Search results for society management software

Graphic with text "Go digital with society ERP"
apnacomplexnitin
June 13, 2022

What is Society ERP and Why do You Need it?

Housing complexes today offer facilities and amenities that can range from strict security to facilities like clubhouse, play areas, and maintenance services. While these amenities can add substantially to the quality of life for every resident, their management can often be quite challenging. Other than handling periodic or annual tasks, it can also involve the day-to-day minutiae, from tracking inventory to vendor expenses. These challenges can be further compounded in a large complex. 

Society ERP solutions have emerged as an efficient and cost-effective means of ensuring end-to-end management  of residential complexes. As a digital solution, it enables resident organisations to significantly improve their efficiency while cutting down on costs.

What is society ERP?

ERP stands for Enterprise Resource Planning. In the context of residential societies, ERP is a software that automates various functions, strengthens internal control while offering invaluable insights by drawing on a wide database. Today, society ERP solutions encompass all functions, from automated accounting and billing to visitor entry, asset and facility management. 

ApnaComplex offers a comprehensive society ERP with a host of features for end-to-end automation of various functions while offering residential complexes different avenues to track and measure their performance.  

Why do you need society ERP?

ApnaComplex society ERP is specially designed to assist the functioning of residential complexes. When taken together, it can offer resident organisations far-reaching benefits that go far beyond financial benefits. 

Budget optimisation: You can track your expenses, while automating billing and collections with ApnaComplex smart budgeting tools. Key features like automated budget variance report, expense tracking, and bookkeeping services allow one to trace every expenditure and pinpoint where actual expenses have overshot the planned outlay. 

Optimal resource allocation: At its core, ERP is designed to improve resource utilisation. The automation of functions like visitor management and invoice collections remove many tedious and repetitive tasks while ensuring better quality control. 

Asset management: One of the challenges of managing a medium or large-scale residential complex lies in ensuring optimal asset performance. It can include manifold issues, from ensuring flawless performance to tracking their depreciation over time. These assets include lifts, electrical fittings, fire equipment, and borewells. With ApnaComplex, one can track asset performance, maintain service history and AMC details, automate a maintenance schedule, and receive timely notifications whenever service is due. The software also allows inventory tracking so that the management can keep a tab of inventory purchase and consumption. 

Facility management: The usage of facilities like gym, swimming pool, or playing areas can get complicated in a large society where multiple people may want access at the same time. ApnaComplex Facility Management feature offer app-based reservation along with timely communication on usage rules, charges, and booking limitations. 

Enhance security: The Visitor Management System in ApnaComplex enhances security by ensuring that only authorised guests can gain entry. Residents can also pre-authorise guests and deliveries. For in-premises security, the platform leverages Guard Patrol Tracking, a feature that is designed to trace the movement of guards through a self-check-in mechanism. 

Speedy complaint redressal: Residents can raise complaints regarding their flats or for common areas through the app or the website. To ensure timely resolution, the platform offers multi-level escalation matrices to ensure that unresolved issues are bumped to the next level. 

Resident satisfaction: Ultimately, the platform is designed to enhance resident satisfaction by automating various functions, such as billing and collections, thus ensuring efficient administration. Real-time notifications inform them of guest entry, school bus arrivals, and other such key notices. The ApnaComplex communication platform allows residents to connect with others, find like-minded people, and seek help or information when needed. 

With its holistic digital and automation support, ApnaComplex has emerged as India’s leading ERP solution. It enables residential societies to gain invaluable insight into the performance of their assets, facilities, and other crucial resources. As a digital platform ApnaComplex also offers a comprehensive database that is free of any bias or error. 

If you want to learn more about our ERP solutions, get in touch with us at support@apnacomeplex. Our team will help you understand the various features you can use to optimise your resource allocation!

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Graphic of buildings on a blue background with the text 'Apartment Management Software: What You Should Expect'
apnacomplexnitin
May 25, 2022

9 Things to Expect from an Apartment Management Software

As society management becomes increasingly complicated, technology has taken the lead in simplifying the processes. Providing a single platform for all management functions, digitalisation allows for better transparency, improved functioning, and more cost efficiency. Consequently, many management committees are now adopting these with alacrity and have seen a marked improvement in their functioning.

The popularity of these platforms has also spurred their development. Today, many of these applications offer a bouquet of services. If you are planning to onboard an apartment management software, here are a few things you should look for: 

Simple User Interface (UI)

An easy-to-use UI is every app’s biggest USP. In the case of apartment management software, it becomes even more necessary because it is utilised by people from different backgrounds, ages, and education levels, from the guards, to apartment managers and residents. It should not require any technical knowledge to utilise the app.

Single platform

Apartment management software enables management of all functions from a single platform. Legacy systems relied on different softwares to manage functions like accounting and facility management which often led to mismanagement and lack of coordination. Leading solutions like ApnaComplex combine all different functions, from complaint booking to filing maintenance, on one platform. It enables ease of supervision and scrutiny, while facilitating coordination.   

Real-time visibility

The platform must enable real-time visibility of financial reports, notifications, complaints and other miscellaneous records to ensure transparency, supervision, and effective communication. The complete visibility of data can benefit different key functions. 

Real-time complaint tracking

To ensure quick redressal of complaints, the platform must enable complaint booking and resolution. ApnaComplex has an escalation matrix where every unaddressed complaint is automatically routed to the next person in the chain of command. This enables the supervisor to stay abreast of the maintenance team’s performance while ensuring that complaints are resolved on time. 

Visitor management system

Today, every MC is looking for a comprehensive visitor management system (VMS) that can keep track of all guests, vendors, delivery people, or other entries into a society. The end-to-end system should be easy to implement, starting from the guards at the entrance to the resident who will receive the guest. Leading VMS today offer multiple innovative features to help regulate visitor entry and movement in a housing complex. Gatekeeper, ApnaComplex’s highly comprehensive VMS, allows pre-authorisation of visitors, tracks staff attendance, and tanker movement within the society. 

Accounting & Billing

With a high number of units, multiple revenue sources, and numerous expenses, accounting & billing has emerged as one of the most challenging tasks for any MC. An apartment management software like ApnaComplex offers a highly viable solution through its easy format that allows ease of use and automates tasks like billing, collections, and payments. Other than basic bookkeeping functions, the software should also enable the members to track expenses, generate invoices, and keep track of defaulting members. 

Effective communication

One of the challenges in managing a large housing complex is effective communication. Information must be dispensed quickly and must reach every resident in time. Critical information can include a wide range of spectrum, from default in payments to delay in picking up garbage. Apartment management software like ApnaComplex offers multiple avenues of communication from community forums to notifications with the aim of reaching residents quickly and effectively. 

Facility management 

For many MCs, facility management can be tricky, especially as assets start to depreciate. Digital apartment management solutions enable us to view the entire performance of an asset, from its purchase date to service history. Another valuable feature is facility reservation, whereby residents can book any facility through the app without any human intervention. In this category, ApnaComplex also offers an inventory tracker, a key concern for every society. It allows the management to keep a tab on inventory, flagging any shortages. 

Feedback, support, & training 

Training is an important step when onboarding the platform. It’s important that all functionaries, from the treasurer to the staff, are trained to understand and use every feature in the app. The app must also remain dynamic and responsive to the MCs requirements through constant feedback. ApnaComplex has been continually developing on the basis of its own evaluation and feedback from users. To ensure full functionality, the platform is also completely customisable. It is the only app that allows front-end customisation by users.

There is little doubt that apartment management software can enable the smooth functioning of the management committee by improving performance, ensuring transparency, and cutting down on costs. But before you make a decision to onboard a software, make sure it offers the above benefits.

To know why ApnaComplex is a leading choice for apartment management software, read our article here.

If you need more details, read our article, Here’re the top 10 reasons to pick ApnaComplex over any other society management app!

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apnacomplexnitin
May 17, 2022

Budgeting 101: How to Optimise Your Society’s Spending & Improve Cost Efficiency

    As a governing body, budgeting is one of the key functions of a management committee. With the estimation of revenues and expenses, a budget forms the financial foundation of a housing complex which decides the allocation of funds towards various categories. Smart budgeting can help a society to cut costs, thereby increasing the allocation of resources towards key areas. Hence, one of the Treasurer’s main roles is to track budget variance and ensure optimisation. 

    What is Budget Optimisation?

    Budget optimisation is the process of allocating funds in the most efficient manner to realise a desired objective, whether to reduce expenses or to improve the delivery of services. Budget variance is one of the important tools in achieving budget optimization. It is the process of periodically measuring the difference between budgeted and actual figures for a particular category, such as housekeeping. 

    Budget optimisation is also important to ensure cost management. By allocating an appropriate budget, a treasurer can put a ceiling on the expenditure for different categories, such as security, housekeeping, or renovations. However, its success depends on the availability of adequate allocation for each category. This is where budget variance plays an important role. 

    How does the ApnaComplex Budget Variance Report help in ensuring budget optimisation?

    As a comparative measure, the objective of budget variance is to empower treasurers and financial controllers to improve their forecasts. A favourable budget variance indicates gains or profits while an unfavourable variance indicates a budget shortfall. The ApnaComplex Budget Variance Report is a revolutionary tool that digitises variance reports, enabling MC members to keep a constant track of their spending. This can help them to:

    • Compare actual expenses with budgeted expenses at any given time. 
    • Track accuracy of forecast, improving its effectiveness over time. 
    • Put a cap on expenses when the report indicates overspending, thereby controlling overall expenditure. 
    • Identify areas that see consistent overspending 
    • Facilitate financial reporting and management 
    • Validate additional allocation of funds when required
    • Identify areas that need better financial management
    • Save time and effort by automating variance calculations 

    More ApnaComplex budgeting tools to improve optimisation

    The ApnaComplex automated accounting function offers many other tools that can further help in improving cost optimisation. These include:

    Removing chances of untraceable expenses: One of the challenges in managing the finances for a large complex is keeping a tab on various expenses. The billing and collection module in the accounting software mandates recording every financial transaction, removing chances of fraudulent or missed entries. This means that the MC, at any given point, can trace a detailed account of every expense. 

    Ensuring on-time collections: Timely collection of maintenance is vital in ensuring the society’s revenue streams. The GST-compliant Society Billing & Accounting feature by ApnaComplex completely automates the process of calculating and issuing notices for maintenance payments every month, ensuring on-time payments. It identifies and notifies defaulters, thereby reducing the chances of missing or incorrect payments. By automating all accounting functions, this feature also reduces the society’s accounting work by more than 80%. 

    Tracking expenses: With the Expense Tracker feature, the Treasurer can check expenses under each category. It is a vital tool in keeping a constant track of spendings as they occur. 

    Improving financial management: The fully automated accounting functions are designed to remove any chances of human error or fraud in financial transactions. The digitisation of the financial records allows for complete transparency of data where expenses can be tracked to the source. This data is vital in improving the financial management of the society by identifying areas of high expense, trace performance of assets, and help in cutting down on avoidable expenditure. 

    If you want to learn more about our budget optimisation tools, get in touch with us at support@apnacomeplex. Our team will help you understand the various features you can use for reducing costs and improving your balance sheet!

    Leave a comment InProduct News
    apnacomplexnitin
    April 6, 2022

    ApnaComplex – the first choice for property management among builders

    Undoubtedly property management is no cakewalk. It is cumbersome and time-consuming. There are several factors involved such as internal/external collaborations, communication, technical support, architectural and building plan.

    Before launching a project, a developer must understand the core requirements which include design of the building and units, modeling the amenities, etc. Nevertheless, no matter how meticulously a builder plans, surprises always pop up while managing the property and it may not always be a good surprise. In these situations, the builder has to tweak their processes and core requirements to suit the unexpected.

    Here is where ApnaComplex plays an important role in solving the unpredictable through means of technology and allows the builder to completely focus on their project. Be it communication or vendor management, ApnaComplex offers instant solutions and helps the builder save both money and energy.

    In this article, we bring you the ApnaComplex advantages, how it can solve the challenges faced by both the management and developers, and how our tech-savvy solution that also incorporates the latest trend can be a game-changer in the world of property management.

    ApnaComplex vs in-house solution

    Why should a builder go for ApnaComplex when they can create their own solution?

    Solely for the solution’s maturity! ApnaComplex is the only community management solution that is fully mature to address all the needs of a society. It has been developed over the years based on feedback from stakeholders. A newly built app will definitely lack this and not to mention, glitches.

    If a developer opts for an in-house software, they are not only wasting money, but also valuable time that they could otherwise be spending on completing their project. A new app is hardly established, requires constant tech and external support, quite expensive, and in a short period of time, the technology used becomes outdated.

    On the other hand, with more than 10 years of market expertise, ApnaComplex offers all the solutions for a developer on a silver platter! The app is regularly updated/enhanced and sufficient training on how to use the app to its full potential is given to the users.

    Over the years, ApnaComplex has mastered the art of community automation and constantly innovates to simplify operations for the developer and management through state-of-the-art tech.

    The ApnaComplex Advantage

    Enjoy the latest tech – anytime, anywhere!

    The Indian PropTech sector is changing rapidly. If a builder wants to create an in-house property management software, sure, they can do it. But by the time the building is constructed and the project is handed over to the RWA, they run the risk of technology being outdated.

    This leads to several challenges post the handover and the tech used might not be even compatible with the management/RWA. Additionally, both the management and developers face loss of time and cost, lack of tech support, etc.

    But with ApnaComplex, you never run the risk of the technology becoming outdated. All our solutions are up-to-date and periodically maintained and enhanced. These solutions are carefully curated to meet the requirements of builders, management, and residents in the long run.

    Zero dependency on pricey IT support

    IT resources are high in demand and expensive, but also, it is imperative that developers and associations deploy the latest technology possible. With an ongoing project in hand, it is not practical for developers to spend on expensive IT resources and external teams to keep up with the demand and requirements.

    With ApnaComplex in hand, IT is the last thing you need to worry about and solely concentrate on finishing the project. ApnaComplex offers the required IT support/resources constantly to deliver an unparalleled experience for our users, thereby saving time and money for developers.

    Enjoy the best user support and training

    Creating an in-house solution will require extensive training for all users once the app is deployed which can cause the developers massive time, the possibility of having an unstable support system and delays in fully comprehending the modules.

    On the other hand, ApnaComplex offers online and on-spot training sessions to fully understand the app. Additionally, the developers and staff can get in touch with our support team anytime to resolve their queries. This drastically enhances the user experience and makes things easier for the developer.

    If you are a developer and would love to simply and streamline the whole property management game, visit apnacomplex.com and schedule a free demo!
    Visit: apnacomplex.com

    Leave a comment InProduct News
    apnacomplexnitin
    March 2, 2022

    Here’re the top 10 reasons to pick ApnaComplex over any other society management app!

    Over the last 10 years since its inception, ApnaComplex has been the single-post ERP Solution tailor-made for managing gated communities.

    Every module and feature has been built/improved based on the feedback received from management committees making ApnaComplex the only mature solution for and by the Management Committee. 

    Below, we bring out the top 10 reasons why ApnaComplex should be your top choice when you are looking for an automated society management solution.

    Improved efficiency and streamlined operations

    The sole aim of ApnaComplex is to simplify everyday society operations for the management and help them save time and money with the aid of smarter technology.

    Features such as QR-code-based asset management and complaint registration, Guard Patrol Tracking, and facility management systems are specially designed to improve the staffs’ efficiency, simplify the management process, and reduce operational costs.

    An easy-to-use app

    ApnaComplex offers a very intuitive UI. The management, staff, and administrators can effortlessly use the app, thanks to ApnaComplex’s technically sound automation techniques.

    The app also drastically reduces the time administrators spend in accomplishing their duties and tasks.

    A fully developed accounting solution

    Our Billing & Accounting Module has been developed and has changed over the years to cater to all the needs of gated communities. We have developed unique features like the Budget Variance Report to help societies keep track of their budget.

    Apart from offering customisable financial reports, ApnaComplex’s accounting solution comes with 30+ audit-ready financial reports.

    Effortlessly configurable

    According to the society’s needs, the ApnaComplex app can be configured and effortlessly integrated with any other software or hardware.

    One app for the entire community

    With ApnaComplex, you don’t need any additional apps for various purposes. While the management can use the app for managing complaints, collecting maintenance charges, and broadcasting important information to the residents, the residents can use the app efficiently for booking facilities, approving visitors, and communicating with other residents.

    Likewise, the staff can use the ApnaComplex app to resolve issues and the security can use the GateKeeper module to effectively guard the society gate.

    Ingenious role-based access to management

    Using the ApnaComplex app, the management can define custom roles and duties to their committee members. Also, the app allows the management to restrict committee members’ access to data based on their roles.

    It is worth mentioning that ApnaComplex comes with 30+ inbuilt roles.

    Data privacy, our priority

    To ApnaComplex, our residents’ data privacy and protection are of the highest priority. To prevent unauthorised access, we have taken all the necessary precautions.

    We offer bank-level security, i.e, our residents’ data and personal information are encrypted using the same advanced technology deployed by banks. This keeps our residents’ data secure, private, and safe.

    Easy migration and set up

    ApnaComplex provides a dedicated team to help the management integrate their society with the ApnaComplex system. This team also trains the management and staff on how to make the best use of the app.

    Similarly, ApnaComplex offers the swiftest, most dependable, and easy method to adopt a single community management app.

    Backed by ANAROCK – a profit-making entity

    ApnaComlex became a part of the ANAROCK group since its acquisition in 2021. ANAROCK is India’s largest property consulting firm. The company is a key player in the Indian realty sector and is a tangible revenue-generating entity.

    By Indian, for Indian

    The ApnaComplex app was specially designed to manage Indian gated communities and address pain points specific to Indian societies. Our app is genuinely ‘Made in India’ and it is a homegrown technology suite rather than one put together through acquisitions.

    ApnaComplex is the only solution in India that has robust community management solutions. It is worth mentioning that we have won the BEST ERP Solution Award for the year 21-22. If you would like to streamline and simplify the management of your society, visit apnacomplex.com!

    Leave a comment InApartment Management Apartment Management Software
    apnacomplexnitin
    December 8, 2021

    The Committee Starter Kit – Here is what you should know if you’re new to the Management Committee!

    Committee members – they are the backbone of a society. From handling finances to brainstorming for the development of a Society, they offer their time and energy for the wellness of the Society.

    They also enjoy certain powers; and as Uncle Ben said, “with great power comes great responsibility!”

    In this article, we shall explore the roles, responsibilities, snags, and how an app like ApnaComplex can help eliminate these hurdles and enable a committee to discharge its responsibilities efficiently.

    There are four primary roles in a Management Committee – President, Treasurer, Secretary, and Security In-charge.

    President

    A president is expected to have high leadership qualities and should have the ability to take important decisions. She/he should also have a fair knowledge of the law, rules, and regulations.

    A president’s roles/responsibilities include,

    •   Defending the society against any legal action.

    •   Suing people/parties for legal purposes.

    •   Framing of rules and regulations for the society

    •   Resolving conflicts among residents and building a stronger community.

    •   Overseeing all the expenses of the society and ensuring the money is used correctly.

    •   Chairing all the meetings conducted by the committee.

    The truth be told, for a President, executing the above actions is not always easy. Here we bring some of the issues faced by a President and how can ApnaComplex help them resolve them.

    LimitationsApnaComplex Solution
    Constantly checking if the Society is legally compliant.

    Ensuring that the Society is following all the government guidelines to a T.  

    Ensuring all the residents are following the rules and regulations of the Society.

    Confronting improper conduct between the residents and resolving conflicts.

    Maintain transparency in the decision-making and how the funds are used.     		Communication – Community collaboration tools available on the app make your communication easy and smooth.

    Notice board – Send important notices via multiple channels using the ApnaComplex Notice board.

    Chat group – Create groups and bring the entire community together.

    Accounting services – Our Billing & Accounting module is fully GST Compliant.

    Expense tracking – Plan your Society’s budget and expenses using the app and keep your financial status transparent.  

    Treasurer

    A Treasurer or Accountant handles the entire finances of a Society. Their roles and responsibilities are:

    •   Record all financial transactions and report all surplus & deficits.

    •   Responsible for tax compliances and all other financial regulatory obligations

    •   Responsible for promptly processing payments of all society expenses.

    Like the President, a Treasurer also encounters his/her fair share of issues and ApnaComplex offers perfect accounting solutions which are discussed below.  

    LimitationsApnaComplex Solution
    Difficulties in reconciling the balance sheet.

    Manually entering financial statements that are time-consuming.

    Planning the Society budget and providing transparency to it.


    Constantly following up with the residents to collect maintenance and other charges.

    Ensuring that the transactions are compliant with the GST.

    Filing of Quarterly E-TDS returns and generating Form-16A.      		Automated Billing – The app offers 100% Automated Society Billing & Collections with Zero Convenience Charge

    Auto reconciliation – The ApnaComplex app auto reconciles the financial statements.

    Auto-reminders – The app sends auto-reminders to defaulting residents.

    100+ financial reports – ApnaComplex offers complete Accounting Software with GST support and real-time financial statements. Additionally, 100+ financial and 30+ audit-ready reports can be accessed.

    Accounting – Daily accounting and bookkeeping services are also coordinated with statutory auditors.  

    Secretary

    A Secretary also plays another vital role in a Society. She/he is responsible for:

    •   The executive administration.

    •   Records and registers including cash book, audit register, etc.

    •   Conducting Committee Election thoroughly in the manner prescribed.

    •   The recruitment, functioning, and compensation of the service staff.

    •   Inspection of the property and flat.

    However, it is not always possible for a Secretary to be everywhere at once. Below, common issues faced by a Secretary, and how ApnaComplex can help them are given.

    LimitationsApnaComplex Solution
    Monitor the daily operations of the Society.
    Resolving residents’ complaints instantly and keeping track of every single complaint especially in large Societies.

    Inspect property of the Society and flats often.

    Manually communicate important notices to the residents quickly.

    Manage all the official documents manually which can be a daunting task.     		Centralised complaint tracking – using ApnaComplex, complaints, suggestions, and requests can be tracked effortlessly and the app offers a three-step escalation matrix.

    Budgeting –  A Secretary can plan Society’s budget through expense tracking and provide transparency in Society expenses.

    Watching the Guards – With ApnaComplex Guard Patrol Tracking, Secretary can keep accurate track of all patrols inside the Society.

    Polls & Survey – Get authentic feedback from residents from the online survey and polls service. 

    Security In-charge

    In a Society, a Security In-charge is expected to,

    •   Arrange and oversee the security and the associated duties.

    •   End-to-end management of all daily staff.

    •   Security Infrastructure in Apartment Complexes.

    •   Visitor Management in Apartment Complexes.

    •   Management of courier/delivery.

    Alas, Security In-charge does face certain limitations. Both these limitations and how ApnaComplex can solve them are listed below.

    LimitationsApnaComplex Solution
    Unknown visitors ending society can pose a security risk.

    Tracking the patrolling of the security personnel is not always possible.

    Tracking of visitors becomes difficult.

    Recording, maintaining, and verifying the information provided by the visitors can be cross-verified.

    It is difficult to keep track of the unauthorised entry of vehicles.     		Gatekeeper – ApnaComplex Gatekeeper app is a one-stop security solution for apartment complexes.

    Sleep peacefully – With guard Patrol Tracking keep accurate track of all patrols inside your society.

    Eliminate unknown visitors – Residents can update “Expected Visitor” details on the ApnaComplex app which eliminates unknown or unauthorised visitor entry.

    Track material movement – Track items being carried out of the gate by vendors, service staff, and visitors. 

    Apart from these four roles, there is an IT head or in charge, who is appointed to handle the app. Likewise, there will be additional members to the Management Committee like the Vice President, Assistant Secretary, etc who will be extending support to the primary Committee Members.

    These Committee Members work together seamlessly to offer support, assistance, and safety for the residents, and ApnaComplex aims to simplify and streamline operations using smart and intuitive technology.

    To know more about our modules and features, please visit our website. 

    Leave a comment InManagement Committee
    apnacomplexnitin
    November 20, 2021

    Single vs Double Accounting – what’s good for your society?

    Accounting can make or break a society. When your society’s finances are handled meticulously and your treasurer or president is well aware of the income, expenses, outstanding payments, loans, etc, auditing the accounts would be a cakewalk for any auditor and he/she might as well make a wonderful example out of your management prowess.

    However, when the income and expenses are not accounted for properly and there are too many discrepancies to count, well, your society’s finances will likely go downhill from here irking both the residents (after all, the monthly maintenance fee is a major chunk of income) and auditors.

    In India, societies majorly follow the Single Entry or Double Entry Accounting systems. The key differences between these two systems and the impact they can have on a society are explored in this article.

    Single Entry Accounting

    1. Single entry accounting is majorly used in smaller societies where there is no large maintenance fee collection from the residency.

    2. Smaller societies are unlikely to follow a proper bookkeeping process. Their entries may not be comprehensive.

    3. They record the transactions on a cash basis and not on an accrual basis. Here, the cash transactions are recorded only when the payment is made and then the invoices are raised. However, Double Entry Accounting gives an estimation of all the transactions, upcoming payments, assets, and liabilities, etc. 

    4. The biggest advantage is, Single Entry Accounting will be useful for societies that do not require a skilled accountant to record financial transactions. Also, they do not require a large number of books/statements to record the limited number of financial transactions. 

    Double Entry Accounting 

    1. This system gives the idea to the Management Committee (MC) members or the treasurer about the total maintenance amount which needs to be paid by the residents, how much is pending to collect, and how much paid by them.

    2. Likewise, they will also get a fair idea about how much they need to pay to the vendors from whom they are taking various services, and how much has been paid.

    3. By following the accrual accounting method, the MCs can get a clear picture of the fixed assets they have, loans, and advances they have provided to their staff and outsiders, including vendors. They will also be aware of their liabilities such as loans borrowed by the association from banks, financial institutions, and other parties.

    4. Accrual accounting comes as a big advantage for larger societies that have thousands of apartments. The treasurer or the Management Committee will get to know how much bank balance, cash, fixed deposit, and investments they have in their books of accounts of the association. This recorded information will come in handy when they have to submit their financial statements to auditors.

    Financial maintenance: an obligation

    It is imperative that the treasure or the Management Committee precisely knows how much maintenance fee they have collected from the residents, the amount paid to vendors, creditors, and other various parties. Likewise, they should also have updated information about fixed assets, loans, fixed deposits, investments, funds available in bank/cash, etc. This cash flow helps the management to run the society smoothly.

    On the other hand, the treasurer, and the Management Committee are obliged to maintain these financial records. After all the residents entrust the treasurer with a portion of their income every month and hence, the management is answerable to the residents and must be able to present a satisfactory financial statement.

    Apart from the residents, the management and treasurer should also be able to submit clear financial records to auditors, banks, and other legal entities. At some point, these documents can be used by the society to secure loans.

    How can ApnaComplex be of help?

    The ApnaComplex software is the only mature solution available in India today that offers an extensive Accounting module specifically conceived for the Indian gated communities. The software completely automates the accounting process in a society and simplifies the process for the treasurer or management.

    –          The software or app automatically reconciles the balance sheet eliminating the need for manual intervention.

    –          Payments can be paid through the app and when every transaction is digitally recorded, there are no suspense entries.

    –          ApnaComplex automatically generates defaulters and penalty collection reports. You can custom configure the software to send automatic notifications to the defaulting residents.

    –          You can configure the software to send auto-reminders to residents when maintenance dues are close.

    –          You can also configure the software to send recurring invoices to residents or vendors.

    –          When a resident default often and fails to pay dues on time on multiple occasions, the system allows you to block them from using certain facilities until the dues are paid. This improves your collection and minimises defaulters.

    –          ApnaComplex Budget Variance Report helps you to modify the budget of your society according to your needs. The app helps you keep track of your budget and will send reminders if you are close to the threshold. 

    –          ApnaComplex offers 30+ Audit-ready financial reports. These comprehensive reports can be downloaded effortlessly during the time of audit streamlining the whole process.

    –          By using ApnaComplex diligently, a treasurer can save their time by 80%.

    Though the Single Entry Accounting is straightforward to follow, it is evident that gated communities can benefit a lot by following the Double Entry Accounting system both in terms of legal obligations and welfare of the society.

    To know more about our Accounting and other modules, visit apnacomplex.com 

    Leave a comment InApartment Accounting Software Society Accounting Software Society Billing Software
    apnacomplexnitin
    September 8, 2021

    Here is how you can increase your society’s revenue effortlessly

    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)!

    2 Comments on Here is how you can increase your society’s revenue effortlessly InApartment Management
    apnacomplexnitin
    August 27, 2021

    How can management committees implement smart financial control?

    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!

    Leave a comment InApartment Management
    apnacomplexnitin
    August 27, 2021

    Here is how Management Committees can implement best accounting practices in gated communities!

    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!

    Leave a comment InApartment Management