Whether you are a landlord with one rental property or a property manager or investor with hundreds, GEOS will help bring your bookkeeping system into the twenty-first century and create more time for you to manage your real estate portfolio. Also, with Making Tax Digital (“MTD”) on the horizon, landlords will be required to declare quarterly submissions of their rental income and property outgoings. Cloud based accounting software enables you to record your business transactions digitally to ensure you are ready for MTD. There are many other advantages of using cloud based accounting software to help you stay on top of your property portfolio, such as:
Easily managing tenants and rental activity
- Easily view active tenants and their status in one report.
- Manage sublet situations.
- Manage security deposits.
- Track rental information including tenant and landlord names, lease renewals dates, rental rates and more.
- Track vacancies by property.
Accounting and administration
- Automatically create rent invoices every month/quarter.
- Track maintenance expenses for each property.
- Generate lists of outstanding rent.
- Automatically generate letters of rent increases.
- Track maintenance management as well as job costs by unit.
- Create classes for your properties, so you can generate profit and loss statements for individual properties or projects.
- Generate statements showing delinquent rent, late fees and other charges.
- Generate customizable reports to show you how your business is performing.
Let bank feeds do the work for you
- Simply connect your bank account directly to cloud based accounting software for free, to enable transactions to be automatically matched to your invoices and expenses.
Collaborate with your accountant
- Both you and your accountant can have easy access to review your books and be prepared for MTD, with all your transactions reconciled in one click.
To discuss how we can assist you in readiness for MTD using our GEOS service, and to manage your property portfolio more efficiently, please get in touch with your usual Gerald Edelman contact or alternatively speak to Deval Patel or Ajay Shah on 020 8492 5600.