All condo dwellers dread the quarterly invoice for collections of management fees and sinking funds. While you may bemoan rising costs, the way you choose to pay such invoices may be the culprit.
The Need for Digital Payments
Consider how most residential estates allow payments in various ways, including mailed checks, bank transfers or paid in cash at the management office. For the latter, copies of paper receipts are batched and sent weekly to the MA's office, where a clerk copies handwritten receipt details into a computerised accounting system. The process is tedious, boring and time-consuming.
Imagine the potential for errors when you consider how the same clerk could be handling receipts from several different estates all at the same time!
The manual labour doesn't end there. Accounts staff need to reconcile, line by line, monthly bank statements to book balances. This involves some guesswork since banks only report a single line with aggregate total if more than one check is deposited in a day.
Lowering Property Management Costs Through Automation
With all this manpower needed, no wonder property management costs keep going up. Moving to a fully digital invoicing, payments collections and accounting system, like Qornerstone, is a more sustainable solution. Residents also benefit with the convenience of paying bills and booking facilities from any where, at any time, instead of making repeated visits to the office.
Condo App Linked to Accounting Back-end
Instead, residents access services on a mobile app and drop off checks at a self-service kiosk connected to a cloud-based accounting system. Payment collections are seamless and automated end-to-end from invoicing to bank reconciliation.
Retaining Control of Data
Strata-titled estates retain control over their data instead of relying on an MA to store easily lost paper files. Transitioning to a new MA is seamless since all estate data, financial accounts, maintenance records and licenses/permits are stored on the cloud.
Improve Property Management Through Software Automation
Call +65 6557 2516 for a no-obligation system demo. Quote promo code SMARTESTATE for a 6-month free trial with unlimited access and user accounts.