Synergize Your Property Management Business Using Buildium with the Help of Virtual Accountants
Being the head of a property management business is no walk in the park. Family, friends, and employees are often unaware of the work poured into a company. Growing a property management business is not for the faint of heart. It is challenging work.
How Cloud Based Accounting Company Help?
Online accounting services in India provide virtual accounting services for property management businesses in the US. Cloud accounting service providers conduct phone and video meetings that allow communication anywhere at any time.
Offshore accounting services India uses the latest technology, such as Buildium, to improve efficiency and save time and money. Property management businesses have access to a network of service providers.
Property managers often lack standardized procedures and processes and use multiple technologies. A new employee will be on his or her own if a property manager does not have the time to provide training.
At some point, all processes must be well-documented and standardized. Processes need to be easy enough for anyone in the company to use. Right now, you might track financial data on Google sheets, run bill-pay through third-party software, call contractors on a cell phone, deliver custom reports for clients that take a long-time to create, and write down tasks on sticky notes. That is quite a mess.
The decision to systemize a business allows taking a hard look at how the company is run and improve it. It will enable asking tough questions and visualizing the ideal way to run a business. The ideal way is fully automated.
Cloud Based Accounting Firms That Use Buildium Software Offers An Accounting Solution
Hiring cloud based accounting firms that use Buildium software offers an accounting solution, a contractor solution, a bill-pay solution, and client and resident portals all in one place. The best outsource accounting services India use the Buildium software to build tasks and triggers, so employees know what and when something needs to be done.
Top accounting outsourcing firms allow the property manager to monitor the tasks. Implementing a better system provides more time to focus on other aspects of the growth of a business. It almost seems as though the company runs itself.
How To Begin
Start systemizing your business by brainstorming a list of business-related tasks done over the past day. There are technology and assistance that can eliminate much of the work and can be integrated into your current platform.
Without an excellent system, there is no way to track and analyze the data needed to grow a business. If the correct data is not tracked, there is little to base business decisions. Instinct only gets a property manager so far in business competition.
Data tracked by the top accounting outsourcing firms that use Buildium is unique to the business and the way it operates. The key performance indicators for property management are
- Won vs. Lost Properties
- Occupancy Rate
- Average Arrears
- Tenant Turnover
- Rent-Ready Costs
- Days-to-Lease Average
- Net Income
- Maintenance and Repair Costs
- Fees for Property Management
- Growth in Revenue
Managers want to measure financial data, like margin and revenue; operational data, like turn-around quality and time; and client experience data, like net promoter scores.
Advantage Of Virtual Accounting Services That Use Buildium
Property management reaps the benefits of working with online bookkeeping services in India that specialize in property management. The virtual bookkeeping firm in India takes the Buildium experience to the next level because it is experienced in all property management software areas.
The outsourcing bookkeeping services customize bookkeeping to the needs of a business. It is like having in-house personnel without the expense and hassle. The benefits include
- Security – Only designated personnel has access to the business computer or accounts
- Highly educated and experienced experts in cloud based accounting services and Buildium software
- Constant communication with the online bookkeeping services in India through instant messaging and phone
- No training or hiring employees for the tasks, no payroll
- Seamless integration with a property management team
Tasks performed by the best online bookkeeping Service provider includes:
1. Entering and paying bills
2. Tenant move-in and move-out
3. Processing management fees and owner disbursements
4. Owner and tenant statements
5. Record rent receipts and bank deposits
6. Monthly bank reconciliation
7. Financial diagnostic
Buildium technology provides computer and technical support. It is modern and simple to use and readily available technology. It scans deposits, bills, etc. to a sharable folder. With outsourced bookkeeping companies, there is a real person behind everything.
Property managers can trust the security provided. Only authorized personnel have access to the bank, bill-pay account, check stock, and computers. The manager approves all payments and mails checks. There is enterprise-level password management. Storage files are encrypted with 256-bit AES (Advanced Encryption Standard).
A virtual bookkeeping firm in India customizes Buildium software for direct communication with owners and tenants regarding billing. There is direct communication with vendors and utility companies. Virtual bookkeeping firms have what it takes to securely and simply shuttle into the future.
Outsourced bookkeeping services in India provide benefits without pitfalls. They have mastered the hiring of qualified professionals, security, and technology, so the property management companies reap the rewards.
Remote staffing for accounting firms provides access to friendly bookkeepers working in a team environment. Supervisors oversee the work to ensure the highest quality bookkeeping standards. They have excellent verbal and written communication skills.
Using Buildium software, the dedicated outsourced accounting firms work the company’s business hours. There is no bookkeeping downtime due to sick leave, vacation, turnover, etc. The communication and technology systems work like having a bookkeeper in an office down the hall.
Buildium Offers Four Tips
1. Social Media Presence
2. Upgrading Amenities
3. Leveraging Innovative Technology
4. Marketing Automation
Property management companies establish themselves as experts in the industry by sharing relevant articles and contributing to social media conversation. It is an excellent way to connect with potential tenants, residents, and owners.
Raise awareness of a company by posting news about the community and engage in local conversation. Social media is word of mouth for today. It is an opportunity to advertise upcoming properties and highlight rave reviews from clients and residents.
It is critical to keep vacancy rates low in helping clients maximize the return on investment on their properties. Great renters need to be found and retained by finding out what appeals to them and responding to their preferences.
Some property management companies make costly mistakes assuming what upgrades residents want. The most successful companies survey current residents to find out what they most value. Send an automated text to residents that asks for their input. Even if requested upgrades are not possible, residents feel heard and valued.
From virtual reality to self-showings, the compilation is using innovative and creative ways to leverage technology. There are endless solutions. The challenge lies in the identification of what is right for a growing business.
Different technologies fit a company’s needs based on markets, clients, and residents. Regardless of the demographics, the company should offer an ePay option that many residents expect. Outsourced accounting solutions that use Buildium software can set up the option for you.
Integrating high-tech features has proven to help companies outpace the competition and stay ahead of the curve. Busy property managers leverage marketing tools with the help of offshore accounting services India, like KMK Ventures.
We assist companies with marketing efforts such as social media posts and email newsletters. Our marketing automation helps drive more traffic to a website, convert that traffic to leads, and turn leads into customers. The process saves property managers’ valuable time.
The Thought Process Behind Using KMK Ventures and Buildium Software
Property managers and leasing agents spend a lot of time in the field. Many tasks, such as meeting with renters, leaving keys in lockboxes, posting signs, taking property photos, and following up on leads, do not require a desk.
These things occur outside the office. Customer service happens inside the office. If transitioning customer service tasks to a virtual assistant, such as KMK Ventures, there are few reasons to maintain a physical office.
Rental office space costs money. Moving all current office-based staff saves money and provides employee flexibility. As long as the company has quality software, like Buildium, and systems and processes that work, it is mobile and virtual.
There is no advantage to a physical office for signing new owners. Most property owners meet at the property. Property managers want to see the property, do a walk-through, talk about needed repairs, and discuss the best marketing strategies. Instead of bringing potential owners into an office, take them out for lunch or coffee.
After landing a new business, let KMK Ventures use Buildium to implement systems to manage tenants and properties. There is no need for paperwork. Electronic signatures allow documents to be sent back and forth via email. All tenant screening and application processes can be done online.
The industry is changing, and there is no going back. You will look at your processes, team, and technology differently. It is time for a reset for your company. Let KMK Ventures and Buildium be instrumental in the change.