4 Ways Property Management Accounting Software Encourages Prompt Payments

A great piece of property management accounting software doesn’t just make it easier for you to keep your books in order… it can also streamline many aspects of the overall financial process of managing your business.

This isn’t simply bookkeeping software; it’s an overall package of tools which can encourage prompt payment from your residents and minimize the number of delinquencies

If you’re still doing all your payment notices manually, the right software package could make your life far simpler!

How Good Property Management Accounting Software Keeps the Money Flowing In

1. Automatic Electronic Reminder Notices

One of the most effective tools in a property management system is also one of the easiest to utilize:  Automatic reminders.  You don’t have to merely have one bill, or one set of reminders when it’s past due.  The software can be set up to send as many reminders to your residents as you’d like both before and after the due date.  It makes it much harder for residents to forget to pay, particularly when the message can send them directly to the payment portal…

2. ePayment Portals

Why make it any more difficult to pay than is strictly necessary?  With the right software system, you can have an electronic portal set up that allows instantaneous payment in a variety of forms to fit your residents’ needs.  In most cases, the overall payment process only takes a couple minutes. Your reminder emails can emphasize this, to further reduce reasons not to pay immediately.

3. Eliminate Checks

Honestly, is there any good reason to continue accepting private checks at all, when there are so many electronic payment methods available?  Checks are slow to process, annoying to handle, and require special storage/archiving to keep around in case an audit ever needs to be done.

When residents can pay with bank cards, ATM cards, or possibly even via purely-electronic systems like PayPal or Bitcoin, private checks are a relic of the past that should stay there.

4. Encourage Residents to Keep Track Of Their Finances

Easy record-keeping in online property management software can benefit your residents too!  The system can track all their payments, as well as other financial documentation relating to their property’s value.  If they’re already watching their numbers, they’ll be less likely to miss a due date.

Asyst6 can make this all happen!  Contact us today to learn more!