This could be a challenging task regarding rent collection for your commercial real estate properties. The challenge multiplies exponentially when someone’s real estate portfolio grows and they are not using software to handle the heavy lifting of this manual work. Or when someone uses property management software designed for residential properties. If you own commercial real estate, make sure that you use a product specifically designed for commercial real estate, regardless of which product you choose. STRATAFOLIO was developed specifically for QuickBooks users managing commercial real estate. This will save you time and money and provide you with a high return on your investment. How do we make invoicing and collecting rent simple?
Invoice To All Your QuickBooks Company Files at Once
Manually invoicing tenants every month can be time-consuming and error-prone. Because it is so manual, some people do not perform this activity, making tracking monthly rent payments very hard. In either case, this process wastes time that we would be better off spending on income-generating activities.
One of the many benefits STRATAFOLIO offers is the ability to simultaneously send invoices to all your tenants across all your QuickBooks company files. We can perform this task with our fully automated and seamless QuickBooks Online integration. If you have QuickBooks Desktop, we can also help with our manual integration via Web Connector.
Each invoice reflects the accurate month’s charges, so you will never miss a lease escalation. These charges can be your base rent, additional monthly charges, or reimbursable expenses. (Common Area Maintenance (CAM), Insurance, and Taxes)
You will feel secure that you’re collecting the correct rent amount every month, avoiding a larger loss due to missed lease escalations or when doing CAM reconciliation at the end of the year. This automation also allows for peace of mind and predictable cash flow for your business.
Most importantly, you can click the Print or Preview Invoices button to bulk invoice your tenants via email or print your invoices to send them via U.S. mail if you prefer that.
See Who Paid Or Who Has Not Paid
Within the rent collections view, you will see detailed information allowing owners to see which tenants owe a balance and the amount owed, as well as due dates, invoice numbers, total monthly rent, and many other details. This lets you quickly see which tenants have paid or not paid at any point so you can stay on top of outstanding receivables.
The cloud securely stores all this information, so you no longer need to worry about storing confidential files in unsecured locations.
Collect Your Commercial Real Estaet Rent Using ACH
STRATAFOLIO offers Automated Clearing House (ACH) payments to allow you to collect rent faster and more securely. Traditional methods of collecting rent may include collecting checks or money orders from tenants, taking trips to the bank to make large deposits, and then waiting for them to clear. But, these methods consume a lot of time and energy that we could better allocate elsewhere. Download a quick overview of why ACH is a good choice for your commercial real estate rent collection. STRATAFOLIO’s ACH Overview.
To set up ACH, you will provide each tenant with a tenant portal through which they can make a single payment or set up autopay to be paid monthly automatically.
STRATAFOLIO offers Standard and Premium ACH account types. These account types do not cost extra; they require a different setup process.
- When a tenant sets up a Standard ACH account, they can pay up to $50,000 (Including ACH charges). Allowing them to pay once a month by only providing their name, email, and linking their bank account.
- When a tenant sets up a Premium ACH account, they can pay anytime up to $100,000 (including ACH charges). This account type will require more setup time, but it is a great solution for large locations with high rents and operating expense charges.
Who Pays the ACH Transfer Fees In STRATAFOLIO?
Once you set up your ACH account to receive tenant payments, you can select who will absorb the ACH charges. Many of our customers state in their leases that the tenant must pay their commercial rent charges via ACH, and the actual tenant will absorb the ACH charges. The ACH charges are explained on our pricing page. This way, you get your money on time and do not pay for extra labor or charges to get it.
Simplify Knowing Who Paid Their Rent On Your Bank Statement
Another bonus of tenants’ paying via ACH is that you can easily see which tenants paid when you look in your bank or credit union account when it is time for reconciliation. No more trying to piece together names, payment amounts, and dates!
This also makes it easier for tenants to pay via autopay or one-time payment.
Autopay allows your tenants to automatically pay their monthly invoices each month through recurring transfers from their lending institution. This automated process ensures that rent is paid on time every month, eliminating the stress of cutting checks and hoping they don’t get lost in the mail.
One-time payments allow tenants to process a one-time payment for a selected date and amount for that instance only. This is good for tenants wanting more control or when those CAM reconciliation charges are due.
To learn why ACH is necessary, check out another article discussing the benefits of collecting rent with ACH for commercial real estate.
No matter which software provider you choose, please do yourself a favor and automate your processes. by utilizing software that can provide a good return on your investment. Software made specifically for your needs will not cost you extra; it will actually make you money by providing a return on your investment (ROI). Check out our ROI calculator to see if we can help your organization.
