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Technology to Help You Go Paperless

Technology to Help You Go Paperless

By taking advantage of the available technology today, making the transition to a paperless office has become fairly simple. Today’s post will cover how cloud-based software and office equipment can help you to be well on your way.
Cloud-Based Real Estate and Property Management Software

The use of a cloud-based real estate and property management software is one of the most important components of your paperless office. The ideal software should include both the bookkeeping and accounting solutions in one complete package. Your chosen technology should provide easy reconciliation of bank statements and a portal to accept online payments from your customers. It should allow you the ability to generate and email letters, owners statements and reports, and work orders. It should have a portal to accept and schedule tenant repair and maintenance requests, as well as ways for prospective tenants to submit applications and other required information. Lastly, your chosen technology should cloud-based access to records and contacts as well as safe and secure storage of documents and information.

Scanners and Electronic Filing

Document scanning is the quickest and easiest way to reduce the amount of paper in your office and safely store things digitally. There are several scanners available for paperless management by reliable brands such as HP, Canon and Fujitsu. Price does play a factor in your decision on which machine you would like to purchase. Prioritize the features that are valuable to your office, and you’re sure to find several great models on the market. Some standard scanner features include duplex imaging and a USB connection. The speed of the scanner is also important, along with having an auto-document feeder, business card scanning, and a good software package so that it is easy to use. You will also need to decide if you need a scanner with network capabilities.

Another very important aspect of setting up a paperless office is the development and implementation of a well-designed filing system. What you put into the system is what you will receive from it, so its very important to do advanced planning in this area. You will need to identify what types of documents will be electronically stored. You will also need to determine folder naming requirements .. something that is simple and easy to remember. Determine the structure for your document folders, i.e. whether or not you will need subfolders crestor drug. Another consideration is who will need access to your folders, and who will be responsible for maintaining your folders.

These are just a couple of implementations you could make in your office to assist you in achieving your paperless office. There may be others that come to mind when you begin to plan your transition.

My next, and final, post in this series will discuss electronic payments.  You definitely don’t want to miss it!  Subscribe below to stay on top of the information.

Some information compiled by and obtained from www.appfolio.com.

Your Opportunities for a Paperless Office

Your Opportunities for a Paperless Office

Opportunities to achieve a paperless office are endless and just take a little imagination.  Below you will find a list of areas you can go paperless in your office.  After you read through the list, prioritize your paperless opportunities to help you understand which areas to focus on first.
Communications

The opportunities for paperless communication exists with owners, purchasers, sellers, tenants and vendors (just to name a few). Instead of mailing your correspondence to your contacts, use email.  The use of email for your correspondence will save you money on postage, paper and time.

Leases, Rental Applications and Purchase Contracts

Move the use of leases, applications, contracts and agreements to the use of online documents.  All of these documents can be completed and stored online for access wherever you may be. Your office will be benefited by saving time, elimination of paper files, and better tracking of documents.

Distribution of Payments to Vendors and Owners

Stop writing paper checks and make your bill payments and owners distributions online using ACH.  You can also use your business credit card to make payments if your vendors accept them. Utilizing online payment systems for vendors and owners allows you to save time, save paper, and pay your bills faster.

Collection of Commissions and Rent Payments Online

Offer opportunities of cloud-based payment solutions to your customers. Most bookkeeping and accounting software have the ability to allow your customer to pay immediately upon receipt of their invoice. Taking advantage of accepting online payments means no checks to process and manage each month, getting paid faster for your services, and no more trips to the bank.

These are just a few of the areas you could incorporate going paperless into your office.  If you think about the things you do every day that involve paper, I’m sure you can come up with many ways to make the transition.

My next post in the “Going Paperless” series will discuss cloud-based software and some types of office equipment you can use to assist in the transition to your paperless office.  Make sure you don’t miss it by subscribing to my blog post updates below!

Some information compiled by and obtained from www.appfolio.com.

 

Why Go Paperless?

Why Go Paperless?

The Benefits of a Paperless Property Management Office

Property managers who run efficient paperless management offices consistently out-perform their competition.

My next few posts are going to be a series about why you should run a paperless real estate and property management office. I will be covering the benefits of a paperless office.  I will also show you where your opportunities are to have a paperless office. And finally, I will do a few posts on cloud-based real estate and property management software, equipment that can help you go paperless and platforms you can incorporate into your system that will help you ditch the paper!

In this post today, we will be going over some of the benefits of having a paperless real estate and property management office.  Here we go!

Cost Savings

The cost savings of having a paperless office are recognized in the areas of reduced office supplies and reduced cost of paper storage. When information, correspondence and legal documents are securely generated and stored online, fewer office supplies are used. Savings are realized on paper, envelopes, paper checks, printer ink, toner cartridges, postage, printed stationery and printed forms just to name a few.  When documents are stored and protected from loss in case of fire, water damage or theft, you’re also reducing your risk level within your office. When you have fewer papers to store and file, that means you have fewer filing cabinets that take up your office space.

Time Savings

The time savings of paperless office are noticed in the areas of reduced staff hours and reduced manual data entry time and errors. Staff hours previously dedicated to filing, storing, retrieving and delivering paperwork, including trips to the bank, are eliminated. Staff can be reduced, redirected or used to manage a greater number of listings, properties and units.

Accounting is typically built into cloud-based real estate and property management software, so no double entry is required. An accounting software solution lowers the risk of bookkeeping errors and creates a more efficient system for tax preparation.

Increased Cash Flow and Greater Efficiency

Online payment of commissions and rents, remote payment processing and online rental applications serve to maximize cash flow and improve earnings. You’re able to work and access these files remotely, and more easily track and manage the business from wherever you are.

Customized reports can be generated for both management and the owners use. Frequent oversight can help predict where efforts need to be made to improve operations and where to reorient staff and resources.

In my next post, I will be giving you some ideas of where your opportunities to go paperless withing your office might be.  Stay tuned!

Some information compiled by and obtained from www.appfolio.com

How to Make Real Estate Bookkeeping Easier

How to Make Real Estate Bookkeeping Easier

Real estate and property management bookkeeping can become pretty complex when you’re managing properties for clients or running a real estate agency. It really doesn’t have to be that way. Re-Leased is a cloud-based property management software company, and they have shared some of their own tips for making real estate bookkeeping much easier.

 

Well-managed bookkeeping is vital in real estate and property management

When you work in real estate, you are regularly dealing with large amounts of money, whether you:

  • employ commissioned agents in your real estate agency
  • provide clients with residential or commercial management services
  • handle the management of residential or commercial associations
  • provide services in building construction and development
  • management investment portfolios or trusts
  • are involved in commercial and residential leasing and sales

Real estate bookkeeping that is managed well can make all the difference in these situations. Unnecessary mistakes and poorly managed bookkeeping could cost you, or your clients, a lot of money.

Re-Leased knows how real estate and property management software can both ensure your data is always current and be a tremendous time saver.

 

About Paying Your Staff

Real estate businesses often hire staff or agents based on commission, or a percentage of the rental income they manage. Some use a combination of a fixed salary plus commissions.

For agencies in particular, it makes sense to offer salespeople and agents a commission for completed leases and sales. This is a big incentive for them to work hard diovan generic. However, commissions can make payroll more difficult since your staff payments will vary.

You can make this simpler by using bookkeeping and accounting software that has payroll features already built in. Completed transactions can be assigned to particular staff members or agents, with commissions automatically calculated.

Just remember, commissions can be subject to income tax withholding, so it’s important to keep track so you withhold the right amount of tax.

 

Work From Anywhere with Cloud-Based Software

If your staff works remotely or completes tasks while they are out and about on a job, look at using online property management software for your real estate business. It will mean that agents and employees can work from anywhere, at any time, on any device. This is a great advantage in the property industry.

Make sure your business uses software applications that integrate with your property management software. When your software is streamlined and in sync, you’ll be more efficient and able to offer superior service to your clients.

 

Keep Your Data Safe and Accessible in Case of an Audit

Real estate and property management businesses are sometimes targeted for audit by the government. This can be a stressful time for your business, not to mention an expensive one. Government officials will go through your accounts with a fine-tooth comb. They will be looking for things out of the ordinary and asking a lot of questions.

These audits could happen at any time, so it’s extremely important that you keep your records safe and accessible. Good real estate bookkeeping software will help you with this and leave you with an audit trail of every transaction. This greatly simplifies the audit process as you are able to pull up any record for their inspection.

 

Don’t Forget to Count the Costs

One of the biggest parts of real estate bookkeeping and accounting is financial reporting. When you’re managing properties and associations for your clients, there is a lot to take into account. The same is true if you have a building construction business.

It’s vital to your business to be thorough when you’re accounting for the operational expenses of another person. If you fail to account for every cost, you or your clients could lose money. Make sure you understand the rules and regulations of your real estate commission when it comes to permitted expenses.

Hiring a great bookkeeper makes ultimate sense here. Your bookkeeper will deal with your accounts on a daily basis to keep all the figures current and accurate. Your bookkeeper will help to ensure that every transaction is accounted for and every cost recorded.

 

The Right Software Does the Hard Work For You

Given the complex nature of real estate and property management bookkeeping and accounting, you need to use the right tool for the job. This isn’t something that can be managed using a spreadsheet. That’s not what spreadsheets were designed to do.

You need software that is easy to use, yet capable of handling all your transactions. Choose smart, online, cloud-based bookkeeping and accounting software that will allow you to:

  • update your accounts securely from anywhere, even when you’re on-site with your clients
  • easily and quickly share real-time financial data with your bookkeeper and/or accountant
  • track your portfolio’s performance from anywhere, any time, on any device
  • automate much of the work, with scheduled payroll and direct bank feeds
  • reduce your IT overhead because you no longer require servers
  • produce powerful reporting

Like many aspects of business, your level of preparation influences your chances of success. Choosing the right bookkeeping and accounting software will save you time, hassle and money as your business grows. Ensure you weigh up your options before you decide. It will make all the difference to your portfolio performance.

 

Be What you Started Your Business to Be – a Real Estate Professional

If you want to run a successful real estate or property management business, you have to take the bookkeeping and accounting seriously. That means using every possible resource to help you get ahead. Hiring a great bookkeeper and accountant will give you an immediate advantage. Using online bookkeeping and accounting software is also important. It will allow you to work closely with your bookkeeper and accountant.

Combining this with integrated property management software will streamline your bookkeeping and accounting work, and provide you with more time to concentrate on your profit and grow your business.

Fortunes are made and lost every year in real estate. The people who succeed are the ones who plan well, and take their bookkeeping and accounting seriously. With careful control of the numbers, you can build a solid business that stands the test of time.

 

 

Information obtained from and compiled by Xero and Re-Leased

 

 

Benefits of Cloud-Based Bookkeeping

Benefits of Cloud-Based Bookkeeping

So, what’s in it for you to move your business bookkeeping to a cloud-based bookkeeping solution? Actually, there’s probably more in it for you than you realize. There are a lot of great benefits of cloud bookkeeping and accounting. Here’s a few that I’ll go over with you right now:

  • Your work staff can turn into team players. Most cloud bookkeeping and accounting software allows for multiple users. This provides one central system where everyone involved in a particular project can access the same information and track the progress they need to be involved in. Everyone involved can work together to make sure all expenses are recorded and all clients are billed promptly and accurately.
  • Anytime and anywhere access. Since your bookkeeping and accounting software is “in the cloud”, this allows you and your staff the ability to login from any location where you have a connection to the Internet, and from almost any device. If you need to produce estimates, purchase orders and invoices on demand, it’s done!
  • Real-time business financial information at your fingertips. Everything you, your staff, your bookkeeper or your accountant do in the system is updated in real-time format. This gives you the most current financial position of your business that you could possibly have. At those times when you need to  make a quick decision, you have your information up-to-date and available.
  • Cost-effectiveness. When you use a cloud-based bookkeeping and accounting software, everything you need is hosted in the cloud. You don’t need to purchase a software to install on one or more computers. You don’t need a server to host your own software across multiple users. You don’t pay for license agreements. You don’t pay for updates. You don’t pay for backups. All of this is taken care of automatically with your subscription. Best of all, all of your business’s financial information is with you forever.
  • No fear of losing your information. When you use traditional bookkeeping and accounting software, the fear of losing all of your financial data is almost always in the back of your mind. What if your computer or server crashes? What if desktops or laptops are stolen? What if your system is hacked into, leaving all of your financial business information at risk? With cloud accounting, there is no trace of your business’s financial information on any of your company computers or servers.
  • Security of bank-level data encryption. Your financial data is safe and secure with 256-bit encryption, which is the same level of security measures taken in the banking industry go to these guys. This is certainly much safer than storing your financial information on office computers or servers.

What is Cloud-Based Bookkeeping?

What is Cloud-Based Bookkeeping?

We’re all fairly familiar with ways in which we store different types of media online, and the idea is pretty much the same with cloud-based bookkeeping. When you upload a picture to your social media account, that image is stored on that particular company’s server. Those videos you watch on your favorite video site (think YouTube) are stored online on your video host’s server. Even music and movies that we download and listen to or watch are stored on the servers we download them from. Storing media on servers allows us access to it anytime from almost any device as long as we have a connection to the Internet. In recent years, the word “cloud” has become a more popular word alternative for “online”, hence all of this information is now stored “in the cloud”.

The terms “cloud bookkeeping” and “cloud accounting” may still be new to some. The general bookkeeping and accounting procedures are basically the same, with the major difference being that the bookkeeping and accounting software is hosted on remote servers (in the cloud) instead of on your own computers or servers. This allows the users of the software to access their applications remotely via the Internet. The business no longer has to purchase, install and maintain software on one or more desktop computers.

Using cloud-based bookkeeping and accounting software also results in having access to real-time, up-to-date financial information about your business. And since multiple users (employees, other office branches, etc.) can access the same information at the same time if allowed by the company, this provides better opportunities for collaboration within the business.

Cost-savings are also another reason many businesses are making the switch to cloud-based bookkeeping and accounting solutions. With desktop software, you initially have to purchase the software, a license agreement for however many users you need, and some type of support or maintenance program for when you run into problems you can’t fix on your own. And as your business grows, you will need to make additional purchases of licences and perhaps even a server to host your software to multiple users. When your purchased software becomes obsolete and unsupported, you again have to pay to upgrade the software to a more current version to continue use and support.

Cloud-based solutions are generally a subscription service. You don’t need to have expensive servers to host your software, and you don’t need to pay license fees to use the software. Your subscription service covers multiple users, maintenance, and backups. Another major advantage of cloud-based bookkeeping solutions is that you don’t have to pay for the software upgrades. The updates occur automatically, with nothing for you to download or install.