Transforming Property Management with Comprehensive Financial Tools
At SimplifyEm, we’re constantly evolving to meet the needs of property managers, landlords, and owners. We understand the importance of having a robust, easy-to-use accounting system that can handle the complexities of property management. That’s why we’re thrilled to introduce our new suite of accounting features, built to simplify your financial management while giving you the power to make better business decisions.
At SimplifyEm, we understand that managing the financial aspects of property management can be overwhelming, especially when dealing with multiple properties, tenants, and vendors. That’s why we are excited to introduce our next-generation accounting features designed to automate, streamline, and elevate your financial management processes.
Our new accounting suite brings together a powerful set of tools that not only simplifies your daily accounting tasks but also provides deeper insights into your business’s financial health, helping you focus more on growth and less on mundane operations.
What to Expect with SimplifyEm’s New Full Accounting Feature
-
Expanded Chart of Accounts: A Structured Framework for Financial Clarity
- Hierarchical Ledger Organization: SimplifyEm’s COA provides a detailed grouping of financial data into assets, liabilities, equity, income, and expenses, allowing for clear segmentation and categorization.
- Customizable Accounts Creation: Users can easily create and organize new ledger accounts under specific groups, with the system automatically generating ledger codes to maintain a consistent sequence.
- Automatic Code Generation: The system automatically assigns sequential ledger codes, making it easier to manage and expand your accounts.
- Aligned with NARPM Standards: Our COA enhancements are designed following the best practices recommended by the National Association of Residential Property Managers (NARPM), ensuring industry-standard compliance and flexibility.
-
New Automation Saves You Time and Reduces Errors
- Comprehensive Opening Balance Setup: SimplifyEm allows users to set up opening balances for individual modules like tenants, vendors, banks, and security deposits before consolidating them in the Accounting Opening Balance page as per accounting books.
- Direct Ledger Code Updates: Users have the flexibility to update or correct missing opening balance ledger codes directly in the consolidated Opening Balance, ensuring accuracy and completeness from the start.
- Intelligent Ledger Code Management: Our automation tools ensure that ledger codes are accurately mapped and updated, with the flexibility to adjust opening balances directly in the Opening Balance UI.
- System-Generated Entries: All accounting entries are automatically generated and updated in real-time, reflecting every transaction accurately in your ledgers.
- Data Integrity: The system automatically matches ledger codes with transaction types, ensuring financial consistency and preventing misclassification.
-
Advanced Financial Reporting
- True Balance Sheet Integration: Our true balance sheet gives you a complete overview of your assets, liabilities, and equity, ensuring a precise reflection of your financial health at any given point.
- General Ledger Enhancements: A detailed general ledger that tracks every transaction with real-time running balances, helping you to drill down into specific details with ease.
- Flexible Accounting Methods: Easily switch between accrual and cash basis reporting, allowing you to choose the most suitable method for analyzing your financial performance.
-
Powerful Accounting and Journal Entry Features
- Intuitive Interface: Select PM or owner books, choose properties, and assign ledger accounts with ease.
- Detailed Manual Entries: Easily record and manage accounting transactions, including complex journal entries, directly within the property management accounts module.
- Recurring and One-Time Entries: The interface supports both recurring entries for ongoing transactions and one-time entries for unique financial events.
- Entry Management: Edit, duplicate, or delete journal entries directly from the interface.
-
Enhanced User Experience for All Accounting Levels
- Double-Click Pop-Up for Details: With a simple double-click on any transaction in the General Ledger, you can view the detailed accounting entries related to that transaction, making data validation and audit trails straightforward.
- Ease of Use: SimplifyEm’s interface is intuitive, guiding you through each step of the accounting process, even if you’re not a financial expert.
-
Account Ledger Enhancements Based on Industry Standards
- Layered Ledger View: SimplifyEm’s ledger view is organized into multiple layers, including group ledgers, individual ledgers, and sub-ledgers, providing a comprehensive breakdown of all financial transactions.
- Real-Time Balance Updates: Running balances are instantly updated with each transaction, providing up-to-date insights into your financial standing at any moment.
- Detailed Audit Log Trails: Every action within the ledger is tracked and logged to provide a complete audit trail, ensuring accountability and transparency in your financial processes.
-
Built-In Audit Log for Complete Transparency
- Timestamps for Every Action: Each modification, no matter how small, is logged with an exact timestamp, allowing you to see when changes were made and by whom.
- User-Specific Tracking: The audit log records the identity of the user who made any changes, ensuring that there is no ambiguity in the source of modifications.
- Detailed Change Descriptions: For every adjustment—whether it’s a journal entry, an update to a ledger code, or a closing book action—the audit log provides a detailed description of what was changed, why it was changed, and how it impacts the financial records.
-
Enhanced Accounts Mapping UI for Income and Expenses
- Automated Pattern Matching: Automatically map transaction names to the most appropriate ledger codes.
- Manual Mapping Adjustments: Easily override automatic mappings to refine your ledger code assignments or manually adjust mappings when necessary to ensure precise categorization.
- Flexible Attribute Management: Easily create or modify transaction names and ensure they are properly linked to the corresponding ledger codes for accurate financial reporting.
- Data Synchronization: Changes in ledger mappings are applied retroactively to all associated past transactions, maintaining consistency across your financial data.
-
Comprehensive Bank Ledger Mapping
- Mandatory Mapping: All bank accounts must be correctly linked to their respective ledger codes to ensure that financial transactions are accurately represented.
- Integration with Bank Center: The bank ledger mapping feature integrates directly with the Bank Center, providing a unified view of all bank transactions and balances.
-
Secure and Controlled Closing Books Feature
- Accrual and Cash Method Flexibility: SimplifyEm supports both accrual and cash basis closing, giving you the flexibility to choose the best accounting method for your needs.
- Post-Closure Security Controls: Once the books are closed, further changes are restricted unless explicitly allowed with password protection, ensuring data integrity.
- Clear System Prompts: Receive warnings and notifications for any attempts to modify closed entries, safeguarding your financial records from unauthorized edits.
-
Accounting Opening Date and Balance Setup for Seamless Transitions
- Centralized Balance Entry Page: The Opening Balance UI consolidates data from tenants, vendors, banks, and owners, providing a clear and unified view of your financial starting point.
- Flexible Setup Options: Whether you start with the accounting opening date or set up balances individually, SimplifyEm ensures that all entries align perfectly with your financial setup.
-
Data-Driven Insights with Real-Time Reporting
- Property-Wise and Owner-Wise Reports: Break down your financial performance for each property or owner to identify trends and areas for improvement.
- Customizable Dashboard: Keep your most important metrics front and center with a customizable dashboard that gives you instant access to key financial data.
-
User-Centric Design for Effortless Financial Management
- Focus on Business Growth: With automated accounting features and simplified data entry, property managers can concentrate on strategic business decisions rather than day-to-day bookkeeping.
- Enhanced Data Visualization: Real-time reports and customizable dashboards offer a clear, detailed view of financial data, enabling better decision-making.
- Error-Free Accounting: Automation reduces manual errors, ensuring your financial records are always accurate and up-to-date.
-
Tailored for Both Low and High-End Users
- No Strict Accounting Rules: Our system is user-friendly and adapts to your accounting practices, whether you’re just starting or already have an established process.
- Support for Accrual and Cash Basis Accounting: Our software lets you choose the accounting method that best fits your business model.
-
Scalable Solutions for Property Management Businesses
- Multiple Entities Support: Manage books for owners, landlords, and property managers all in one platform, reducing the complexity of handling separate accounts.
- Customizable Ledger Creation: Easily create new ledger accounts, set opening balances, and adjust your financial setup as your business grows and changes.
- Adaptability: SimplifyEm ensures your financial records stay organized and scalable, no matter how many properties or accounts you manage.
The expanded Chart of Accounts (COA) is a game-changer in how property managers and landlords can categorize and track their financial transactions. The COA is meticulously organized to ensure that every aspect of your property finances is systematically recorded.
We’ve integrated advanced automation into our accounting processes to reduce manual data entry and improve data accuracy across your financial records. This enhancement is not just about saving time; it’s about ensuring that your books are always balanced and up-to-date.
SimplifyEm’s new reporting features offer a deeper level of insight into your financial data. These advanced options are designed to empower property managers with detailed, customizable financial statements.
SimplifyEm’s journal entry module has been completely redesigned to provide you with full control over financial transactions, whether for one-time entries or recurring accounting adjustments.
We’ve designed our accounting module with both beginners and seasoned accountants in mind:
Our account ledger enhancements are aligned with the highest standards set by NARPM, ensuring that property managers have a clear and structured view of their financial data across multiple layers.
Transparency is crucial in accounting, and SimplifyEm’s built-in audit log ensures it. Every change made to your financial records is tracked, with detailed logs that include the time of the change, what was updated, and who made the update.
This feature provides a full history of all activities, making it easy to trace back any adjustments. Whether it’s for daily management or during an audit, the audit log helps maintain the integrity of your data and simplifies the review process. It’s a valuable tool for ensuring accuracy, accountability, and compliance.
The Accounts Mapping UI is a significant enhancement that simplifies the way income and expense transaction names are linked to specific ledger codes. This feature is essential for maintaining accurate and consistent financial records.
Our bank ledger mapping feature ensures that all bank-related transactions are meticulously recorded and linked to the correct ledger codes, which is crucial for accurate bank reconciliations.
The closing books feature allows property managers to lock their financial records for a specific period, ensuring no unauthorized changes can be made to closed entries.
Setting up your accounting opening date and balances in SimplifyEm is straightforward and designed to integrate seamlessly across all property management modules.
Our real-time reporting tools allow you to view your financial data as soon as it’s updated. This means you always have the most current information available, helping you make informed decisions quickly:
SimplifyEm’s new accounting features are designed with the user in mind, focusing on minimizing complexity and providing an intuitive interface that caters to both experienced accountants and beginners.
At SimplifyEm, we recognize that not every property manager has the same needs. That’s why we designed our system to be flexible enough to cater to both small-scale property managers and large property management companies:
SimplifyEm is designed to grow with your business, whether you’re managing a few properties or a large portfolio. Our flexible features make it easy to adapt as your needs expand.
Why SimplifyEm is the Ultimate Accounting Solution for Property Managers
With these enhancements, SimplifyEm goes beyond just being a tool; it becomes a strategic partner in your property management journey. We’ve built a system that scales with your needs, from handling small property portfolios to managing expansive real estate investments.
- Simplified Financial Management: Automated entries and intelligent ledger updates mean you can handle finances with minimal effort.
- Seamless Integration: Our accounting module integrates perfectly with all other SimplifyEm features, including tenant management, vendor tracking, and property finances.
- Built for Growth: SimplifyEm adapts to your business as it grows, offering scalable solutions that meet the needs of both individual landlords and large property management firms.
- Reduced Error Rates: Automated processes minimise the risk of data entry errors, making financial management more reliable.
Why SimplifyEm Stands Out
SimplifyEm offers a fully integrated experience that sets it apart from other property management software. By supporting both accrual and cash basis accounting, SimplifyEm provides flexibility, customization, and automation, making accounting simple for all users—whether they are accounting experts or not.
Key Differentiators:
- Flexible Accounts Mapping: Unlike many competitors, SimplifyEm offers greater flexibility in naming transactions and mapping them to ledger codes, helping users customize their accounting setup according to their needs.
- Multi-Entity Support: SimplifyEm allows you to manage books for owners, landlords, and property managers all in one place—an option that isn’t always available with other platforms.
- User-Friendly Interface: Designed with ease of use in mind, SimplifyEm’s intuitive interface is accessible for both beginners and experienced users, making financial management more straightforward and efficient.
How SimplifyEm Helps You Grow Your Business
With these powerful new accounting features, SimplifyEm is not just another tool in your property management arsenal—it’s a growth partner. By automating your financial processes and offering detailed insights into your business performance, SimplifyEm empowers you to focus on what matters most: growing your property portfolio and enhancing your tenant and owner experiences.
With these new features, SimplifyEm becomes your all-in-one solution for property management accounting. You no longer need separate software to handle your books—SimplifyEm has everything you need to stay organized, compliant, and ready to grow.
Stay tuned for more updates, and get ready to experience a smarter way to manage your property accounting!
