Picking the right accounting software for property management can really smooth out your operations, cut down on mistakes, and give you a much clearer view of how your finances are doing.
For property managers, it’s crucial to have a system that fits perfectly with your day-to-day management tasks and comes packed with all the accounting features you need. This is where Trace Solutions really shines as a top choice in the industry.
Some property managers opt for generic accounting software like Xero, which, while robust for general business accounting, lacks the specialised features needed for property management. These tools might not support multi-ledger structures, versatile service charge accounting, or automated transactions specific to property management.
Property management involves various systems for tenant management, maintenance, financial reporting, and more. When accounting software does not integrate seamlessly with these systems, it can create data silos, leading to inconsistent data and time-consuming manual reconciliations.
Manual processes are prone to errors and inefficiencies. Automating routine tasks like rent demands, charge raising, and bank reconciliation not only reduces errors but also frees up time for property managers to focus on more strategic activities. Without automation, there’s a higher risk of missing transactions or making incorrect entries, which can distort financial statements.
Failing to create and adhere to a detailed budget can lead to overspending and financial mismanagement. A well-structured budget helps property managers allocate resources efficiently and plan for future expenses.
At the core of our software is a powerful, modern property database and diary built on Microsoft SQL Server. With its ability to handle multiple companies and massive amounts of information within the same database, you’ll have no trouble keeping everything organised. And if that’s not enough, you can easily add extra fields to capture any specialised data that might be unique to your business processes. The database is cleverly structured to be easily accessible, bringing order to what could otherwise be a chaotic mass of information.
Our comprehensive multi-ledger accounting suite is designed specifically for the unique complexities in real time. It handles variable year ends, separate general ledger coding structures for different clients, multiple currencies, RICS funds testing, and much more.
Our service charge accounting feature can handle up to 999 separate schedules across multiple properties and any service charge period. It simplifies the management of complex portfolios, including capped leases, variable schedules, and uneven contributions, while making budget setting, charge raising, and reconciliation a breeze.
The software automates transactions like charge raising, rent demands, direct debits, bank receipt reconciliation, and routine property management processes (including section 20 consultations). Intelligent automation and exception reporting give you confidence that transactions are accurate and error-free.
With over 200 reports as standard and the ability to create more, Trace Solution’s reporting suite is a game-changer. Standard reports include profit and loss, balance sheets, arrears, forecasts, management reports, and comprehensive budget-to-actual service charge reporting. Specialist reports for IFRS16 and RICS funds testing are also included. Many reports can be scheduled to run automatically and sent to anyone who needs them. Web-based dashboards also provide real-time insights into your portfolio.
The software includes an asset register and help desk console for effective facilities management.
Our property management software integrates seamlessly with the rest of your software landscape. Whether it’s corporate accounting, forecasting, valuation, reporting, or asset management, we’ve supported integrations with various systems, ensuring everything works harmoniously.
Every user gets instant access to the tools, screens, and reports that best serve their role. The configurable user interface means your team will find it easy to use and effective for their specific needs.
Web-based user portals are available for internal and external stakeholders, including suppliers, tenants, investors, and even professionals like lawyers or accountants. This connectivity ensures seamless collaboration across all parties involved.
Mojo is the umbrella term for our growing collection of web tools that come with TRAMPS, BlueBox, and o6ix. All of them are designed to make property management faster, simpler, and better. Accessible on any internet-connected device, Mojo web apps optimise business processes, enabling users to perform tasks effortlessly. These tools communicate seamlessly with your central database and other participants in the business process. The Mojo ecosystem accelerates task flow throughout your organisation by putting the right tools in front of the right person at the right time. In an era where remote working has become the norm, it significantly boosts productivity.
Using a powerful tool like ours can really help minimise errors and enhance efficiency. We are constantly working and improving on our software to be the best property management software on the market. With features like our powerful Mojo integrations, you can trust that our solutions will help you avoid mistakes and maintain financial accuracy.
If you’d like to know more about our property management software, please call us on +44 (0)20 7825 1299, email us, or use the contact form below.
If you’d like to know more about Trace property management software, please call us, email us, or use the contact form below.
We can provide demonstrations online or in person, at your convenience.
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