Are you tired of crunching numbers all day and wish there was an easier way?
Now there is even if you have zero experience in property accounting. SimplifyEm Property Management Software follows a simple and easy process that is outlined below.
The first step is to collect rent. This can be done manually or automatically. Manually is a lot of time and effort and if the tenant does not pay on time, then chasing down delinquent tenants can be a pain. It involves calling, emailing, texting and if the property is nearby, driving to the property and collecting a check. All of this can be automated so you do not have to lift a finger. SimplifyEm automatically sends rent reminders, withdraws rent from the tenant’s bank account and sends rent receipts. When rent is withdrawn from the tenant’s bank account, then it gets deposited to your bank account and an entry is automatically recorded in the books. No data entry is necessary. Software automation avoids delinquent tenants.
The next step is to record expenses. Expenses that are the same amount every month can be automatically recorded. If there were any unexpected expenses, those can be easily added and invoices and receipts can be attached to help you stay better organized for taxes. Any expenses that the tenants are responsible for can be easily added to their balances and the tenants can get invoiced and pay for those bills online in their portal.
Paying owners and vendors are next. They can be paid online via ACH or by printing a physical check. SimplifyEm supports pre-printed checks and blank check stock. Reports can be sent to them as well via email, text or the portal.
Before the next month starts, the best thing to do is to review reports and double check everything. Some tenant reports include rent roll, full payment history, and a list of late tenants. The full payment history report can be used in court and sent to tenants when they move out. Important accounting reports include income and expenses, security deposit collections, vendor and owner balances and bank activity summary. For taxes, SimplifyEm automatically creates the Schedule E and 1099 MISC and NEC for you, saving you hours for tax preparation.
Our customer support team can go over all of this with you and walk you through step by step in your account. SimplifyEm offers free, unlimited and U.S. based training and support. Support can be reached via phone, email or text message.
SimplifyEm can do so much more than just accounting. SimplifyEm also helps with filling vacancies, screening prospective tenants, maintenance requests, vendor management, and offers texting for better communication. Put an easier property accounting system in place this year and sign up for a free two week trial today with SimplifyEm Property Management Software.