Reinventing service charges at Thirteen Group
Since 2019, the Thirteen Group has been implementing Trace’s BlueBox service charge solution for housing associations.
10th May 2024
Software that Really Improves Service Charge Management for Housing Associations
The software you use for service charge accounting must quite simply meet the specific needs of your social housing portfolio whilst integrating seamlessly with your existing financial process.
It should not only streamline your operations and ensure accurate service charge calculations but also provide insightful reporting, all while staying compliant with industry regulations. So, what are the essential features to look for in order to manage your service charges effectively, and improve property management as a whole?
Table of contents:
- Build Service Charge Automation for your Housing Association
- Visibility of Data and Information to Act
- Remove the Financial Risk
- Managing Resident Expectations
- Future Trends for Service Charge Accounting Software
- Covering Your Service Charge Accounting with Trace Solutions
- How Built-In Service Charge Accounting Can Help You
- Manage Your Service Charges with Accuracy, Scalability, and Ease
1. Build Service Charge Automation for Your Housing Association
Automation is a critical step for housing associations looking to optimise the management of service charges. Relying on manual processes, such as spreadsheets, often leads to errors and inefficiencies that often impact financial performance. Automating service charge management for your housing association will help prevent these issues and improves the accuracy of calculations, saving time and reducing the risk of costly mistakes.
Your organisation will also be able to reduce repetitive tasks, such as calculating multiple service charge schedules, managing tenancy agreements, and ensuring compliance with regulations. By taking manual work out of the equation, housing associations free up valuable time for their teams and improve the overall accuracy of their financial processes. This creates a more efficient workflow that ultimately benefits both the organisation and the tenants.
With any organisation that handles large amounts of data, automation is incredibly important to have. The earlier you can factor it into how your housing association works, the quicker you can start producing results, grow, and make a greater positive impact for your residents.
"Within our own management team, the sophistication and comprehensiveness of the available reporting has been described as 'mind blowing'."
Rob Thomson, Head of Finance (Income), Thirteen Group
2. Visibility of Data and Information to Act
Ultimately any software that will be integral to your everyday operations needs to:
- Provide useful and accessible data.
- Be simple to use, preventing frustration and achieving results.
Automatic data handling goes alongside real-time updates and visibility. Housing associations need systems that provide up-to-date information at all times, so they can actually get updates on if their budgets are being met, and gain an understanding on actions that must be taken.
Having real-time data at your fingertips allows managers to measure actual costs against forecasts, allocate resources, and address unexpected financial issues quickly. Being able to read costs at this level means that financial problems are caught early, before they become much larger issues.
Using a cloud-based system takes this one step further. You can then start to factor in an extra layer of flexibility and accessibility that ensures your data is always accessible by team members. Reducing limitations simply enables your organisation to act with a new level of speed, and with an extremely informed frame of mind.
3. Remove the Financial Risk
Managing service charges comes with financial risks, particularly when costs exceed initial forecasts. In the past, this often meant housing associations would absorb the additional costs, impacting their ability to reinvest in future housing projects. Proactively managing these risks is essential to maintaining financial stability, but also providing future opportunities for social housing as a whole.
By regularly reviewing your service charge accounting throughout the year, rather than only at the start and end, housing associations can quickly spot rising expenses and make adjustments before they affect the bottom line. This approach minimises the chances of overspending and ensures that organisations can be investing into new developments or improvements to existing properties.
We can start to consider just how much of an impact something as simple as improved management of your housing associations service charges can have on the UK’s social housing. It’s no shock that the UK is facing a housing crisis, and it needs investment into development opportunities. With such a simple resolution to service charges, and a way to avoid the risk of swallowing unnecessary losses, housing associations can really start to make a difference in tackling these geopolitical issues.
To be able to compare actuals against budget very simply and very quickly - push of the button stuff - well, we couldn't do that before.
Rob Thomson, Head of Finance (Income), Thirteen Group
4. Managing Resident Expectations
Avoiding issues with residents is important to ensure decisions are not delayed. With full knowledge around what actions need to be taken to ensure budgets are met, you can handle conversations with residents easier. There can be a real explanation behind decisions made, and potentially provide insight into how this can better their situations in the long run.
Ultimately with visibility and knowledge, all stakeholders can have more confidence in every action taken. With resident’s best interests at the core of decision making, the housing association to resident relationship can remain more positive – especially with an understanding of the long-term benefits of keeping to budgets and achieving a surplus.
5. Future Trends for Service Charge Accounting Software
Looking ahead, the future of service charge management is likely to be shaped by ongoing technological advancements. The integration of artificial intelligence (AI) and machine learning into cloud-based property management software promises to further enhance predictive maintenance and operational efficiency. For example, AI can analyse historical data to predict future service charge trends, enabling housing associations to plan and budget more effectively.
We expect to see the adoption of IoT (Internet of Things) devices play a larger role in improving service charge management. As technology improves there will likely be more possibilities within automatic and accurate monitoring, aiding all the points we’ve previously discussed. This will enable more powerful tools for managing service charges and improving the overall impact housing associations can have on resident’s lives.
Since BlueBox has been implemented, my life at work has changed due to not having a mass amount of manual intervention. I am actually using more complex skills.
Claire Vasey, Income Analyst (Service Charges), Thirteen Group
6. Covering Your Service Charge Accounting with Trace Solutions
Trace Solutions’ BlueBox software provides a comprehensive, simple yet powerful solution for housing associations. It’s designed to automate and simplify service charge accounting processes, reducing the risks associated with manual data handling.
BlueBox offers a higher level of precision through its automation of complex service charge calculations. With features like real-time budget tracking, variance analysis, and intuitive visual reporting, housing associations can ensure their service charge data is always accurate and up-to-date. The system instantly flags discrepancies, allowing managers to address issues before they escalate, which significantly reduces operational and financial risks.
6.1. Scalable and Manageable
BlueBox is built to scale, handling up to 999 separate service charge schedules, allowing housing associations to manage their expanding portfolios without increasing manual workloads. Automating service charge accounting across multiple properties ensures that inefficiencies are minimised, and that managers have a clear, organised view of their financial operations, no matter how large their portfolio becomes.
In addition to automating service charge accounting, BlueBox integrates effortlessly with existing financial systems, ensuring that all service charge data flows seamlessly between platforms. This integration supports general ledger accounting, automating the transfer of summary data between housing and financial systems. This ensures that financial reports are always accurate and up to date, helping housing associations compare budgets against actuals in real time, while improving overall financial oversight and reducing the risk of discrepancies.
6.2. Future-Proofing Your Service Charge Management
Looking ahead, Trace Solutions’ BlueBox software is not only focused on current operational efficiency but is also designed to adapt to future technological advancements. This forward-thinking approach ensures that our property management software for housing associations will continue to evolve, offering the tools you need for future-proofed service charge accounting and overall property management.
6.3. G-Cloud Procurement Framework
At Trace Solutions we take pride in being a company that you know you can do business with. We’re G-Cloud compliant ensuring that your procurement process is easier. We strive to deliver confidence in our product in every area we operate in.
6.4. To Top it Off, We’re Industry Leaders in Client Care
We are absolutely dedicated to supporting our clients. Implementing new software can be a daunting task, especially for organisations accustomed to manual processes. This is why we include training for staff, ongoing technical support, and customised solutions for the specific needs of your housing association.
For example, during the implementation phase, Trace Solutions offers hands-on training sessions. Additionally, our support team is filled with industry experts, available to address any issues that arise whether it’s during or after the transition, ensuring that housing associations can leverage the full capabilities of the software without disruptions.
Trace Solutions also offers ongoing support and maintenance to ensure that the software continues to meet the evolving needs of housing associations. This includes regular updates, system enhancements alongside our assistance for any of your questions or issues.
The reporting suite with BlueBox is absolutely outstanding, and it is by far my most favourite element of the system.
Claire Vasey, Income Analyst (Service Charges), Thirteen Group
7. How Built-In Service Charge Accounting Can Help You
Our case study of Thirteen Group, a prominent housing association that recently adopted the BlueBox system, illustrates the effect of our property management software. Thirteen Group faced challenges with managing service charge calculations across multiple properties and varying lease agreements. By implementing Trace Solutions’ software, they were able to streamline their service charge processes, reduce administrative overhead, and improve accuracy.
Thirteen Group were able to consolidate their service charge data, automate charge raising, and generate real-time reports. This not only simplified their financial management but also enhanced their ability to respond to tenant inquiries and adjust service charges based on accurate data. The successful implementation of the software has been a testament to Trace Solutions’ commitment to delivering effective and client-focused solutions.
8. Manage Your Service Charges with Accuracy, Scalability, and Ease
Trace Solutions provides a reliable and efficient solution for managing service charges in social housing. By automating your previously manual processes, our property management software delivers the accurate data you need to make informed financial decisions. It’s designed to provide accurate data in real-time, greatly improving your service charge management and accounting, giving your housing association the insights required to take action.
With the ability to scale alongside your portfolio and integrate smoothly with existing systems, Trace Solutions stands out as a trusted partner in modernising service charge management. Backed by a commitment to ongoing support and development, Trace Solutions ensures that housing organisations can confidently manage their operations now and into the future.
We know that our product and service provide the best property management software for housing associations, and so if you’re investigating your options, please do reach out.
Request Your Demo
Book a no obligation demonstration with us, and we can show you first hand how our property management software can help you with your service charges.