Is it difficult staying on top of the books every month? Keeping track of who’s paid rent and who hasn’t?
It all starts with the property management business model. The business model is to collect rent in the beginning of the month, process invoices and pay owners and vendors in the middle of the month, then reconcile bank accounts at the end of the month. All of this can be done in an organized manner in SimplifyEm Property Management Software. SimplifyEm makes it easy even if you have no accounting or little property management experience.
To collect rent at the beginning of the month, you can link your bank accounts to collect rent rent online via ACH or credit or debit card. SimplifyEm can auto withdrawal rent every month based on the due date and amount set up on the tenant’s lease terms. When rent gets collected online, the system automatically records rent as paid saving you time on data entry. Reports can be run to see when the payment processed, withdrew and deposited in your bank account. A rent roll report can be generated that shows the totals of rents due and collected. Late rent reports can be ran to see who is late and how much still needs to be collected. For any tenants that have not paid, late fees can be added to the tenant’s balances and late rent notices can be sent. The system automatically populates the notices with each tenant’s information and due balance. The late rent notices can be sent via email, text and published to the tenant portal. In case you need to bring the tenant to court, the system also has a full payment history report that shows all of the payments and reflects any due balances.
The next step in the property management business model is to process invoices and pay owners and vendors. Expenses can be easily entered in like a spreadsheet and tied to a property, unit, tenant and vendor. Receipts and invoices can also be uploaded to each expense. The owners and vendors can be paid via ACH using online payments or by printing a physical check. SimplifyEm supports blank check stock and pre-printed checks.
The last step is bank reconciliation. Instead of reconciling by pen and paper every month, it can be done online and in one place. All payments and checks would appear on one page making it easy to select items that cleared. Reconciling bank accounts minimizes any accounting mistakes or human errors.
SimplifyEm has more reports including the Schedule E and 1099s for taxes. The Schedule E will automatically populate all of the income and expenses entered in and the 1099s would be generated for your owners and vendors. The 1099s can be printed, emailed and e-filed.
SimplifyEm offers free, unlimited, one-on-one training for each customer. If you need help, a product specialist can walk you through the steps and answer any questions. As a SimplifyEm customer, you’ll also receive free live phone support, email and text message support. Get a free two week trial here (no credit card required).