With increasing gated communities, the need for proper facility management is also increasing – after all, proper amenities and facilities make a gated community enticing.
Initially, though, there might be a slight increase in the maintenance cost, hiring a facility management company has a plethora of benefits in the long run.
Finding the right kind of facility management company can be a tedious task especially when there is no dearth of companies offering management services.
Do not worry, ApnaComplex is here to help you figure it out! Knowing these factors will make your job uncomplicated.
How dedicated are they?
The hired facility management company must be available for the community and residents all the time, either in person or through other means of communication.
Even if the company cannot appoint a full-time Facilities Manager, it must be able to send an expert to the complex at least thrice or fourfold a week and efficiently solve the community’s requests and escalations.
More technologically sound, the better
The technology used by the company will give you an idea about how efficiently they can perform their duties.
Outdated tech will lack efficiency and will not meet the desired standards. It can be slow when it comes to identifying a problem which can cause a delay in response/action.
Whereas, using sound technology will prevent human error, brings down the maintenance cost, and up the overall efficiency since everything is automated.
Are they equipped enough?
Facilities management companies come in various sizes. Some are just beginning and some might come with years of experience and necessary tools.
Choosing a smaller company for a gated community of thousand houses is injudicious since its facilities and amenities are significantly complex. To handle this, the company must be equipped.
Therefore, do your homework and pick the company that will meet all your requirements.
Security and Accountability
A reputed facility management company will mandatorily do a background check on all of their staff and they can produce the correct address proof, physical ID, and documents verified by the court.
Also, accountability certainly improves productivity and efficiency. A professional and experienced company will hold their staff accountable for their actions and they use smart technology to assess their contribution. Reviews are also conducted periodically which plays a vital role in staffs’ performances.
Ask your peers
If you like a facility management company but are unsure about their track record, request the details of apartments they are currently managing. Do not hesitate to contact them and enquire about the company’s service since it will give you the reality of the company. This is very primal and can save you from making a bad choice.
Well, ApnaComplex meets all the above requirements. We use cutting-edge technology to manage gated communities and our facility management application comes with several user-friendly features including the ability to book amenities/facilities beforehand and raise complaints against defaulting assets using unique QR codes generated to each asset. It is worth mentioning that this QR code feature is unique to ApnaComplex.To know more about our other services, please visit https://bit.ly/3wJAqCV for a free demo.
The ongoing COVID-crisis has left the people grappling. The only thing anyone would ever speak of is getting vaccinated. Several hospitals, NGOs, and the government are conducting vaccination drives across the country, yet, more than half the population is still unvaccinated.
It is also noteworthy that most of the population in larger cities live in gated communities/societies and getting them vaccinated at the earliest can drastically help reduce the spread and severity of the infection.
To ApnaComplex, the safety, and wellness of our residents are of utmost priority and we consider it our duty to ensure your complete wellness. To fulfill this, we have partnered with 1MG – a leading digital consumer health care platform in India, to vaccinate as many gated societies as possible.
ApnaComplex and 1MG together will be conducting vaccination and RT-PCR test drives in all the societies and gate communities in major cities of India. This drive is not only for societies managed by us but also for other interested societies outside ApnaComplex.
The unique and tech-driven features of ApnaComplex’s CORONA SHIELD offering are already doing their best to curb the spread of the virus in gated societies. The features include Quarantine Tracker, temperature, mask, and gloves check for visitors, no-contact online payment at a zero-convenience charge, online communication, and polls. All these features ensure you conduct in the safest way possible inside your society complex.
To boot, ApnaComplex offers FREE COVID consultation, specialised teleconsulting, at-home diagnostics to all our residents. We also strive to bring essential products and services to our residents’ doorstep when in need.
Do you want to get the members of your gated community vaccinated?
Fill out this simple form, our team will get in touch with you ASAP!
Oftentimes, Management Committees wonder how to increase their society’s revenue without upping the maintenance fee for the former is very likely to irk the residents. A handsome revenue can benefit your apartment complex immensely. You can maintain the premises and assets better, improve the facilities, provide staff with better pay, and do much more.
In this article, we explore the means using which you and your society can increase the revenue and how an apartment management software like ApnaComplex can improve your apartment complex’s financial situation.
Society Activation
This is one of the biggest sources of income for gated communities. When brands put up stalls inside a gated community, that society’s Management Committee can charge them a fee/tent depending on the size of the stall and the popularity of the brand.
Since our commencement, ApnaComplex has gone the extra mile to tie up with popular brands and bring them to societies that use the ApnaComplex application. In the last year alone, we have conducted 1000 such events across India.
Some of the brands we have a partnership with include Tata, Dabur, Reliance Trends, Pantaloons, Bata, 1 MG, etc. Societies can earn from ₹ 10,000 t0 a few lakh rupees depending on the size of the society.
Eliminate defaulting
Maintenance due is the major source of income to gated communities and when a chunk of residents default on their dues, it causes a setback to the accounts department. The good news is, this particular issue can be easily dealt with.
Residents do not default on their dues purposefully in most cases. They simply forget to pay their dues on time due to a busy schedule. Sending a reminder every month can help you collect dues on time. With software like ApnaComplex, you can send monthly reminders automatically by configuring the application, and by this, you can see a significant reduction in defaulters and an increase in revenue.
Bill your residents digitally
Manual billing is time is consuming and a waste of fine resources. Calculating the dues of hundreds of residents and billing them can cause a headache to any accounts manager no matter how skilled they are.
So, ditch the pen and paper and adopt a society billing software like ApnaComplex. The software will calculate your residents’ dues based on their past arrears or advance payments automatically every month on the scheduled date. The software also generates invoices and sends them automatically to the residents.
Make online payment mandatory
This is one of the best ways to reduce maintenance defaulting. ApnaComplex offers payment gateway options like UPI, PhonePe, Google Pay, etc. Using these options residents can pay their dues seamlessly and comfortably. This convenience and the automatic invoices will also urge them to pay the dues right away improving the maintenance collection.
Automate the accounting process
Manual reconciliation takes days to calculate, it takes up the time and energy of the Management Committee, and even minute miscalculations cause errors and discrepancies. To avoid this, committees usually hire and pay hefty amounts to experienced auditors to reconcile the accounts.
ApnaComplex will eliminate the aforementioned hassles instantly. When residents use ApnaComplex to pay their dues, the software will automatically calculate the payments based on the entries.
Income and expenses are calculated diligently by the software eliminating any sort of manual error. The reports generated by the software are also audit-ready. This removes the need for external auditors, thus saving time and money for the Management Committee.
Consider investment and pay tax on time
Investing is the best way to increase your gated community’s revenue and as a member of the Management Committee, you should know about gated communities’ financial laws. Take the advice of a tax consultant, file your taxes on time, add the correct GST amount to the maintenance due, and attend treasurer workshops. These are the first things you should know before getting into investment.
With software like ApnaComplex, collecting GST and other taxes is a cakewalk since the application calculates tax as well. The taxes are added to the dues and the software generates the final bill accordingly.
Secondly, learn about the tax-saving investment schemes and learn how to invest your apartment’s funds in those schemes. In this way, you can save substantial money and earn interest by the end of the year.
Asset maintenance can also increase revenue
Assets of a gated community such as lifts, water dispensers, etc are subjected to inevitable wear and tear, and maintaining them regularly will increase their longevity.
The ApnaComplex software will assist you better in the asset maintenance department. Once the details of the assets are uploaded to the software, including their maintenance period, the application will send you reminders automatically when it is time to service an asset.
When assets are serviced regularly, there is no need to replace them often. This saves plenty of money and increases the funds for a gated community.
Make money through your Clubhouse
Clubhouses are not just luxury assets. When used wisely, they can be turned into a revenue-making machine. Manual booking of the clubhouse can cause confusion like wrong payment collection, double-booking, etc causing revenue leakage. By adopting ApnaComplex, you can do away with this.
The pre-booking feature offered by ApnaComplex allows residents to check available slots in real-time and book them in advance right at the comfort of their homes. The payments are recorded and reconciled separately.
This easy process of clubhouse booking is very likely to invite more residents to book the clubhouse often for their entertainment, thereby increasing the revenue.
Rent whenever possible
There is nothing wrong with renting whatever that you can rent in your apartment complex to increase your revenue.
Rent your clubhouse for parties when it is free to non-members for higher tariffs, rent out spaces in the premises for advertisements, billboards, kiosks, exhibitions, etc.
With ApnaComplex, you can easily keep track of all these incomes.
Going green can also bring in income
Yes, you read it right, sustainability will help you save money and generate income. Whenever possible, cut down electricity usage, or better yet, instal solar panels if possible.
Harvest rainwater and reuse water, introduce waste segregation, collect compost in your apartment and use it for fertilisation instead of buying, you can also sell the excess compost to generate money. These initiatives will save you a lot of money and help bring in revenue in the long run.
Impose parking fee and gym/pool subscriptions
Facilities like the gym and swimming pools require high maintenance and are also used regularly. Therefore, it is wise to impose a subscription fee instead of offering these services for free. The income generated through this can be used to maintain these facilities efficiently instead of scrapping from the main maintenance due.
There is no harm in imposing a parking fee for outsiders’ vehicles either after a certain duration. However, consider the opinion of other residents before levying this and be reasonable with the fee imposed.
The ApnaComplex software is one of the matured solutions created exclusively for managing gated communities. It has been developed and modified over the years based on the feedback submitted by several Committee Members and therefore, the software can efficiently support revenue generation.
To experience the software and for a free demo, visit (apnacomplex.com)!
Finance – a society’s boon and bane. A boon because it contributes significantly towards the development of a society and a bane because it can also invite a lot of trouble if mismanaged.
The first thing that we need to understand here is, society complexes do not work with a profit or loss module. There are certain avenues using which a society can earn revenue and monthly maintenance contributed by other residents is one of the primary incomes.
The Management Committee (MC) is responsible for the maintenance money and, ideally, they should record how they use it. After all, the residents trust the MC with their money, and larger and sophisticated societies collect a whopping maintenance fee every month. It is only natural that the residents hold MC responsible for all the financial management.
Now, taking control of your society’s finances is actually not so hard as it may sound, and my advice – go digital! Taking is a little help from a tool like ApnaComplex which is both savvy and boasts technological brilliance that will change the way your society’s finances work altogether.
Save time with automation What is more precious than time? NOTHING if you ask me! ApnaComplex saves ample time for the managing committee since the application allows the user to instantly upload/download/view receipts and invoices in just a click. The application is completely automated and so, there are no chances of manual or human error. The software calculates the dues according to advance payments made, past arrears, and based on the square feet of the property, etc.
The Management Committee can also collect monthly maintenance dues by sending automated bills and send reminders to defaulters. The software truly saves time and energy for both residents and Management Committee!
The application is completely automated and so, there are no chances of manual or human error. The software calculates the dues according to advance payments made, past arrears, and based on the square feet of the property, etc.
Track the expenses digitally Over-spending is a real problem in gated communities but with ApnaComplex, you can simply do away with this. The software helps the management committees keep track of their expenses and when they are dangerously close to overspending, the app will automatically send a notification and remind them of their budget. Likewise, the ‘Budget Variant’ feature aids the management committee to stick to their budget.
Make the finances transparent The transparency ApnaComplex offers… I assure you, you cannot find it in any other software. Every possible report you can imagine can be effortlessly generated and viewed, and if the residents want to check certain transactions, they can do so with just a click. The residents can also pay their dues using ApnaComplex. This resolves financial conflicts and a conflict-free society is indeed heaven on earth!
Taking complete control of your society’s finance is liberating. When your society is financially empowered, you can concentrate on directing your energy towards other developments and engagements of your society
The ever-evolving technology has so much to offer and it is imprudent to not make the best use of them. With ApnaComplex, embrace freedom – which is just a click away. Write to us on sales@apnacomplex.com to schedule a free consultation with our experts!
For any apartment, waste management can be a real problem, and managing e-waste (electronic waste) separately has become almost non-existent. Out of ignorance and haste, residents tend to mix up waste, not just wet and dry, but electronic waste as well. This is causing a major inconvenience to garbage collectors who are later forced to handle this toxic waste.
It is important to keep in mind that electronic wastes must be kept out of landfills. Electronic devices are made of heavy metals and contain toxic and harmful substances such as mercury, lead, chromium, and cadmium. These harmful substances cannot find their way into the soils which will contaminate water and air, and hence, e-waste must be recycled to save landfills.
Besides doing a huge favour to the environment, recycling e-waste can also save a ton of energy. When an apartment adopts appropriate measure to manage its e-waste, it is also taking a step towards saving some electricity bills.
Identifying recyclable and non-recyclable waste
Experts reveal that all e-waste has some amount or form of materials that can be recycled including materials such as metals, plastic, glass, etc. These might be ‘junk’ to regular consumers but they do serve some economic purposes.
Studies reveal that creating one brand-new monitor and computer can take around 22 kgs of chemicals, 240 kgs of fossil fuel and 4300 litres of water. By recycling used computers and monitors, we can save a lot of energy effectively prevent the use of pure materials that are required to manufacture new devices.
We should also keep in mind we cannot recycle few materials like toner cartridge and ink, hazardous liquids and materials, and alkaline batteries, etc.
Processing Electronic Waste
Separating the waste materials efficiently is the key to successful e-waste recycling and management in larger apartments. The e-wastes are first shredded and this helps with the separation and sorting of plastics from internal circuitry and metals. Then the separated wastes are further shredded and go through another sorting process.
Once the various components are sorted, the extracted materials are now raw materials that can be sent to manufacture new devices.
From the non-recyclable waste, the useful materials and extracted and further processed to create new materials. For instance, 34 kgs of gold, 350 kgs of silver, 16000 kgs of copper and 15 kgs of palladium can be extracted from a million recycled mobile phones.
E-Waste management tips
To best implement apartment e-waste management, it is prudent to follow the recycle, refurbish and reuse concept. Likewise, opting for minimalism helps greatly with e-waste management. When your electronic items are working just fine, avoid purchasing new ones just for the sake of it. It not only saves some money but will do good to the environment as well.
Another great tip is – reuse as much as possible. Electronic items can be repaired and used for years, and they can also be handed down. Go for the latest electronic gadgets only when you really need them.
And lastly, get in touch with people who are into this. Toll-free numbers shared by recycling agents are all over the internet. Connect with them to learn about the nearest e-waste collection centre. Management Committee can also assign a separate storeroom for collecting e-waste and then have the recyclers collect it later. It is also a great idea to partner with e-waste management companies and conduct regular sessions on e-waste management.
Ways to prevent toxic effects created by e-waste
Toxic effects created by electronic waste can be prevented by effectively recycling, reselling, reusing and refurbishing electronic devices. As a resident/member, you can do the following for efficient e-waste management in your apartment.
When you are buying a new gadget, check if the lifespan of the product and if it’s recyclable. The longer the product lasts, the lesser, the waste will be.
Instead of trashing the used electronics, go to an authorised refurbisher or reseller or exchange the product online.
These are the little ways one can implement to minimise electronic waste, especially in a gated community. E-waste management can look like a huge task, but when implemented correctly in can have a positive impact on the whole community.
For the last 18 months, the COVID 19 pandemic is ravaging the country and ApnaComplex is at the forefront trying to fight it. To tackle this pandemic effectively and keep our residents safe in gated communities, ApnaComplex has introduced CORONA SHIELD.
This initiative offers several COVID-friendly features like Quarantine Tracker, No-contact payment, online communication and polling, regular temperature, mask, and gloves check of visitors, etc. To this, ApnaComplex has added another excellent feature – Vaccination Tracker.
Using the Vaccination Tracker feature, Admin and Management Committee members can track how many members, security, and staff are vaccinated against COVID 19 and how many need to be vaccinated. This tracker is extremely useful for conducting vaccination drives and collecting payments if required.
It is mandatory that residents and members must log the vaccination details in the Vaccine Tracker for effective tracking. Using ApnaComplex’s Vaccination Tracker, it is very much possible to attain 100% vaccination in gated communities.
With ApnaComplex’s Vaccination Tracker, protect your community against COVID further. With the use of smart software, be a step ahead.
Having trouble managing your gated community?
Give us a call at +91 80886 11229 (between 10 AM to 5:30 PM, Monday-Saturday). Or, fill the Contact Us form, our team will get back to you in a jiffy!
Owning a house is a dream of many. Beautiful property in a safe neighbourhood – that’s what is the primary goal for working professionals. They chiefly look for properties available in gated communities since it is both practical and affordable, not to mention, safe too.
Larger apartment complexes have a plethora of benefits – excellent amenities, wonderful neighbours, unparalleled security, immediate help at hand, and much more. A well-managed gated community can feel like heaven on earth. However, an ill-managed community can be far from pleasant to live in.
Apartment complexes do have their share of troubles and residents face plenty of problems. In this article, we will explore how to handle commonly occurring problems in a gated society and how Management Committee can make living in a gated community a pleasurable experience for everyone.
Providing the best security
Security is one of the primary reasons many professionals look for properties in a gated community. Ensuring proper security is one of the many and important jobs of the Management Committee who also happen to be the residents of the complex. Security personnel needs to be trained well and there cannot be room for mistakes since the safety of all inhabitants is dependent on it.
Installing CCTV cameras inside, outside, and around the property is a start, but remember, it only records the happenings, not prevent any unfortunate events. Deploying the latest technology is prudent since it offers seamless security solutions.
The Gatekeeper App in the ApnaComplex software enables the Management Committee to perform a plethora of actions. It will record the details of the visitors and their vehicle number, it has a feature called ‘Guard Patrol’ using which MCs can assign security to guard the complex, etc. By using ApnaComplex, both MCs and residents can worry less about the security of their apartment complex.
Management and disposal of waste
Waste segregation and garbage disposable is a national problem. Beginning to fix this at gated communities can make a lot of difference in the long haul. MCs can implement rigorous segregation policies as a start. The first and best approach is to colour-code the dustbins and place separate bins for organic, plastic, and medical waste. If any resident does not follow the rules, the MC should not hesitate to fine them.
Management Committee and residents can also raise money for installing a waste-processing unit within the complex. The extracted compost can be used to manure the plants planted inside the complex. Another effective measure is collecting garbage, including plastic waste, as often as possible so that the garbage doesn’t pile up.
Keeping the common area clean
When you have hundreds of flats and kids running amok, maintain a cleaner common area can be quite a difficult task. No matter how much your cleaner tries to keep the common area immaculate, it is not uncommon to receive complaints about rubbish being strewn around.
To avoid such complaints, placing enough dustbins around the complex can prevent unnecessary littering. As additional measures, the MC can assign each cleaner separate wings or blocks to avoid confusion, have them clean multiple times a day, and impose fines on residents who are caught littering.
Access to amenities
All the residents should have fair and equal access to common amenities like game and recreational areas, gym, park, swimming pool, etc. Alas, this is not the case always. The facilities are mostly occupied especially if it’s a larger community especially in the morning and evening and during summer, it nearly impossible for all the residents to enjoy the amenities they are paying for.
Such problems can easily be averted by using the ‘Facilities’ application in the ApnaComplex software. Using this feature, you can book the available slots according to the time you prefer and the amenities you wish to access. You will also be informed if the slots of particular amenities are already booked.
Using the Facilities, you can also book your society’s Clubhouse on select dates and enter how many members will be accessing, including visitors. This will keep the MC informed about the bookings and can effectively prevent clashes in the booking.
Neighbour Trouble
Apartment Complexes house not only homeowners but tenants as well, and therefore, it is highly likely that some tenants might cause a nuisance to other residents. Bachelors and bachelorettes might host parties late at night causing disturbances to the other residents. Similarly, families with kids can also cause disturbances at times.
While it is alright to be a little lenient, the MC must ensure it doesn’t escalate beyond tolerable measures. In such a case, tenants who are repeatedly creating nuisance must be handled strictly.
As a first step, Management Committee must lay the ground rules of Do’s and Don’t’s to bachelors, bachelorettes, and larger families who are moving into the apartment. Similarly, if possible, write those rules down and have the new tenants sign them. Include a clause stating that the authority has all the right to remove tenants from the property if their conduct is worse or if they are involved in illegal activities. And lastly, if you have to involve the authorities, do not hesitate to do so.
Collecting Maintenance Dues
Collecting maintenance and other dues on time can be a gigantic task for the Managing Committee of larger gated communities. The committee has to be assiduous when it is dealing with money and it can not afford to overlook maintenance or any other dues since a gated community is dependent on it.
However, residents living in a gated community are inclined to miss their payments due to mere forgetfulness, work, stress, etc, and tracking the defaulting residents and reminding them of their dues can be very hard for the Management Committee. Nevertheless, it has to be done.
Putting up signs is one way but one cannot expect it to get the desired attention since people reading notice boards and signs are a thing of the past. The best way to collect dues efficiently is to employ the assistance of smart solutions offered by ApnaComplex that can make your and your residents’ life a lot easier.
ApnaComplex’s Billing & Collection Module allows the Management Committee to collect maintenance dues online in a hassle-free manner and the Committee can send reminders and invoices to the residents in just a click. Likewise, residents can also pay their maintenance online using the ApnaComplex application at zero additional charges.
The application allows the Treasurer or Management Committee to set recurring invoices and send those to residents every month. If they wish to, the Management Committee can also block repeatedly defaulting residents from accessing certain facilities or raise complaints. This will both increase the collection rate and minimises defaulters.
It is worth mentioning that both the recurring invoice feature and the ability to block defaulters are unique to ApnaComplex software.
Preventing Water Crisis
The water crisis, especially during the summers, is a common problem faced by most of the population in India and clean water is hard to come by. This problem is more prominent in gated communities since they largely rely on borewells. Not using water judiciously can dry up the underground well leading to water shortage.
Though all the residents are responsible for preventing this situation, the Management Committee can take certain measures. Apart from installing rainwater harvesting, the committee can request the other residents to use water mindfully using the ApnaComplex application.
ApnaComplex software also has a feature called ‘Water-Meter’ which will help track the water levels in the tank. Using this feature, the Committee Member can see how much water each resident has used and bill them accordingly. This feature will also alert Management Committee and residents if there is water leakage in the apartment.
Staff Management
A larger apartment complex requires a handful of staff such as security persons, plumbers, electricians, carpenters, janitors, etc to maintain the building and they come under the payroll of the apartment.
Similarly, the residents also have their domestic staff like maids, nannies, drivers, cooks, etc. Tracking and managing these staffs can be a huge task but with ApnaComplex software, this can be a cakewalk.
With our ‘Attendance and Staff Tracking’ software, the Management Committee can track and record the visits of staffs. They will also be given a digital card and ID number in which all of their details will be recorded. Residents and Committee Members can also pay their staffs using ApnaComplex.
Complaint Request
Apartment Complexes having their share of problems is quite common. From broken light to leaking pipes, the residents and Management Committee has seen it all. When the Management Committee receives multiple complaints, it is natural to miss out complaints which can irk the residents.
With ApnaComplex’s ‘Helpdesk’ application, you can easily avoid this since the app allows the residents to raise complaints effortlessly and state their issues in a detailed manner. The complaint will then be assigned to the Facility Manager who directs it to the technicians. If the issue is not resolved during the stipulated time, then the complaint will be escalated to the higher authorities and there are three levels of escalation. This way, there is no way the Management Committee will overlook any complaints.
The service staff will also be given a ‘Job Card’ in which the residents are required to give their feedback. This will help with the service provided by the technicians.
Parking and safeguarding the vehicles
When residents do not have a designated parking spot, things can get chaotic. That is why every gated community comes with a parking lot. Cars and two-wheelers of guests’, visitors’ and residents’ moving in and out of an apartment is a common sight and it is prudent to have dedicated personnel oversee this.
To avoid chaos and confusion, allow guests and visitors to park their vehicle only when there is free space or in the designated spot given to the resident they are visiting.
With ApnaComplex’s ‘Vehicle Sentry’ feature, you can track the vehicles entering and leaving the building, and if any unauthorised movement of vehicles is detected, the feature sets the alarm off alerting the Management Committee and Security immediately.
Also, ApnaComplex’s Gatekeeper application allows security to record all the details of the visitors and guests including their mobile and vehicle numbers. If the said guests’ vehicles need to be moved, the security can easily call them and request them to move.
Satisfying the needs of all the residents may look far-fetched but it is not. When you use a tech-driven solution like ApnaComplex, effective management is only a tap away and it can be done at the convenience of your home. ApnaComplex not only reduces the burden of the Management Committees in gated communities but also strives to give the residents a pleasurable experience.
Want to give ApnaComplex a try? Mail us at sales@apnacomplex.com, our representatives will get in touch with you.
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!
In tier-1 and -2 cities, gated communities are preferred by many compared to stand-alone buildings. Several factors influence this decision including safety aspects, water distribution, a sense of community, etc.
With the onset of COVID, larger societies play a significant role in preventing the spread of the virus since they are bound to follow the COVID protocols properly.
Though renting/leasing a house in a gated community can be slightly costlier than a stand-alone building, it comes with its advantages. Below, ApnaComplex brings out what one should be aware of while moving to a larger apartment complex.
Seamless security system
Security is the biggest USP of gated communities. Residents can avoid unwanted visitors (eg: salesperson, donations, or strangers) thanks to the 24/7 security at the gate. The security can inform the residents via intercom or if they are using ApnaComplex software, they will get a notification regarding the visitor. If they do not want to entertain such a visit, they can simply reject the request. Similarly, the CCTV cameras around and inside the building are also very useful
Residents (owner/tenant) must also abide by certain security rules when it comes to gated communities. For instance, residents must maintain a safe speed while driving inside the building, and also they should park their vehicle only in the designated spot (under their house/block number). Residence must also adhere strictly to security rules.
Payment of Maintenance
Be it a smaller flat, stand-alone house, or a larger gated community, charging a maintenance fee is not uncommon. However, with larger apartment complexes, this fee tends to be on the higher end.
Larger apartments come with several amenities including security, cleaning staff, etc, and also, the assets of the building should be maintained. These expenses are taken care of using the maintenance amount paid by all the residents every month.
Effective waste management
In any gated complex, waste management is a huge deal. Every resident must mandatorily segregate their waste especially if it’s the law of the state. It is important to keep in mind that mixing up wet (organic) and dry (plastic) waste can lead to hefty fines by the state corporation.
Residents are also prohibited from spewing garbage in the common area or outside garbage area.
Likewise, chucking hazardous waste in the complex is also prohibited. The inhabitants of the gated community should ensure that the corridors and the common areas are clean and the garbages are disposed of as per the committee rules.
Rules and regulations for pets
Though most of the gated communities allow pets in the building, it is better to check with the owner or management committee before moving in or buying. If the apartment complex is pet-friendly, the tenants/owners must provide proper immunisation to the pets and produce the records.
Owners should not let their pets loose in the apartment complex and should adhere to the pet rules imposed by the state municipality.
Conduct rules
While living in a gated community, residents must conduct themselves in the best behaviour possible and they should not create any sort of nuisance, including playing loud music at odd hours. They should also maintain a cordial relationship with fellow residents for a happy co-living.
Residents should treat all common areas such as staircases, lobbies, swimming pools, basement, lifts, and auditorium as ‘NO SMOKING’ zones.
Gated communities and larger apartment complexes can face water crises during the summer season and so, residents should spend water judiciously. In case of a crisis, residents must follow the rules laid down by the Management Committee.
Amenities
Every gated community comes with a handful of amenities, however, the quality of these amenities depends on how luxurious or premium the gated community is. A standard gated community comes with security guards, CCTV, gym area, children’s play area, etc.
A more premium gated community might include a sports club, swimming pool, clubhouse, community hall, etc. Likewise, an ultra-luxurious apartment complex can have shopping complexes, restaurants, clinics, spas cafes, etc at their premises.
Moving into a gated community can seem like a huge change in 0ne’s life but in reality, it is not only simple but can have several positive impacts. Living in gated communities creates a sense of community and the security one can enjoy is unparallel. Apart from the amenities in the apartment complex offering a comfortable living, the organsied manner in which the complex functions make the residents’ life a lot easy.
Housing societies and gated communities do not have a profit/loss module to generate income. They are independent and self-reliant entities. The other residents financially contribute by paying maintenance and other amenities charges.
Efficient financial management is the Management Committee’s top priority. The residents trust their hard-earned money with the Management Committee and these are not smaller amounts either. The Management Committee is responsible for lakhs of rupees or if the society is large, crores of rupees. Therefore, efficiency and transparency are vital.
Every year, financial auditing takes place, and the financial statements are evaluated including balance sheets (profit-loss), cashbooks, ledgers, loans, lendings, borrowing, etc. Besides, the Management Committee has to submit a detailed analysis of these financial statements to the residents during the AGM (Annual General Meeting).
The Treasurer is responsible for the finances in a housing society and if they are found to be insincere or negligent, or any financial discrepancies are found, they might lose their position. On the other hand, the committee is also responsible for filing income tax, paying bills, maintaining assets, managing funds, etc.
Income of Gated Societies
Societies have only a handful of primary sources of income and these incomes can be classified into two groups – member (internal) income and external (non-member) income.
Maintenance and parking fees, non-occupancy charges, fees required to pay for property transfer, membership deposit, interests generated via investments, fixed deposits and dividends, and additional interests paid by defaulting members are considered member (internal) income.
When outside members use the premises of a housing society, they are required to pay a fee, which falls under non-member or external income. Great examples would be billboards/advertisements placed inside the housing complex, rents given by store owners and vendors (kiosk, grocery, stationery stores, pharmacy, etc), and rentals provided by mobile towers.
Society expenses
Gated communities also have their share of expenses. They have to ensure that the apartment is well maintained and all the staffs are taken care of. These are important for the seamless functioning of society complex.
Some of the common expenses are,
– Maintenance of assets and equipment, repairs, building reconstruction, and other amenities.
– Maintenance of lifts, parks, and other common areas.
– Proving salaries for regular staff (cleaner, security) and office managers.
– Regular annual maintenance expense of pool, lifts, gym, and electronic equipment.
– Paying water bills and maintaining common bulbs and tube lights.
– Paying electricians, plumbers, and cleaners hired for common areas.
– Bearing religious, cultural, and other celebrational activities.
– Expenses that arise due to the installation of smart meters, solar panels, waste treatment, rainwater harvesting, etc.
Managing the income and expenses
The best way to manage the expenses of the gated community is to go digital. Abandoning the old-fashioned ledgers is not only good for the environment but also pragmatic. With modern and smart accounting software, societies and Management Committees can easily keep up with their accounts and stay organised. Some of the advantages of using accounting software are listed below.
Time-saving
Finding receipts and invoices entered on paper might take forever to find, especially if there are multiple invoices filed over years. With accounting software, the Accountant or Treasurer can upload invoices and receipts in bulk to the software’s dashboard and simply look up the present and past transactions by entering the details or invoice number.
No-room for manual errors
Accounting software or application comes with several automated and smart features. Invoices can be scheduled without any manual intervention, the amount per resident is automatically calculated according to the area size (sqft), past arrears, advance payment, discount if any applicable, etc. These features come in handy especially during financial reviews and government audits. This also eliminated human errors.
Transparent management
With the help of accounting software, even complex reports like TDS, GST, BOS, etc can be easily generated and financial management can be kept as transparent as possible. Additionally, individual resident reports, income and expense reports, balance reconciliation, defaulters reports, financial transfer reports, general ledger, and reports of security deposits can also be effortlessly generated.
Effortless dues collection
The Accountant or Treasurer can send automated bills to other residents and remind them to pay their dues using accounting software. Group or single invoices can also be created. Likewise, the invoices can be sent both to the entire society or target particular blocks or wings. On top of these, the software also enables the users to issue fines and additional charges to defaulters and generate invoices based on it. Credit reports are also generated according to the invoices issued.
Online payment options
The option to pay online can be integrated with accounting software thus enabling the residents to pay at the comfort of their house. The Accountant/Treasurer can also easily track the transactions made and keep tabs on overdue. This feature is particularly convenient if the Management Committee is dealing with more than a hundred flats (100+ monthly incoming payments) in larger societies with several wings.
To sum this up, with the assistance of smarter technology and digital accounting, the tedious process of financial management can be made easy and can ease the burden of other stakeholders in an apartment complex.
Apart from the ability to upload and download a tremendous amount of paperwork, the software can generate reports instantly and help with dues collection promptly. To keep financial matters more secure and prevent tampering of files, the Management Committee can give access only to a select set of people.
In this period, going digital is the best way to handle finance in a gated community since their benefits are numerous. It is also noteworthy that it offers exceptional convenience as well. The ApnaComplex software brings you state-of-the-art Billing & Collection solutions. With the use of the smart application, the Treasurer and Management Committee can sort various financial procedures which might otherwise take days to sort.
Not only finances, with ApnaComplex software, top-notch security can also be deployed in your apartment complex. Additionally, communicating with other residents has never been easier. Recently, we have introduced the CORONA SHIELD feature to fight this pandemic efficiently. To manage your apartment complex with ease, get in touch with our representatives. Visit https://bit.ly/371rCxL and request a demo. Our team will get back to you ASAP!
