We are blessed with another solid testimonial from a happy customer – Mr. S V Padmanabhan, Hon. President of Dhyanaprastha Township Owners Society. Here is what he has to share about ApnaComplex:
“We started using ApnaComplex portal since mid Feb. 2011 after preliminary trials, especially with the Accounting System packaged with it. This is what makes this portal unique and suitable for our township for senior citizens. It is managed by the owners – all senior citizens. Apart from common services typical of other societies, we offer centralized cooking / catering of food and housekeeping besides car / driver
To keep track of expenses and income, we wanted an online Accounting System that could be accessed and monitored remotely by the Treasurer and any Office Bearer of the Managing Committee. ApnaComplex makes it possible. At any time it is possible to ensure that all transactions are up-to-date. We can generate reports that can help control expenses. Any member can get information on bills raised and payments made. The system is user friendly and does not call for the services of an accountant.
The portal is also rich in other features that can be used by all members. In short, ApnaComplex is very well suited for most housing societies. The license fee is reasonable in the context of the benefits that can be realized by its use. I wish ApnaComplex success in their endeavour to promote their application.”
Thank you Mr. Padmanabhan. We are glad we are of help to make life of senior citizens in your society a little less hassle free.
A great way to begin a New Year. Mr. Tagore, Treasurer of Studio Sycamore Apartments provided us a testimonial that made us happy and proud! Mr. Tagore says:
“Its’ been almost 6 months since we have started using ApnaComplex website for managing our apartment complex. It has brought us great amount of transparency, centralized, efficient way of managing the activities for the complex. ApnaCompelx provides easy to use interface to manage finances, keep track of assets/maintain them, manage committees, meetings, notices and share information in a timely way. I see ApnaComplex support team striving to add features weekly, provide great support with prompt actions on raised questions and most importantly send useful updates weekly to the users for managing activities in an efficient way. For the price, ApnaComplex provides value that is unbeatable!!“
Thank you Mr. Tagore! You made our festival day extra special!
The managing committee in every housing society is responsible for maintaining and managing the infrastructure. There is a steady stream of revenue that the management committee gets every month, as and when all residents in the apartment complex pay their maintenance dues.
There are other ways through which a managing committee can earn some steady revenue, so that it can build new structures and improve the existing infrastructure without cutting a hole through the pockets of all residents.
Penalties Can Help In Establishing Order
Interestingly, an apartment association can mimic a government’s functioning and use penalties as a form of revenue, to ensure that its internal processes are carried out in an unaffected manner.
Why Use Penalties As A Source Of Revenue?
Using penalties as a source of revenue can aid an association in two ways.
Creating Order: It will help in tightening up the existing system and making the residents more responsible and punctual when it comes to paying their dues. A system where no action is taken on defaulters will only invite more lethargy and bring in complacence. A managing committee can create a set process in this way, bringing in more control and transparency to its administration.
Tapping Into A Revenue Source: It will act as a source of money, and in this way new structures that are essential for every housing society like Rain Water Harvesting structures (including pits, dug wells, hand pumps, trenches, and recharge wells) can be constructed straight from the apartment association’s funds without collecting money from the residents. As long as this system is made transparent, there will be no issues whatsoever. Members of the managing committee should maintain records for all penalties collected and how and where the money has been put to use.
Wondering how to easily keep track of the penalties and payments against them?
More often that not, the reason for not imposing penalties in a housing society is the administration hassle associated with imposing them and ensuring a collection of the same. Its a nightmare to keep track of these without help of proper tools.
ApnaComplex’s powerful accounting features come in handy here. Treasurers can easily post the penalty charges to a member’s account and the member clearly would be aware of the penalty charge s/he has to pay. Treasurers can easily track the payment against the penalty. Most importantly, this brings about a transparent way of dealing with situations leading to penalty. What’s more – ApnaComplex being a complete accounting solution – the penalties collected can be categorized under any number of different heads of your choice – such late payment penalties, or common area penalties etc. and all of them would get reflected in your balance sheet and income/expense statement that every member can clearly understand. Absolutely, more transparency.
Yet another instance where using ApnaComplex not only saves effort, but also improves orderliness and even generates revenue for your society. Sign up your society today and get the benefits.
Where Can Penalties Be Charged?
Every housing society has its own set of bye laws, and these bye laws will provide information about the many penalties that can be levied on defaulters. The members of the managing committee can charge some penalties for the following acts:
Violation of Bye-Laws – Most association bye-laws has rules on how balconies must be kept clutter free not spoiling the facade of the apartment complex, how to manage garbage, how to maintain sound levels etc. Still, there could be Residents/Owners who violate terms by having messy balconies, cause inconvenience to neighbors with loud music or wood work during nights etc. and association can consider imposing penalty charges for the same.
Damage To Common Areas – The managing committee in a housing society can fine people for damaging important structures in the apartment’s common areas. A person who causes any form of damage to elevators, benches, roads, staircases, or swimming pools in the housing society can be fined. Penalties can also be charged for damages caused to gym equipments or library assets.
Raising Pets – Though, not exactly a penalty, this is one major source of revenue that an association can tap into. Not all housing societies have bye laws that allow people to raise pets; so members of the managing committee can charge people who have pets in their household (if pets aren’t allowed). A pet deposit can be taken or pet rent can also be levied every month to create a steady source of revenue.
Late Payment Of Dues – This is the most obvious and frequently used – Residents in the housing society who don’t pay their maintenance charges within the stipulated time can be penalized, and for this, a deadline should first be set and made public. This will help in making the collection process more effective.
But remember, before imposing any penalties, all the associated rules and the penalty amounts must be proposed, discussed, and voted in an AGM. Association cannot impose penalties with out first getting them approved in an AGM and recording those minutes.
ApnaComplex is a complete Apartment Accounting Software. Period.
When we talk about Accounting for Apartment Associations or Housing Societies, its not just about ability to create maintenance charges, automate few manual steps such as penalty generation and defaulters notifications, issue receipts or even about entering bills and expenses – there’s more to become a “complete” end-to-end solution for Accounting.
If you are a treasurer, ask these questions yourself when considering an accounting software for your society:
– Should I still download data in excel or some other form to share it with my auditor when I use this software to track my maintenance charges and expenses?
– Should I/auditor upload/re-enter data into another accounting software (such as Tally) to be able to generate Balance Sheets and Profit/Loss Statements?
If the answer to either of the above questions is “Yes”, you deserve better software as you are just duplicating efforts (and money) and not using better options that are available at lesser cost.
ApnaComplex - The right choice for Apartment Accounting
If the answer is “No”, ask few more questions – this time from an auditor perspective
– Can the auditor define as many ledger accounts as deemed necessary under Assets, Liabilities, Revenues and Expenses (also referred as ability to define Chart of Accounts)?
– Can the auditor change the transactions already posted? For example, can a Purchase that was captured under Expenses be moved to Assets with out re-entering all data?
– Can the Auditor View Trial Balance of all ledgers and individual Statements of all Ledger Accounts?
– Can the Auditor print the entire set of ledgers along with detailed transaction statements?
– Can the Auditor Generate unadjusted Balance Sheets, do Adjustments and then generate a final balance sheet and print it?
There can be many more such questions to be asked – but you get the idea. If the answers to any of these questions is “No”, drop that software as these are critical aspects to be able to provide a “complete” accounting.
Needless to say, with ApnaComplex you can do all the above and much more. You can create an account for your auditor, give access to the auditor only to the necessary financial data (speaks volumes about our Role Based Access Capability and the seriousness we take data protection aspects, doesn’t it?) and entire accounting can be done including generation and printing of all financial statements right from ApnaComplex. Auditor can create ledger accounts or accounting heads, re-group transactions, do adjustments, update opening balances, view trial balances, print individual ledger account statements and lastly generate Balance Sheet and Income/Expenditure Statements.
Oh, by the way, we also support exporting of data just in case you still want to use other accounting software for your needs. More options in your hands.
Now, get rid of the need to exporting and importing all the data, and most importantly – switch to ApnaComplex, Save Money and have Peace of Mind.
ApnaComplex is a web based housing society accounting, management and communication software. It is designed to make the life of residents and owners a lot better by bringing in more transparency and accountability in managing a housing society. Check out the features of ApnaComplex and sign up your society today to get the benefits!