It is no surprise that finance contributes to nearly 80% of a gated community’s function. Committee Members need the money to run the apartment seamlessly and they are held accountable by both residents and external auditors regarding how the money is handled.
The Treasurer is required to submit various reports to external (including the government) and internal auditors and any discrepancies can cause serious trouble. For this very reason alone, the Committee Member and Treasurer must opt for a smarter solution to handle finances efficiently and avert any errors.
Handling the finances manually can be a real headache especially if we are dealing with larger society complexes that house hundreds of flats. Manual finance can turn out to be a nightmare, especially for the Treasurer who often needs to sift through hundreds of papers, balance sheets, income/expense reports, etc.
Using regular software for managing a large society complex may not always do the trick. To expeditiously manage the finances of a community that houses hundreds of homes, we need super-smart software like the one offered by ApnaComplex. The application is particularly and meticulously designed to handle the accounting of gated communities.
In the last 11 years, ApnaComplex’s accounting software has gone through several developmental processes based on the feedback given by thousands of gated communities. This has made ApnaComplex a mature software. The application comes with the best accounting practices built-in and so, it eliminates room for any accounting error.
Using the ApnaComplex software, Committee Members can give access to the Billing & Collection module to select people including the Treasurer or Account Manager of the apartment. This is the first step towards eliminating any fraudulent practices.
Also, the Treasure need not worry about balance reconciliation since everything is automated. The system will calculate the reconciled amount and it will automatically reflect in the balance sheet. This eliminates the need for manual reconciliation too.
The Billing & Collection module also does away with Suspense Entries. Suspense Entries are temporary or permanent entries (credit/debit) that are doubtful or inexplicable and it is difficult to trace the source of the money. This is a common situation when the Treasurer is dealing with hundreds of flats. With ApnaComplex’s Billing & Collection, monetary entries, including all the details, are entered in the application then and there leaving little space for doubts or Suspense Entries.
Like any other financial institution, larger apartment complexes also go through audit processes once or twice a year. Reports created using ApnaComplex are ‘Audit-Ready’ reports that can be submitted immediately to the auditors. Our system has more than 30 ‘Audit-Ready Financial Reports’.
Another wonderful feature of this module is the Defaulter Report & Penalty Collection Report. The ApnaComplex software automatically generates both these reports and the notifications are promptly sent to the defaulting residents. The Treasurer or Management Committee can also block repeatedly defaulting members from using certain amenities in the apartment. This improves the dues collection and also minimises defaulters. It is noteworthy that this feature is unique to ApnaComplex.
When the financial year commences, gated communities also draw up their budget and the Budget Variants feature offered in the Billing & Collection module helps gated communities keep track of their budget.
The Billing & Collection module saves an apartment Treasurer’s time by 80%. All these features work together in creating a tallying balance sheet and make work easier for the Treasurer/Accountant. With ApnaComplex, a Treasurer need not have to compromise their leisure times to manage the finances of the apartment. They can upload, download, share, modify, recheck, and lookup any financial report they fancy in just a click.Do you wish to take a break from all the intense accounting? Visit the ApnaComplex website (https://bit.ly/3dNiXTd) and schedule a free demo!