Are You Using the Most Efficient Accounting Practices?
From tracking rent payments and expenses to handling invoices and bank reconciliation, your accounting practices can make or break your efficiency. Let’s dive into four essential practices—automated payables, pre-set approval rules, batch management, and bank reconciliation—to see if you are making your business easier or harder.
Automated Payables: Are You Avoiding Late Payments and Errors?
Paying vendors, maintenance teams, and utility bills manually can be time-consuming and error prone. Automated payables refine this process by:
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Automating invoice entry, so you aren’t doing it manually.
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Printing and mailing checks FOR you, once payments are approved.
Pre-Set Approval Rules: Are You Keeping Your Spending in Check?
Do you ever worry about overspending or unauthorized transactions? Setting up approval rules ensures that only the right expenses get paid.
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Control spending limits by requiring approval for transactions over a certain amount.
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Reduce fraud risks by adding an extra layer of supervision.
Batch Management: Are You Handling Transactions Efficiently?
Processing one transaction at a time is inefficient, especially when managing multiple properties. Batch management lets you:
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Cut down on repetitive tasks like paying multiple vendors or individually processing invoices.
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Consolidate payments and transactions to keep records clean and organized.
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Save time and minimize errors by automating bulk transactions.
Bank Reconciliation: Are Your Numbers Adding Up?
One of the most overlooked (but extremely important) accounting practices is bank reconciliation. This means making sure your financial records match what is actually in your bank account. Why does this matter?
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It catches mistakes like duplicate charges or missing payments.
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It helps detect fraud early, so you don’t lose money to unauthorized transactions.
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It ensures accurate cash flow tracking, so you always know where you stand financially.
Our team at Revela handles reconciliation for you, so you can spend time unlocking more doors to manage.
Don’t be intimidated! Using an enterprise accounting tool can be much easier than you think. Especially when working with the right software, like Revela. After a few training sessions with our Client Success team, you’ll be saving time, reducing errors, and getting clean, accurate books in no time!
Are you ready to simplify your financial practices and free up more time to build your business? Revela is an all-in-one comprehensive property management solution that consolidates tasks such as accounting, maintenance, tenant communications and more. Let’s talk.
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