Topics in Saving Time & Money in Property Management: Processing Payments
If you’re a property owner or manager it’s likely that you spend a considerable time dealing with tenant payments. At the beginning of each month based on the amount of units you are responsible for you will be receiving multiple checks from multiple banks over multiple days. Some payments will be given on time, some late, some postdated and some ready to deposit. With all these variables, the process of depositing these checks can prove to be a huge expenditure of valuable time.
One reason why processing tenant payments is so time consuming is the act of physically depositing checks into a bank account can take up half a day. Driving to one’s bank, waiting in line and having a teller deposits checks into an account is all takes up valuable time and resources that can be spent on other important tasks. In addition, it is likely you will not receive all your rent checks by your property’s rent due date which will guarantee at least one if not several additional trips to the bank.
Another aspect of processing payments for property managers that takes up a lot of time is the organization of the documents related to the payments. Once the checks are deposited you will need to keep copies of the checks and deposit slips for your records and add this paperwork to your tenant document system. If you are using a paper system you will probably spend hours photocopying and organizing each receipt into the different tenant files. Even if you use commercial property management software you will have to scan the bank receipts into the system, find the tenant file and then add them to each tenant files in order to organize them. Furthermore you will have to check and keep track online what checks cleared. Then the process begins all over again at the beginning of the new month.
If your spending time going to the bank or organizing banking materials your wasting your time because with RISSOFT’s check scanning integration system there is no need to go to the bank or deal with organizing payment receipts. RISSoft building management software has many advantages when it comes to check and payment processing and check scanning integration. These benefits include eliminating trips to the banks, locating tenant files automatically when a check is scanned, reducing posting errors, and reporting bounced checks electronically. In addition the RISSoft is the best commercial property management software because it makes scanning checks easy with seamless integration . All you need to do is scan the tenant checks onto a deposit slip on your computer and click the finish button. With one click of your mouse the deposit is uploaded to the bank, the tenant account is credited and the total deposit is posted on your ledger. To see this amazing software for property management being used please see the videos on rissoft.com/videos