Wiseowner Billing and accounting software is designed to help the apartment managers/ treasurers by providing the basic functionality necessary to manage their finances including general ledger, accounts receivables, accounts payables, billing, bank reconciliation, fixed asset tracking, etc. This cloud based service comes free; absolutely free. What’s more, the person operating the software need not be an accountant as most of the regular accounting functionality is automated. As apartments come in different configurations, Wiseowner accounting software allows customization of the functionality as suited to different apartments’ needs. Once customized it becomes very easy to operate and manage day to day management of finances. The total management of the apartment’s accounts lies in the hands of the society’s president or treasurer or anyone authorized by the apartment management committee. They hold the key for proper maintenance of the accounting and billing needs of the apartment. The software has different levels of accessibility to different players. Main admin will have accessibility to most of the functionality of the software such as ability to update or delete transactions, to have full control on the general ledger. The flat owners will have access to their own flat related transactions and can have the privilege of viewing the society’s general ledger. Tenants will have access to transactions related to his account only and they cannot view society’s general ledger.
Some salient features of the wiseowner billing and accounting software are described below:
- Invoices for regular and fixed charges against each flat are generated automatically.
- Every month recurring invoices are automatically posted on a given date.
- At the outset different charges can be set to different categories of flats such as 2BHK, 3BHK, Penthouse etc., and can create invoices accordingly.
- Income from residents and nonresidents can be set up under separate income heads.
- As soon as the amount is received, e-receipts can be generated and posted automatically to the users by email and can also send confirmation of the same by SMS also.
- If more than one invoices are raised and the payment received can either be distributed among all the invoices or can be assigned according to first in and first out principle whichever is deemed fit by the admin.
- Tracking of postdated cheques is done automatically.
- Reminders can be sent to defaulters automatically along with pertinent details by email or SMS.
- Residents also can intimate the admin by pressing already paid button along with payment details.
- Importing of dues and payments from Tally and Excel sheets is integrated in the software.
- Whenever invoices are raised and e-receipts are generated and posted, automatically email notifications will also be sent to the recipients.
- Overdue payments can be charged simple interest on the pending amount automatically without any intervention.
- As the software is created according to the current accounting standards, the admin can take it easy and relax about the compliance to standards.
- At the outset Direct and indirect expense heads can be setup and can be tracked easily.
- Provision for comparing the expenses for the past periods is available.
- Easily allocate a budget for each expense head and variance from the budget can be tracked.
- During the posting of expenses, option to select petty cash or bank account is provided.
- Printable vouchers are generated automatically against every payment posted.
- Online purchase requests can be raised and can be approved online by the authorized approvers.
- After getting approval an invoice can be raised to fulfil the purchase request.
- Service tax and Tax deductible at the source are captured automatically and posted to their respective tax accounts.
- Outstanding dues for each vendor can be viewed.
- Multiple invoices can be sent to one vendor.
- Provision for viewing reports graphically for comparing budget and also for comparing expenses against previous years is available.
Bank and Cash
- Configuring Bank accounts and petty cash are easy.
- Can have multiple bank accounts and also create multiple petty cash accounts to be managed by different committee members.
- All incomes and expenses posted reflect against either bank account or petty cash account as income and expense trackers work in tandem.
- Can easily capture all the transfers between accounts and details of withdrawals to Petty cash.
- Bank reconciliation can be easily accomplished.
- Can query all transactions against each account head within a given date range.
- All transactions can be exported to Excel and data from Excel can be easily imported also.
- Can easily create charts of accounts to configure Assets, Liabilities, Income, and Expense account heads.
- Can easily create sub ledgers also when required.
- Journal entries to capture the distribution of money among relevant account heads.
- Journal entries to capture Asset depreciation, Bank charges, loans etc.
- Trial balance, Balance sheet, profit and loss statements can be generated easily and also the same can be exported to Excel.
- Can query all transactions from any date to any account easily.