Features TECHNOLOGY
often left and try to meet them through a combination of legacy spreadsheets and entry level accounting packages. The problem is that these solutions are not specifically designed to address the job in hand. Accounting software often has no way of setting up service charge schedules or lease service charge agreements. As a result, block managers often have to do all the work themselves manually in spreadsheets - a laborious, time-consuming process.
Finding an answer To cope with the workload, firms may look to bring on more staff, pushing running costs up still further. It seems an intractable problem. Fortunately, block managers can now achieve sustained growth and keep costs under control by basing their approach on automated technology that integrates financial and property management and that conserves resources and drives enhanced profitability.
The best of these systems are intuitive and easy-to-use. They can handle the day-to-day management of properties and also deal with the accounts. This means managing service charge accounting, including budgeting, reporting and reconciliation pre-payments and accruals, but also sending out demands to lessees.
Critically also, where blocks have complex schedules in place, the latest IT solutions can automatically work out the exact share of the overall block expenditure for which each individual lessee is liable, as well as quickly calculating any over or underspend compared to budget at the end of each year. This is a
Case study: Supporting business development
Chamonix Estates is a fast growing property management company operating across England and Wales. The company is constantly growing its management portfolio and purchased Propman from Grosvenor Systems in order to balance the requirements of a strong accounting system with the need for a comprehensive set of property management tools.
According to Chamonix director Adrian Povey, Propman has allowed him and his fellow directors to focus on growing the business, knowing that the operational system they have in place is able to cope, “so that we don’t have to keep taking on additional staff to do routine data management tasks”. Staff at the company have also built up personal relationships with the training & support and software development teams at Grosvenor. “We like the fact that we are able to speak directly with the directors of the company who are closely involved in the development side of the business”, says Adrian.
48 Issue 21
much quicker and more efficient approach than managing the process with spreadsheets. This kind of integrated property management and financial accounting software also brings benefits when it comes to keeping postage costs under control. By automatically emailing reminders, demands, arrears letters and statements rather than sending out physical documentation, property managers can save time and money as postage and stationery costs, the cost of paper, envelopes and stamps, are all reduced.
Reaping the rewards Of course, there does have to be a cost/value calculation made when it comes to making an investment in IT solutions. For the smallest businesses and start-up block management companies, spreadsheets are initially likely to be the tool of choice but as they grow, the latest integrated property management and financial accounting software becomes a more viable and attractive option.
When they achieve a roster of between 500- 1,000 flats, firms will typically have sufficient management fee income to make these solutions a hugely beneficial choice. But for fast growing businesses with a strong business plan in place, good relationships and confidence in their future growth potential, it will make sense to start thinking about specialist software solutions from the word go.
Ultimately, though, the predominant benefit these systems bring to property managers is that by reducing the time it takes them to carry out their regular duties as well as the costs incurred, they are able to manage more
blocks and bring in greater revenues with the same staffing levels as before – and that’s an issue that becomes more acute as businesses develop and expand.
It seems likely that there will be growing demand for these solutions over time. The block management market is expanding as the demand for flats increases over time and such are the compelling benefits driven by the latest integrated property and financial management software solutions, that we expect companies which adopt such software solutions to show dynamic growth today and long into the future.
Matthew Smith is sales manager at Grosvenor Systems Email:
sales@grosvenorsystems.com Tel: 020 7378 8358
www.grosvenorsystems.com Twitter: @PropmanSoftware
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72