Manual data entry into spreadsheets is not only time-consuming, but it can also increase the likelihood of errors. Arthur Online provides a cloud-based solution that brings together all property-related transactions on one platform.
There are a plethora of cost and efficiency benefits that a cloud-based solution can have for property managers that will ultimately reduce costs and time spent on admin work which can then be reinvested in expanding their portfolio.
End to end property management includes several tasks from tracking rent payments to handling maintenance requests. Manually performing such operations for a portfolio of properties is highly time-consuming and often overwhelming. Automation, therefore, solves the majority of the problems that property managers face.
Luckily, Arthur provides a platform that automates recurring tasks like rent collection and also auto-generates various management fees. Traditionally, a range of property-related finance data such as rent charges and fees are stored in large physical servers. These do not only cost thousands but also require an IT team to install and maintain.
These costs add up, especially if you include the labour hours required to manually enter this data. Arthur is a cloud-based solution that mitigates all these costs by providing real-time access to information – meaning you can work anywhere at any time!
Moreover, Arthur is integrated with market-leading accounting software such as Xero. The integration automates rent tracking further by shifting charges created in Arthur into Xero. In this way the integration avoids double entry, ensuring quick and easy rent reconciliation.
Xero’s live bank feed feature automatically creates a list of transactions that include money being spent and received by your bank account. In addition to cutting the number of hours on manual data entry work, the live bank feed feature allows you to see your cash-flow in real-time.
Mapping account codes between Arthur and Xero is an integral component of the integration. It ensures account codes setup for various revenue and liabilities in Arthur are mirrored with those in Xero. A combination of this and the live bank feed feature delivers the power of a full accounting system for your property business.
You can manage your invoicing, bills and tax returns to produce real-time reports that display the financial position of your business. Arthur works with Xero in this way to produce a streamlined process for managing your properties’ finances effectively.
Improved communication and collaboration
Property management includes several stakeholders: tenants, property owners and contractors. Each stakeholder plays an important role in the property journey from the viewings to the end of the tenancy. Arthur provides a single platform for all stakeholders, making communication between them easy and efficient.
Arthur’s tenancy app enables tenants to perform several functions such as maintenance requests. These actions automatically update property managers who can then set up work orders for contractors on Arthur. Contractors also have a specific app which they use to implement and manage their work orders. In this way, Arthur provides a single platform that links all actions created by the different stakeholders.
All parties, therefore, work off the same master document, which reduces the large number of hours property managers spend on admin work – there are no separate records that need to be linked, managed, compared and reconciled.
Increased security – simple backup and recovery
Another benefit of cloud-based accounting software is increased security. This is because cloud-based accounting softwares such as Arthur have additional security measures that prevent data from being vulnerable to theft.
For example, notifications of unknown logins can be delivered. Alongside these additional measures, cloud-based property management software protects data by providing simple backup and recovery in case of events such as power outages and natural disasters.