<\/li><li>If not done, at least 7 or more members can form it under <a href=\"https:\/\/adda.io\/blog\/wp-content\/uploads\/2022\/05\/THE-KARNATAKA-SOCIETIES-REGISTRATION-ACT-1960.pdf\"><strong>Karnataka Societies Registration Act 1960<\/strong><\/a>.&nbsp;<\/li><li>Post this, the Association must have <strong><a href=\"https:\/\/www.societyplus.co.in\/blogs\/what-is-conveyance-and-deemed-conveyance\" target=\"_blank\" rel=\"noopener\">deemed conveyance<\/a><\/strong> to name the land after their society. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Fundamentals_of_Billing_Accounting_Operations\"><\/span><strong>3. Fundamentals of Billing &amp; Accounting Operations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Categorize <a href=\"https:\/\/adda.io\/blog\/2021\/03\/apartment-maintenance-charges-all-you-need-to-know\/\"><strong>apartment maintenance charges<\/strong><\/a> on line items based on day-to-day &amp; mid\/long-term expenses.&nbsp;<\/li><li>Use best billing practices to ensure healthy cash flow and greater interest income in your Association&nbsp;<\/li><li>Go for the golden rules of accounting for seamless year-end auditing. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Financial_Prosperity_%E2%80%93_Community_Hierarchy_of_Needs\"><\/span><strong>4. Financial Prosperity &#8211; Community Hierarchy of Needs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Every Association must diversify finances and not be dependent on maintenance collections alone.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You can save up to 40% of repair &amp; breakdown costs by preventive asset maintenance.<\/li><li>Go for other investment options than FDs like bank bonds for higher returns.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/1txHAH8F5o2PR5fnKMA0TmAUp7azmNO276QQ5WARVsoT8MBRd3n8aKMXgPz6ZgNr9o_DJeK8v4mVXIxCnz8TnwTPbgfz-nf59JUUdaIi5MxY-SKuJSWooTVCJayOvtoGdgMoARZEGQ-w03mXFQ\" alt=\"\" width=\"290\" height=\"386\"\/><\/figure><\/div>\n\n\n\n<p>Much like Maslow\u2019s hierarchy, the MC should take note of ADDA\u2019s community hierarchy of needs below &#8211;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Official communication forum for respected communities.<\/li><li>Financial transparency in billing and accounting.<\/li><li>Total no-nonsense gate management for security and privacy.<\/li><li>Existing facility monetization like the clubhouse for higher revenue.<\/li><li>Vendor services in vacant spaces. Take, for instance, <a href=\"https:\/\/adda.io\/blog\/2020\/11\/apartment-revenue-generation\/\"><strong>ADDA Rev-Gen Engine<\/strong><\/a>.&nbsp;&nbsp;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Financial_Governance_in_Communities\"><\/span><strong>Importance of Financial Governance in Communities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the next session, Rahul stressed the importance of E-governance in a smart gated community. He also defined gated communities as a self-designed arrangement of processes &amp; regulations. The major takeaways are as follows &#8211;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_The_Reality_of_Residents_Treasurers_in_Gated_Communities\"><\/span><strong>1. The Reality of Residents &amp; Treasurers in Gated Communities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The reality of the e-governance for respective owners in such gated communities is &#8211;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><div class=\"pcrstb-wrap\"><table class=\"\"><tbody><tr><td><strong>Resident<\/strong><\/td><td><strong>Treasurer<\/strong><\/td><\/tr><tr><td>1. Dissatisfaction with the existing MC and its decision-making.<br>2. Unavailability in MC meetings to poll opinions<br>3. Visitor threat<br>4. No proper helpdesk system<br>5. Unattended facility issues<\/td><td>1. Criticism from other MC members<br>2. Unpaid professional finances management<br>3. Unawareness of budget variance to actuals<br>4. Unsystematic invoicing &amp; receipting<br>5. Lack of confidence in issuing vendor cheques.<\/td><\/tr><tr><\/tr><tr><\/tr><tr><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_E-Governance_%E2%80%93_What_is_it\"><\/span><strong>2. E-Governance &#8211; What is it?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The five pillars of E-Governance are &#8211; a) Common objective, policy &amp; processes, b) Smart management people, c) Accountability of concerned bodies, d) Facility &amp; vendor resources, and e) Information &amp; Communication Technology (ICT) platform which is also a total service provider (TSP).&nbsp;<\/li><li>The must-have features in a reliable TSP are integrated dashboards for all admins, online broadcasting, a voting system, an asset register, and much more.&nbsp;<\/li><li>Major e-governance issues come first in selecting\/entrusting an ICT provider as per budget &amp; support, then implementing it. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Procurement_Billing_System\"><\/span><strong>3. <\/strong>Procurement &amp; Billing System<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>A procurement system involves purchase management in 4 steps that start right from <a href=\"https:\/\/adda.io\/blog\/2010\/10\/automated-purchase-request-workflow\/\"><strong>Purchase Request<\/strong><\/a> and move to purchase order, invoice, and payment.&nbsp;<\/li><li>With a good procurement system, treasurers can overcome issues like wrong vendor deliveries, monthly overbudget, inaccurate invoices &amp; due payments, and much more.&nbsp;<\/li><li>Next, an efficient billing system must ensure fixed CAM charges, 100% automated billing &amp; virtual payment support. <\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/FSIddOEakAIyti6?format=jpg&amp;name=large\" alt=\"Image\" width=\"456\" height=\"342\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GST_Taxation_Checklist_for_Communities\"><\/span><strong>GST &amp; Taxation Checklist for Communities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the third session, Sunil talks about how a robust <a href=\"https:\/\/adda.io\/apartment-association\/society-accounting-software\"><strong>society accounting software<\/strong><\/a> can help treasurers right from bookkeeping to book closure. The major takeaways are mentioned below &#8211;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Why_do_Treasurers_Need_an_Accounting_Schedule\"><\/span><strong>1. Why do Treasurers Need an Accounting Schedule?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Challenge: <\/strong>During or at the time of a financial audit, a treasurer faces issues with cash flow management, accounting system organization, financial reports, incomplete auditing, and much more.&nbsp;<\/p>\n\n\n\n<p><strong>Solution: <\/strong>Follow a periodic accounting schedule as shown below &#8211;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/fGapNdGolkr24djgSwBlrvYowGmHtI9hD1SPBiMjLpstbrDdEb4_jV0clCtvlt-ELZ2wqAugbeAASrVbWt7mlVOJw69V04DeGH-GPfjRrBBStKu9tIcvET2j52shluM3Uj4ZaA18ekxyecSzbA\" alt=\"\" width=\"450\" height=\"337\"\/><\/figure><\/div>\n\n\n\n<p>Check out our <a href=\"https:\/\/adda.io\/blog\/2021\/08\/financial-audit-of-an-apartment-webinar-takeaways\/\"><strong>Financial Audit Webinar<\/strong><\/a> here for more information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Why_Choose_a_Robust_Society_Accounting_System\"><\/span><strong>2. Why Choose a Robust Society Accounting System?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>An automated society accounting software provides accurate data with intelligence<\/li><li>It costs less than 0.5% of your total monthly expenses.&nbsp;<\/li><li>It is built, tried &amp; tested with global best practices.&nbsp;<\/li><li>Like a robust system, ADDA supports 5 distinctive modules such as Income Tracker, Expense Tracker, Bank Reconciliation, General Ledger, and Utility Tracker. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Common_Accounting_Challenges_Faced_by_Treasurers_and_Their_Solutions\"><\/span><strong>3. Common Accounting Challenges Faced by Treasurers and Their Solutions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1. <strong>Challenge: <\/strong>Tracking of invoices, receipts, GST summary &amp; closing balance of each income account.<\/p>\n\n\n\n<p><strong>Solution:<\/strong> Get 50+ MIS reports on the ADDA Income Tracker module to track all such details in a click.&nbsp;<\/p>\n\n\n\n<p>2.<strong> Challenge: <\/strong>Ensuring proper expense comparison by depending on Excel sheets or multiple systems.<\/p>\n\n\n\n<p><strong>Solution: <\/strong>Access total transactions &amp; expenses on line items for each period ledger-wise<\/p>\n\n\n\n<p>3. <strong>Challenge: <\/strong>Difficulty in budget management<\/p>\n\n\n\n<p><strong>Solution: <\/strong>Get a complete picture of the budgeted amount, actuals, variance percent, and GST applicability\/non.&nbsp;<\/p>\n\n\n\n<p>4. <strong>Challenge: <\/strong>Managing cash inflow and outflows in your Association\u2019s treasury.<\/p>\n\n\n\n<p><strong>Solution: <\/strong>Get detailed cashflow statements every month to check your income &amp; expenses.&nbsp;<\/p>\n\n\n\n<p>5.<strong> Challenge: <\/strong>Tracking deficit and surplus in the financial statement.&nbsp;<\/p>\n\n\n\n<p><strong>Solution: <\/strong>Get ready-made financial reports of assets and liabilities with proper grouping and detailed information in a click.<\/p>\n\n\n\n<p>6. <strong>Challenge: <\/strong>Wasting spare time in preparing the auditing schedule<\/p>\n\n\n\n<p><strong>Solution: <\/strong>Download ready-made auditing schedules like maintenance receivables, payables, credit notes, member closing balance, etc in a few clicks.&nbsp;<\/p>\n\n\n\n<p>In the last session, Iswar Dixana highlighted best practices for efficient management handover. We agree with him that sustained financial governance can safeguard your community from pressing legal issues in the long run.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_QA_Session\"><\/span><strong>The Q\/A Session:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Q. How to mark GST &amp; Income Tax provisions in a TSP for vendor management?<\/p>\n\n\n\n<p>Ans: In an efficient TSP, a treasurer can manage vendors by marking TDS &amp; GST during invoicing, return filing GST &amp; TDS reports, and checking financial statements.<\/p>\n\n\n\n<p>Q. How to ensure proper budgeting of invoices in a TSP?<\/p>\n\n\n\n<p>Ans: In an efficient TSP, you will have the option to budget as per the Chart of Accounts for analyzing the variances against invoices.&nbsp;<\/p>\n\n\n\n<p>Q. Can an Association register under the KAOA 1972 Act in the absence of a builder?&nbsp;<\/p>\n\n\n\n<p>Ans: Yes, an Association can register itself under KAOA 1972 Act with the deemed conveyance in absence of a builder.<\/p>\n\n\n\n<p>Q. Is there a law imposing non-occupancy charges (NOC) on flat owners?<\/p>\n\n\n\n<p>Ans: Yes, as per section 79A of the Maharashtra Cooperative Societies Act, 1960, an owner incurs NOC up to 10% of the society\u2019s service charges if he keeps his flat vacant or on rent.&nbsp;<\/p>\n\n\n\n<p>Q. Can I check warranty documents of assets during maintenance?<\/p>\n\n\n\n<p>Ans: You can track asset maintenance history against each basic or AMC asset using the ADDA Asset Tracker module.&nbsp;<\/p>\n\n\n\n<p>Q. What are the best practices for society billing?<\/p>\n\n\n\n<p>Ans: The best billing practices to follow are &#8211; On-time billing, accurate bill calculation, correct arrears &amp; late payment interest calculation, and immediate accounting entries for bills. <\/p>\n\n\n\n<p>Q. What are the golden rules of accounting discussed in the workshop?<\/p>\n\n\n\n<p>Ans: The golden rules of society accounting are &#8211; minimal cash collections, relevant TDS deductions, one account for collections and multiple for holding funds, regular bank reconciliations &amp; on-time audit supervision.<\/p>\n\n\n\n<p>We are thrilled by the positive feedback received from our audience. Stay tuned for more such interactive &amp; powerful learning experiences across the ADDA community.&nbsp;<\/p>\n\n\n\n<p>If you like to know more about the importance of financial governance in your community, <a href=\"https:\/\/adda.io\/contact\"><strong>contact us<\/strong><\/a><strong> <\/strong>and we\u2019ll be happy to help.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is officially time for all living communities to achieve best practices for their long-term financial stability &amp; prosperity. Towards this, ADDA returned almost after 2 years of COVID with&hellip;<\/p>\n","protected":false},"author":18,"featured_media":14525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[141,109,2019],"tags":[624,913,326,1064,1158,132,192,759],"class_list":["post-14523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adda-buzz","category-adda-home-owners-association","category-adda-india-housing-society-apartment-management","tag-accountants","tag-adda-workshop","tag-association-handover","tag-financial-audit","tag-gst-housing-society","tag-management-committee","tag-society-accounting","tag-treasurer"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/14523","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=14523"}],"version-history":[{"count":21,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/14523\/revisions"}],"predecessor-version":[{"id":14682,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/14523\/revisions\/14682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media\/14525"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=14523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=14523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=14523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}