Is Property Management Accounting Eating in Too Much Time

Accounting is an important aspect of any business irrespective of its size. It cannot afford to be anything short of spot-on accurate, hence you may think it is ok to invest a lot of time into it. But in case of property managers, time is their greatest scarcity. They juggle their time between many different tasks like posting ads for vacant properties, attending to sales inquiries, assigning maintenance issues to vendors. However, the most time consuming task of them all is the accounts.

While accountants are quick in delivering efficient accounts, property managers are not. This is because they have a hundred other things to do and they are not professional accountants. In fact many of them get acquainted with accounting software only after entering the profession. As ridiculous as it may sound, this is how most of them function till date. So then, can property managers be blamed if they happen to enter the wrong accounting figures while attending to inquiry calls?

Well no, that would be unfair. After all, there is only so much a person can take. But the company is sure to bear the brunt of this when preparing final accounts.

Why go through all this? Can’t the company just hire an accountant to avert such situations?

They could, if accountants were not so expensive to keep on a daily basis. But they are. So its back to square one where everything is dumped on the lone property manager.

But, wait there might just be a solution

A solution where the property manager is not going to be overburdened. This lies in outsourcing. Yes, outsourcing has made its entrance at pretty much every field and now it has entered Property Management Accounting. All the property manager have to do is ,scan the required documents and send it across to the BPO for them to start on it.

Concerns about data security?

These are eased due to the special efforts taken by BPO’s who provide this service. Secure portals for data transfer, 24/7 CCTV surveillance of employees, restricted internet access at work environment are among some. Certain BPO’s even go to the extent of signing a “No working for competitors policy” to ensure the client that their data is a 100% safe.

With all this in place, opting for Property Management Accounting service at a credible BPO amounts to a very wise decision. It is cheap, being outsourcing rates and allows for property managers to focus on other tasks. Relieving them of the responsibility of managing accounts would also make them less burdened and more efficient at core tasks.

Related Articles – Property Management Accounting, HOA Accounting, Property Management Answering Service,

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