Why Expense Tracking is Critical for Apartment Managers

The superior living experience of gated communities depends on adroit financial management of the Owner Association Management body and property managers. With high expenditures and limited income streams, expenses are monitored closely to ensure optimum resource utilisation. Expense tracking is imperative not just for audits, but also to understand patterns of consumption and to facilitate more conscientious decision making.

ANACITY’s future-first ERP accounting and billing module tracks expenses to facilitate budgeting and transparency. The automated feature offers invaluable data insight that can be further leveraged to understand the pattern of expenditure and where excesses can be curtailed. 

Advantages of automated expense tracking 

Managers are required to keep a track of expenses as part of financial reporting. Expense reports must hold up to rigorous scrutiny and provide the poof of every decision. ANACITY’s automated expense tracker makes the process smoother, more convenient and efficient.

Automation: With an automated process, managers don’t have to bother about tallying payments. Every recorded expense is automatically assigned in its correct category. More importantly, managers can recall expense reports instantly, saving both time and effort. Automation also reduces chances of omissions and human errors.  

Track expenses: The digital accounting module enables managers to track every expenditure and identify each entry. They can view the exact spending in each category, whether it’s salaries or asset management. It tells you how much money was spent, what was purchased, and what was approved. 

Analyse expenditure: Expense reports are necessary to evaluate expenditure patterns. Identify areas of over spending and track root causes. For instance, an expense report will show if an equipment has gone through frequent repairs. This data can be vital when buying replacements.

Deciding budget allocation: A strong financial plan depends on the analysis of expenditure patterns. It helps identify areas that need high allocation and where the spending exceeds allocation.

Taking strategic decisions: Expense reports are the blueprint managers need when taking strategic decisions. It is essential in determining funds for future developments, vendor allocations, curbing over expenditure, buying new equipment, and asset management.

Audit-ready reports: With ANACITY’s automated accounting  managers can access audit-ready reports at any time. The process ensures that the reports are updated with latest data and in line with the best accounting practices. 

Improving operational efficiency: ANACITY’s automated expense tracking ensures efficiency by reducing time, effort, and the chances of making errors. For instance, one can do a bulk upload of expenses from excel or CSV file. Since the platform is integrated with bank and cash accounts, each expense is automatically recorded in the account statements. Apart from other benefits, this also eases the process of reconciliation of accounts. 

Consolidation of accounts: As an ERP, ANACITY consolidates all expenses on one platform, creating a comprehensive overview of expenditure. By tracking different capital and maintenance expenditures, it ensures that managers are able to track every bill or invoice, whether it is related to inventory management or salaries. Since every expense has to be recorded at origin, there are minimal chances of suspense entries. 

Expense tracking is a critical part of financial planning. Under a legacy system, the biggest challenge lay in consolidating different accounts. Tracking expenses would involve tallying different accounts, from salaries to maintenance. ANACITY creates an easy and super-efficient solution with minimal chances of errors.