Integrated property management software is a powerful tool. It can help manage leases, rent payments, maintenance requests, and plenty more, making it invaluable for owners and property managers. But many commercial real estate businesses miss the opportunity to leverage property management software for accounting needs, too.
So how does an integrated system help accountants? The simple answer is that it provides many of the same benefits as it does for property managers: organized data, automated processes, and easy information sharing. Let’s dive into the details of why investing in integrated property management software for accounting is a must.
Integrations Take Advantage of QuickBooks
First, what is integrated property management software? These programs sync with accounting software, giving you extra tools to track and manage your existing financial data. Many programs integrate with QuickBooks, which is a popular accounting option for small and mid-sized businesses.
Integration can be one-way or two-way. Programs like STRATAFOLIO are two-way integrations, meaning that whether you enter information into STRATAFOLIO or QuickBooks, it will automatically sync to the other location. You can use QuickBooks for all your accounting needs, empowered by extra insights and tools from your property management software.
Clearly Track Performance Metrics with Integrated Property Management
Having a single management system makes it easy to track crucial performance metrics such as income, expenses, and debt. View one property in detail or get the bird’s-eye view of your entire portfolio. Integration with QuickBooks means that your data will always be current and correct.
Complete, accurate information is necessary for making strategic decisions. In addition, it allows you to spot potential issues quickly, before they become urgent problems. Finally, a central platform makes sharing important performance data with potential lenders and investors simple.
Easy Tax Reporting
Similarly, at tax time, you won’t have to hunt for all the information you need. You’ll already have all your information from the year ready to go, making it much less of a hassle to submit tax documents.
Plus, since your data is synced with QuickBooks, you won’t have to worry about errors. This makes the process much more efficient and ensures that you comply with all tax regulations, saving you from unpleasant IRS audits.
Manage Cash Flow
A good property management software will give you detailed insights into your cash flow. Again, this allows you to thoroughly understand what is happening at each property. When you are prepared with this knowledge, it is much easier to make effective budget adjustments. Well-planned cash flow is critical for business growth.
Built for Growth and Scalability
As your business grows, so does the challenge of managing all your accounts in spreadsheets. Integrated property management software like STRATAFOLIO are built to scale with you.
Using programs that integrate with QuickBooks means you don’t have to spend all your time on manual data entry. The reduced workload makes it much less difficult to handle large numbers of properties. Additionally, a well-organized management program helps you keep track of new assets without worry. STRATAFOLIO even has plenty of tutorials to help you make the most of your accounting processes, as well as a team of experts ready to work through any questions you may have.
Automate for Speed and Accuracy
One of the most impactful benefits of integrated property management software is automation. Automated processes allow you to focus your time and energy on solving problems and growing your business instead of working through calculations. For example, STRATAFOLIO’s automated common area maintenance (CAM) reconciliation turns a complex task into just one click.
In addition to saving time, automations also save you from human errors. For example, many clients we work with have missed lease escalations in the past because they have faulty spreadsheets or they have missed the increase, resulting in months or years of missed revenue. Taking advantage of programs like this means that your results will be accurate every time, preventing confusion, disputes with tenants, and audits.
Communication and Collaboration
When it’s simple to find data, it’s simple to share data. Ensure that your whole team has access to all the information they need by enabling collaboration in a single program. After all, the many different roles at a commercial real estate business must work together for it to run smoothly. Working in a shared program makes it easy, for example, for accountants to notice cash flow issues and work with property managers to come up with a budget adjustment.
Stay Secure with Integrated Software
In addition to making communication easier, keeping all your information in one dedicated program makes it more secure. It significantly lowers the risk that sensitive details will get lost or shared accidentally. Plus, unlike a spreadsheet, property management software knows that your financial information is important, and keeps your information confidential and safe.
Try STRATAFOLIO for All Your Integrated Property Management Needs
From automation to collaboration, STRATAFOLIO is a comprehensive property management software. Easily access all your information, as well as useful automated accounting tools, such as 1-click CAM reconciliation. Two-way integration with both QuickBooks Desktop and Online means that all your data always stays up to date.
For more details on STRATAFOLIO’s accounting features, schedule a free 1:1 demo today!
