The end of the year is a hectic time for most business owners, property managers included. For those still using accounting software and other tools that aren’t integrated with one another and/or paper-based files, the entire year-end process can be especially time-consuming, not to mention wrought with error. Fortunately, there are some simple ways to streamline your end-of-year tasks so you can focus on what’s more important: planning for an even better year ahead. Here are a few things you can do to make your life easier.
Working off paper files takes up precious time that can and should be better spent elsewhere. Additionally, a manual, paper-based accounting process leaves the door open to mistakes that could cost your business dearly. When you migrate to a modern property management platform like Netintegrity, all of your documentation will be maintained electronically, which means everything you need will be available when you need it, from anywhere, at a few clicks of a keyboard.
As mentioned, operating a business using multiple standalone tools and technologies is cumbersome and inefficient. It also increases the risk of something important slipping through the cracks. For example, rather than toggling between Quickbooks and Excel, switch to a robust solution that has advanced accounting features built in. This will eliminate the need for duplicate entries and provide instant access to the key data needed to close out one year and prepare for the next.
Manually compiling reports is not only time-consuming, but it also requires a certain degree of expertise in terms of data analysis. Utilizing a property management solution that offers comprehensive reporting options can save your team hours and provide a much clearer and more accurate picture of your finances. The more detailed and correct your information is, the less likely you’ll be to face potential audits in the future. Compile and share reports, evaluate performance, review your budget and more.
End-of-year filing is a necessary part of owning a business. By taking the three simple steps above, however, you can make the process faster, easier and less risky. In doing so, you’ll also put yourself in a better position for success in the coming year. To see all the ways Netintegrity can help you optimize your property management business, request a free product demo today.
It’s important to note that the tips above should in no way be construed as tax or legal advice. You should always consult with a professional to ensure that the measures you take within your particular business are in compliance with all laws and regulations. Once you’ve hammered out the details with your accountant, tax professional and/or attorney, these tips should provide you with a solid plan for a more efficient process moving forward.