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Property managers: Is the accounting taking too much of your time?

by: abinajay on Date: Fri, 23 Nov 2012 Time: 3:14 AM

Property managers make for some of the busiest people in the world. Though they are not glorified as much as some other professions, they are indeed indispensible. To think of all the work a property manager takes on in a single day; hearing the list could tire you out. Attending to maintenance calls, assigning jobs to vendors, sending reminders for payments, answering sales calls, meeting prospects and clients, placing ads for vacant properties, and also accounts. Tired from reading?

Imagine how tired these guys would be. You would have scanned through this entire list and when you read the word ‘accounts’ you must have thought “What even that??” Well sadly, yes. The bigger property management companies have bookkeepers and accountants for the job but the small and medium sized ones often don’t. Hence this task is also left for the property manager to do.

How do they feel about it?

They find it really time consuming. It eats into their hours and they cannot multitask when they are on it. Bookkeeping and accounts require concentration as they cannot afford to be anything short of accurate. Moreover they are not professionals in accounting, so the whole thing often takes longer than it actually should. Any given day property managers would be glad to be relieved of this responsibility.
But just when you are sympathizing with property managers and the accounting load; there appears to be a solution; a way for property managers to get accounting done without having to hire an accountant.

The solution lies in taking up property management accounting with a BPO

Yes you heard right! Accounting and bookkeeping with a BPO. What immediately comes to mind is the concern for data security. It may come of a little surprise to you that BPO’s do an amazing job of ensuring data safety. The companies that provide this service have highly restricted internet access in their offices and provide separate data transfer portals for secure file transfer. They also have a biometric finger print access system and 24/7 CCTV surveillance. These methods go a long way in ensuring data safety.

The cost savings is by far the greatest advantage here. It costs almost 3 times lesser than what it would cost to keep an accountant. Property management accounting at a great BPO will not only be cheap but also flexible and efficient. Companies can choose the amount of hours they want the accountants there to work and it will be done in accordance.

This is the ideal solution for property managers who want relief from the accounting burden without it costing the earth.

About the Author

Property management accounting

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