Rental accounting is simplified when you can easily edit and adjust the rental payments and track your property financials. But, you need to check the features of the software that suits your financial management needs. The following features are a must-have in your property management software to minimize the rental accounting struggles.
Accuracy in Profit and Loss Statement
Validating the statements by trial balance is not as easy as it sounds. It takes diligence to draft the general accounting ledger. The feeding of figures and calculations have to be done meticulously. The times of manual management of spreadsheets and ledgers are gradually fading away with the integration of QuickBooks, Xero, and Sage. But property management software takes care of all your financial data. You don't have to worry about your business expenses or to juggle with multiple accounting programs. You can manage all in one place with a property management software program that focuses on accurate data delivery and error-free profit and loss statements.Facilitates Online Rent Payment
It is troublesome and tiresome to chase the tenants for the rental payments. It is best to facilitate them with a proper online payment service. A good property management software offers a wide variety of online payment options. Your tenants can pay the rent through bank transfers, EFT, or Pay-Near-Me at local retailers through automated property management software. Also, it's one of the most secure ways of collecting the payment.Built-in 1099-MISC e-filing system
The property management software will also help you in managing the deadlines of tax season. The tax filing data can be tough to manage in time if you get things done manually.If you don’t file 1099 MISC on time, the IRS will impose a late penalty charge of 0.5% per month. But with the right software, the rental accounting, billing, and 1099 e-filing can get a lot easier. You can even email the form to the owners and vendors and record & track all of it.
Tracks Maintenance Requests
If you have more than 50 properties at hand, and if there is a sudden influx of maintenance requests from tenants, managing the requests at once won't be feasible. Property management software will help you in sorting the issues priority-wise.You can then decide which issue is critical and should be addressed immediately. Simultaneously you also keep a record of which property was addressed recently and which raised a complaint again. You can receive updates on the maintenance of each property on your phone or desktop. And can also track the progress at your convenience.
Another best quality of property management software is that it can download reports and ledgers for your accountant to upload and view in QuickBooks.