UHY Hacker Young | Chartered Accountants

Why cloud accounting provides a new direction for the property sector

8 August 2018

This article first appeared in the Manchester Evening News here on 7 November 2017.

Whether you have a large or small property portfolio, cloud technology can help you to significantly improve efficiencies and controls within your business.

Historically, large property management systems can be quite complex, clunky and not particularly user friendly, especially when it comes to managing client monies.

Cloud technology provides a fresh approach for the property industry.

The software is generally not only very easy to use, but also has direct links to other apps and websites including Office 365 and Rightmove, streamlining processes and making managing your property portfolio much easier.

As a result of utilizing cloud technology, the need to rekey data from one platform to another is significantly removed, and on average, processing time is cut by over 50 per cent.  Cloud software has the ability to automatically send out rental invoices throughout a tenancy period and offer the tenant the option to pay online directly through the emailed invoice.

The technology can go even further and chase the debts as they become payable, with more severe reminders sent should the debt become overdue. These features have seen a real improvement in cash collection, and reduction in bad debts.

Contract renewals, inspections and routine maintenance reminders can all also be automated to ensure a key date, task or event is never missed.  These reminders can be in the form of emails, text messages or in app reminders meaning you’re in control whether in or out of the office.

Another key benefit of cloud software is it allows costings and profitability on development and renovation projects are also easily reported on, and can be drilled into right down to individual invoice per property.

To find out more about the specialist services we offer to the property industry please click here.  Alternatively, if you wish to discuss your options when it comes to cloud accounting please do not hesitate to contact me.

To read more of our cloud accounting blogs, click here.