Critical Reasons to Get a Residential Society Accounting App

Financial management is a tall task in a residential society, especially because managing committee members have to take time out of their busy schedules to voluntarily handle activities like billing, dues collection, and bookkeeping for hundreds of apartments.

Here’s what goes on in accounting circuits that can take a toll on your mental health and society’s financial management. 

1. Delayed monthly maintenance payments
2. Using disparate tools for calculations
3. Raising invoices for different repair and restoration
4. Monthly payments to service staff and housekeeping
5. Payments for an annual maintenance contract with vendors and service providers
6. Errors and time consuming due to manual calculations 
7. Annual financial reports and P&L 

It suffices to say that society accounting is similar to managing finances of a company, start-up or a big organization depending on the size and requirements of the inhabitants.

Often committee members are burdened by unnecessary low-level data entry work that can be easily delegated to an intelligent assistant app that can do it all quickly and smartly.

MyGate ERP solution is a reliable, end-to-end, intelligent society management enterprise resource planning app that can take care of all accounting needs on one single app. Users get the benefit of a single dashboard for payments, bills & reports,  one-click payments, lowest transaction costs, and unlimited SMS option. They are essentially a full-fledged accounting suite capable of generating any type of report in real-time and simplifying the lives of the residents and committee members, one day at a time. Let’s understand how.

5 reasons to get a residential society accounting app

1. Streamlining monthly maintenance bills

Maintenance bill collection is arguably the most important job that befalls the managing committee every month. It’s necessary to receive the payments on time. With society accounting apps, MC can send automated scheduled maintenance bills based on date/month to residents as per floor area or other predefined constant parameters with a click of a button.

No need to physically collect dues in cash or cheque. MC members can create invoices based on filters like towers, tenants, owners, flat type, send scheduled emails and SMS to residents, and ensure that no maintenance dues are delayed or underpaid. 

2. Itemized billing/ GST management

Societies need to bill members for various services and utilities like water, waste collection, electricity, etc. Society accounting software is designed with customizable formats to issue invoices with multiple line items in a single bill with different GST rates. At the same time, you can issue a credit note against a charge on an issued invoice. 

3. Integrated online payments

We’re all accustomed to using mobile wallets and net banking but society accounting apps take the convenience of digital payments to the next level. Residents can pay through net banking, credit card, debit card, RuPay, Diners Card, Amex, with zero convenience fees and zero charges on society transactions. 

4. Simplified accounting reports

The secretary and treasurer of the managing committee have to track finance-related activities like income/expense, advance and arrears (from residents and members), bank transfers, daybooks, GST, P&L, fixed deposits, financial penalties for residents, to name a few.

An intelligent accounting suite can eliminate the anxiety and effort that goes into these vital reports. In-built tools like GST toggle on/off, uploadable and downloadable reports, readymade templates for charging fines, creating annual reports and formulae for other crucial accounting activities that would otherwise consume man-hours. 

5. Automatic reconciliation & general bookkeeping

Accounting apps for societies aren’t just for complex number crunching. They can offer the ease of handling daily financial planning like auto account reconciliation, general ledgers, cash books, and other regular expense accounts.

That’s not all. Society accounting apps can be compatible with traditional tools like Tally to do further financial analysis. In summary, they’re the smartest way to handle your society’s funds, no matter how easy or complex your requirements.