A commercial real estate accounting software is a system that enables performance monitoring, performance data analysis, reporting, and dashboards. These software products offer landlords and property managers a single platform to manage all their needs from one place, optimizing all key aspects of property management.
Effective management of accounting is key to being a successful property manager. Real estate can be a highly litigious industry, so protecting yourself and your personal assets is critical – these accounting requirements can be met with fastidious recordkeeping.
An invoicing system is essential for maintaining complete control over your business operations. With the system’s easy-to-use features, landlords can easily create and send tenant invoices and statements more quickly, making their accounting a simple process.
While accounting is likely one of the least appealing duties for most managers, the tool may help keep property profits higher by precisely recording income, commercial real estate operating expenses, and tax deductions.
What Are the Characteristics of an Invoicing Software?
Properly managers are now switching to electronic invoicing for various reasons, including its benefits over traditional, paper-based billing. Compared to conventional paper invoices, processing time and accounting for pass-through expenses are significantly reduced. Below are the features of good invoicing software.
Creating Invoices
Providing personalized service in invoice creation is a landlord’s preference. Invoice templates can be customized with a tenant’s logo and information during the tenant invoicing process. In addition, other options can be selected, such as choosing a color scheme, a file attachment, or adding a note.
Processing of Online Payments
Good invoicing software comes with a solid billing system that can be used for payment processing via payment gateways, credit cards, or bank transfers.
Support for Multiple Currencies
The software supports multiple currencies, allowing property managers to generate tenant invoices in their preferred currency while viewing and analyzing the amount in their native currency.
Late Payment Notifications
The invoicing system issues email warnings and alerts to both tenants and landlords when payments are past due, ensuring rent payments are always made on time.
Billing Regularly
The platform allows for automated billing, and the information of credit cards can be stored to be used in future billing. As a result, you and your tenants will be able to maintain timely payments.
Reporting
With invoice software, you can create a variety of financial figures that facilitate data-driven decisions. These reports include profit and loss statements, sales statistics, and a summary of taxes.
Support & Reliability
The program is dependable and provides a high level of reliability. It’s essential to choose a software vendor who can respond promptly and fully in the event of a potential outage or emergency.
Track of Billable Hours
Timesheets are useful for keeping track of ongoing tasks if you work on building repairs or maintenance contracts. UnitConnect invoicing lets you keep track of time for any project, whether you bill by job or by the hour.
User Friendly
Invoice software that is the best on the market has a simple and straightforward interface that makes it easy to navigate. Our tool has a simple dashboard that displays all the important information as an additional feature.
Security
An invoicing software follows the most up-to-date security standards. The most critical features of any trustworthy billing system are regular backups, data encryption, and billing security certifications and accreditations.
Integration
We have seamlessly incorporated third-party tools and systems into our tool to integrate rent invoicing solutions. This will boost the team’s collaboration and streamline the workflow. The success of real estate accounting initiatives is enhanced when your staff and clients are on the same page.
Support on the Go
Invoicing software is compatible with mobile devices, allowing tenants to view and receive updates on the go.
Scalability
Increased workload necessitates improved performance, and as a result, invoicing software offers the highest level of scalability and stability while making property operations more efficient.
Good Value for Money
Invoicing software costs vary according to its characteristics, such as the number of users it can serve. It is equally important to consider how easy it is to scale up and down in response to changing needs.
With our B2B invoice software, you can automate the data transfer processes involved in invoicing and streamline the billing process. UnitConnect is an excellent solution for any company that needs to improve its billing efficiency. We ensure invoices are done more smartly!
