STRATAFOLIO is a commercial property management software that is fully integrated with accounting software (QuickBooks). This integrated solution provides you with the optimal tool combination for commercial real estate property management and automated accounting.
In this article, we explore some of the benefits of utilizing cloud-based property management software designed specifically for commercial real estate. Additionally, we explain why you should avoid using a property management system that does not integrate with your QuickBooks files.
Many commercial real estate owners use QuickBooks to manage overhead expenses, payroll, and loans. Some owners and landlords will seek a solution to address the property management challenges of managing tenants, leases, and other related issues. Often, these owners adopt a residential-first software. However, most of these residential-first software systems do not synchronize with QuickBooks.
As a result of this lack of connection, you are forced to manually transfer data from the residential-first software into QuickBooks. This is a worst-case scenario for most teams. First, you are paying for a residential-first product that was designed to manage single-family homes or apartments. Yet, you are using that software to manage your commercial real estate and having to do workarounds to make it function appropriately. Plus, you must manually transfer month-end data because there is no link or connection between the residential-first product and QuickBooks.
When you use a residential-first software that is designed for property managers, this is what occurs:
- You will still use QuickBooks to track debt and overhead expenses.
- You will pay for software that is designed for a different asset class and cannot handle the complexities of commercial real estate, so you will accommodate by using spreadsheets for tasks such as common area maintenance reconciliation (CAM).
- You will transfer the month-end data from your residential-first software into QuickBooks
You are now less organized, which increases the likelihood of errors, requires more time to connect your systems, and results in higher costs for the combined tools.
5 Benefits of Integrated Property Management & Accounting Systems For Landlords
Find the perfect lease property management software to fit your needs to streamline processes, enhance tenant satisfaction, and stay organized.
Increase Growth and Scalability
Regardless of your business’s size, you must be able to adapt to any situation and scale as needed. If you’re in commercial property management, this may involve acquiring a new building and expanding your portfolio by adding more units. Or it may mean growing your team of employees.
Unlike yesteryear’s inflexible business property management software, today’s systems can make your workplace run more efficiently. Integrated management software like STRATAFOLIO and QuickBooks allows you to add more units to your managed properties in just one click or enable access for more employees as your team grows.
Insights into Business Performance
Using separate, disconnected property management tools for your business may not provide you with a comprehensive view of how your business operates. When you have integrated property management and accounting software, you can see your business’s data all in one place. Any data entered into your software will be synchronized across all other platforms without requiring re-entry. An integrated software system lowers the risk of duplicating information and making mistakes.
Automated property management software will keep your financial accounts up to date, as well as tenants, employees, and other data. Managing your finances effectively ensures that you are following local laws and regulations.
Save Money and Time
Automating real estate accounting and tenant management can save you time and reduce the likelihood of errors or discrepancies across different software systems. You can save a significant amount of time using integrated software systems.
You won’t waste time or money by correcting inaccurate documentation or pursuing overdue payments. Any changes to data or payments in your integrated system will be reflected across other systems. Your automated business will enable employees to be more productive and reduce the need for tedious tasks.
You lower the chance of making a mistake by not having to enter data into two systems or physically copy data from one to the other. You and your team will quickly get a full picture of all important business data with one combined system.
Increase Collaborations
An integrated ecosystem makes it easy for everyone on your team to do their daily work. Accountants have full control over their financial information, and property managers can use a cloud-based tool that makes their work easier, whether they’re in the office or not.
Increases Communication with Employees/Tenants
Cloud-based property management solutions can help streamline communication for employees and tenants. Tenants will be able to see the current rent payment and put in requests for maintenance more easily. Property managers will have an easier time hiring a repair company to come and look at the problem with a faster communication system. An excellent integrated software system will increase employee communication and collaboration with projects. Employees can access the same data to work on without having to constantly share the new changes.
Choose an Efficient Software
STRATAFOLIO works seamlessly with your existing QuickBooks real estate accounting software. It’s easy to set up and manage your commercial property data and have a QuickBooks property management system. Schedule a 1:1 demo to see how STRATAFOLIO can make commercial property management easier!
