When it comes to property management, the myriad tasks incumbent on managers can sometimes be overwhelming. Especially in today’s fast paced and interconnected world, software integrations and organizational integrity is absolutely essential when it comes to running a successful business.
While there are quite a few accounting systems available out there, such as Yardi, Rentmanager, MRI and others that provide top of the line software, these systems primarily focus on accounting and reporting and may have other ancillary products that complement.
Best-in-class services such as online payments and resident portals are an invaluable asset to a well-run property management company. So what is a company to do without overwhelming their staff with so many different programs and systems? The answer is simply, integrations.
There is a crucial need for software integrations in property management to ensure your staff can access any and all important information in one central database and eliminate the need for double entry.
Integrations empower you to streamline, grow and optimize your operations and general management across your portfolio. Let’s explore some of the benefits of building your tech stack with cloud-based property management software and accounting tools that integrate with each other.
1.Grant Full Visibility of Business Performance
Input the data once into your accounting system and have it automatically sync with your property management system, saving you endless hours of data entry and effort. On the other end, any information entered into the property management software will also sync with your existing software.
To name a few benefits when it comes to payments, tenants’ transactions are recorded in real-time and are synced into the accounting software. Lease charges are pulled directly from accounting software into tenant accounts for accuracy and convenience, and bank batches are sent directly to the accounting software for a seamless flow.
Other operations are also greatly enhanced through integrations. Picture attachments, supporting documents, digital signature for leases and more will be directly synced to your existing software for exceptional accuracy and visibility into all accounts and affairs. This is also important for your audit trail to ensure compliance with the appropriate laws and regulations.
2. Decrease Chances of Human Error
Eliminating the need for manual data entry wherever possible will also greatly reduce the amount of human error you will encounter. Digitizing the process will serve to increase accuracy and proficiency of all payments, transactions, maintenance requests, applications, leases and more across the board.
Key dates such as move-in and move-out dates, tenant data, and your financial accounts will be synced and up-to-date. This will significantly help to prevent tenant disputes and long drawn out legal processes, saving you a lot of time, money and heartache.
3. Increase Your Intercompany Collaboration
Having your systems connected means better collaboration and communication amongst your staff. For example, the accountant will not need access to the property management software since they will be able to access it directly on your accounting software, and your managers will have full access to all information without ever requesting access into your accounting system.
Multiple managers, vendors and site admins can access maintenance requests simultaneously from their personal devices, for tracking purposes and efficiency throughout the process until completion. Or for the leasing process, prospects, managers and leasing agents can enjoy an uninterrupted flow of communication straight through the conversion of a prospect account into a tenant account. No paper copies must change hands, and risks such as the loss or misplacement of important documents or the necessity for multiple hard copies are completely eliminated.
Having vital information available to everyone at all times will allow communication to flow seamlessly and effortlessly within your company, greatly enhancing your productivity and efficiency.
The MyPortal by Payquad Solution
Payquad offers a comprehensive resident portal with full integrations for leading accounting software such as Yardi and Rentmanager. We can integrate with any system that has an API for a seamless onboarding process and user-experience. We also offer the ability to integrate information from systems that do not utilize an API by downloading and uploading your information for you directly into our user-friendly system. Book a demo now to learn more!