With the rise in co-operative housing societies all over the country, the management and accounting that comes with it are also on the rise. Large societies are made with pool houses, clubhouses, tennis courts, swimming classes, gym memberships, etc. Keeping track of all these income and expenses and other charges is a mammoth of a task. Even a specialised accountant team will find it difficult to keep on top of all thee transactions. Thus, to make matters easy, it’s best to get a society billing and accounting software.
Having a society billing and accounting software will ease the work of all the multiple transactions that take place in society right from maintenance charges of all the tenants to parking spaces, clubhouse expenses, extra charges and so on. It also keeps a track of all the payments that are made to outside vendors such as payments for repairs and charges, payments to external employees and so on. It is so important to have a cloud accounting system that does the job for you because if people try to do it manually, not only will there be accounting work all day long but also it will be prone to mistakes and errors in calculations as there are so many parties involved in maintaining a co-operative society.
Why use myBillBook?
What is Billing Software and why is it needed?
With the rise in digitalisation and the growth of online transactions and businesses, accounting software is the need of the hour. A billing and accounting software is online software that keeps track of all your accounting transactions, up to date and free of error. Since the software is online, most of them are saved on a cloud server and can be accessed from anywhere, anytime. This increases the efficiency of these softwares and reduces the burden of work on specialised accountants.
In fact, businesses that conduct their business on a small and medium level do not need to hire a team of accountants but can just buy billing software and ensure all the accounting and data is kept in order.
myBillBook provides billing and accounting softwares for various businesses, from retail and wholesale shops to Kirana stores, mobile shops, and even cooperative housing societies. In this article, we’re going to discuss why society needs billing software and what are the benefits of having billing software.
What is a myBillBook Society Billing and Accounting Software?
Just as there is accounting software for retail shops, wholesale companies, and corporates, there is accounting software specially curated for societies and housing co-operatives. The myBillBook Society Billing and Accounting Software is a specially curated software that considers all the different types of incomes and expenses that society will be privy to, has specialised features to ensure these transactions are recorded and ensure all the transactions are correct and marked to date.
A Society Billing and Accounting Software is an online cloud accounting software that gives access to various registered people. So all the members of the society or the committee can have access to the transactions and can ensure the transactions are correct. Not only that, the cloud accounting software ensures enough security and privacy since there is information about people and their house addresses and stuff. Accounting software will keep all the data secure and will increase the efficiency of the accounting transactions of society.
What are the advantages of having Billing and Accounting Software for a Housing Society?
In general, billing and accounting software have multiple advantages for the user as it makes the entire process of accounting easy and seamless. But in regards to housing society, billing and accounting software is a gamechanger since there are so many different verticles of accounting in a housing society. Another point to note is, for a business, there are usually 2-3 owners or sometimes one. Therefore, it is easy to come to a decision. But when we’re talking about a housing society, there are multiple houses with family members and each has its own decision. Of course, there is a committee with different positions such as president, secretary and treasurer, but since there isn’t a single owner it is very difficult to come to final decisions. In such situations having software do the work for you, reduces fights and helps you reach conclusions fasters.
Some of the advantages of having billing and accounting software for a housing society are:
- Increase Efficiency: One can reduce the time spent on rechecking all the data, and the reports of the society can be generated with just a few clicks. Everything you need to show to your society members will be ready in no time and the accuracy of the data is amazing. Once all the data is entered, multiple reports can be generated, so one does not need to do the work again and again. This increases the efficiency of the data and the work.
- Multiple Verticles: Managing a housing society has different vertices such as clubhouse transactions, transactions related to external costs such as swimming classes, tennis classes and so on, maintenance costs paid by the tenants and other charges paid by tenants, income earned during the sale of houses and so on. There are so many different ways a housing society works and keeping track of all of them manually is very difficult. With the help of accounting software, all these transactions are kept in check.
- Entirely Customisable: Tenants and owners of the houses are charged maintenance fees based on the area of their house and in case they have parking space or not. To do this for each house individually is a long task. The help of accounting software not only helps ease the work and documentation but also ensures all the data entered is accurate. With accounting software, all this data can be customised based on the needs of the society and the tenants living in it. It is like personal software just for your society.
- Reports and Billing: As mentioned above, all the details of the transactions can be added to the software and the reports can be generated which can be passed to all the members of the society. The society can also decide how they want to conduct the billing cycle of the society and those changes can be made on the software and members will be notified about the bill payments if they are monthly or quarterly and so on.
FAQs about a society billing and accounting software
- What is society billing and accounting software?
A billing software that is made especially for the purpose of a housing society or for a cooperative housing society that takes care of all the transactions and income and expenses of the society is known as billing and accounting software.
- What all does a myBillBook society billing and accounting software do?
There are multiple features that accounting software can do but some of the main highlights of accounting software are keeping track of all the income and expenses of the society, maintain bills and generate reports and dashboards on a monthly or quarterly basis.
- Can a society billing and accounting software keep track of the members and committees?
Yes. A society billing and accounting software can assign different roles to the members of the committee such as the power of attorney, president, treasurer and so on.