Property management accounting software is the backbone of every property management business. It provides the tools you need to keep track of your finances, manage your assets and tenants, and grow your company.
Doorloop is an industry-leading property management software provider that brings these benefits together in one platform.
In this article, we’ll dig down the benefits of property management accounting software.
1. Cloud-based Software
Cloud-based software is the best option for a company that wants to be able to access its accounting data from anywhere in the world. This allows you to work remotely and still have access to your records, making it easier for you to manage multiple locations under one roof.
It also offers great security benefits over onsite software, including strong encryption and password protection—something not found in most traditional solutions today.
2. Property Owner Portal
The property management accounting software allows you to see all your properties, tenants and financial information in one place.
This means that you can manage your properties from anywhere. You’ll be able to view the status of each unit and its current rent payments all at once.
So, it’s easy for you to keep track of what needs done with each individual unit on an ongoing basis without having to constantly log into different websites or applications every time something changes around your rentals.
It also gives you access to other tools that allow for greater control over how money flows through the business so that no part goes unnoticed by either party involved (you).
3. Tenant Portal
Doorloop accounting software allows the tenants to get all the information in one place. Let’s take a look at the points below how it will help them.
- Tenants can log in and view their rental history.
- Tenants can pay rent online.
- Tenants can view their lease agreement, including details on any amendments to it.
- Tenants can also use the tenant portal for viewing maintenance requests, credit checks and more!
4. No Limits on Properties or Users
You can manage multiple properties from one account and each property has its own separate set of financials. You’re not limited to one user with access to all your data, so you don’t have to worry about someone else looking at private information if they get their hands on the wrong copy of your software.
If you manage several different types of clients, then this is a huge benefit because it means that they can all use the same software at once without having to switch out between accounts manually every time.
They need something done differently (which could take quite some time).
5. Streamlined Accounting and Reporting
Accounting and reporting are vital to the success of your business. Whether it’s tracking the money that comes into your company or getting reports on how much has been spent, accounting software is a powerful tool that can help you run a more efficient operation.
Doorloop is designed with an intuitive interface that makes it easy to log transactions, view financials and make important changes without having to deal with complex formulas or numbers.
Their built-in reports let you see at a glance how much money is coming in versus going out—and what needs to be done to improve cash flow so more income goes toward paying bills instead of being spent elsewhere in the budget!
6. One Database for All Your Data
This is one of the most important benefits of a property management accounting software. A single database stores all your data, so there’s no need to switch between multiple databases when you want to access one specific piece of information (or even different sets of information).
If you have multiple sources for information, it can be difficult to keep track of them all and make sure that they are consistent with each other. The property management software has a unified view on everything related to properties and tenants.
So, if anything changes at any point in time—even an item as small as changing an address—everything will be updated automatically in real time. This makes it easier than ever before!
Another benefit here is that there isn’t duplication between systems or databases when using this type of system: no more worrying about duplicating efforts between companies who may not even communicate well together.
Instead everyone gets their own space where they can work independently without having anyone else interfere with what they’re doing.
Plus, users won’t have any problems accessing their own personal data whenever needed because everything resides inside a single location instead of being scattered across different places around town.”
7. Improved Cash Flow
When you have better cash flow, it means that your business can pay its bills on time. This is especially important for a landlord because landlords are often responsible for paying their tenants’ rent and other expenses, like utility bills and insurance premiums.
If your company has poor cash flow or struggles with late payments due to multiple vendors not being paid in time, it may affect the ability of other businesses working with them (e.g., suppliers) to provide quality products or services at reasonable prices.
This can cause problems down the road if they don’t have enough money in their bank account at any given point in time—and this could lead directly into bankruptcy!
8. Lower Operating Costs
One of the most important benefits of a property management accounting software is that it can reduce your operating costs.
- Reduce the time spent on bookkeeping, accounting and reporting: You don’t need to hire an accountant or purchase additional software because all the information you need is already in one place. You can also use the program’s tools to make sure that employees are performing their jobs properly and within budgeted guidelines.
- No need for additional staff: If you have staff members who are currently handling accounting duties, Doorloop accounting software for property management will allow them more time for other tasks related to running your business (such as marketing). This means that instead of hiring an extra person just so they can handle these tasks effectively—and spending money on training them—you can save money by outsourcing these tasks instead!
9. Better Vendor Relationships
There is no doubt that vendor relationships are key to the success of your business. They can be improved by using software to streamline the process, making it easier for you and your team to manage vendor payments, track expenses and communicate with suppliers.
Software helps you:
- Manage vendor relationships better
- Track expenses related to vendors
10. Reduced Human Error
A big part of accounting is human error, which can result in a lot of wasted time and money. With Doorloop software, you’ll be able to reduce the amount of time spent on data entry and reconciliation by using automated processes that standardize your billing cycle.
You’ll also be able to automate some financial processes like accounting and invoicing so that they happen automatically at certain times during the month or year.
11. Easier Decision-making
The key to making better business decisions is data. Data helps you make more informed decisions, which in turn makes it easier for you to make the right ones.
Data can help you understand what’s going on with your property and find ways to improve its performance. Data analysis will show where there are opportunities for improvement or where things are working well for you as an owner or manager of a real estate property.
This is important because without this information, it may be difficult for anyone—including yourself—to know what’s really happening at your property or how best to improve upon those results moving forward into the future!
12. Automatic Updates
Automatic updates are a great way to save time and ensure that your accounting software is always current. When you make changes, such as adding a new property or tenant, the system will automatically sync with the server and update all of its information.
This means that if any changes have been made since your last visit to the website, it will be reflected in real time instead of having to manually enter data into each field as before.
Automatic updates can also help prevent mistakes from being made by letting you know when new features have been added or changed. So, they can be updated accordingly. It’s easy to forget about these things after a while!
Why Doorloop Property Management Software?
Doorloop is a cloud-based property management system that enables you to track and manage your tenants, manage your inventory, run reports on your rentals and more.
It integrates with other apps like Zillow, Google Maps and others to provide you with the tools you need to run your business.
In addition to being a multi-tenant database (MDB), Doorloop also offers an accounting solution that allows you to track all of your expenses including rent payments as well as utilities usage.
You can also use it for managing collections or managing day-to-day operations of the properties under management by creating custom invoices for each tenant who has paid their rent on time every month since signing up with Doorloop!
We believe Doorloop is the most affordable and feature-rich property management software on the market. With a cloud-based platform, you can easily access all your data from any device.
And with their customer support team available 24/7, you can be sure that we’ll be there for you when you need us most.
So what are you waiting for? Manage everything with ease and get the max benefits of property management accounting software.
Sign up Doorloop property management accounting software and enjoy FREE trial.