Accurate, real-time accounting is paramount for real estate developers and property managers. Unfortunately, proper bookkeeping can be both tedious and time-consuming. What if there were a way to keep accurate records while increasing productivity simultaneously? There is — real estate development software!
Unlike other accounting software, such as QuickBooks, which caters to a more general audience, Budgetrac is designed to meet the specific needs of real estate developers and project managers juggling multiple projects at the same time.
Here’s a look at just some of the ways real estate development accounting software can increase accuracy and productivity in your organization.
Multi-Entity Accounting
One of the greatest advantages of Budgetrac software is that it allows real estate developers to manage financials for multiple entities in one convenient location. This benefit is critical for developers who manage separate LLCs for each project. You also have the ability to connect an unlimited number of bank accounts, so your company can easily manage all of its projects in one easy-to-use platform. This is a benefit that you just can’t find in many other accounting software solutions.
Single-Entry Process
Manual entry of financial transactions is one of the most time-consuming aspects of the real estate accounting process. Many software programs require users to enter the same data multiple times to update all financial areas. This multi-step process is not the case with Budgetrac. Our software simplifies the process by using single-entry solutions. As soon as you record a financial transaction, the system automatically updates everything from invoices to project costs to loan draw paperwork.
Real-Time Data
As a real estate developer, you already know the importance of always having real-time financial data readily available. With Budgetrac software, that’s exactly what you’ll have. As soon as financial entries are made, the system automatically updates all relevant areas, including project and real-time costs. You have all the financial data you need right at your fingertips so you can make sound business decisions based on facts, not assumptions or estimates.
Reduction of Human Error
While human error is inevitable, it can be extremely costly when it comes to real estate development accounting. First, it’s not uncommon for companies to spend hours searching their financial records for one mistake that caused a ripple effect on the financial statements. Secondly, frequent accounting errors can alter project costs, damage the company’s reputation, and potentially cause problems with lenders. Using single-entry software like Budgetrac can help reduce human errors and increase the accuracy of your financial records.
Fast Loan Draw Paperwork Completion
Preparing load draw paperwork can be frustrating, to say the least. Managing spreadsheets and backup spreadsheets, not to mention gathering all the other financial information needed, can be timely. Our commercial real estate accounting software eliminates these headaches. Since Budgetrac was designed specifically for real estate developers, you can obtain the loan draw paperwork you need with just a few simple clicks of the mouse.
Comprehensive Dashboard View
Another great benefit of Budgetrac real estate development accounting software is our intuitive dashboard view that gives you instant access to KPIs (key performance indicators) and shortcut buttons that immediately redirect you. This comprehensive dashboard view gives you a quick overview of projects so you can ensure everything is on track. Additionally, the shortcut buttons allow you to instantly access some of the most commonly used sections of the software.
Track Insurance Certifications
To protect your company as well as lenders and other key players, it’s critical that all parties involved have up-to-date insurance. While all real estate developers understand this importance, tracking these insurance certifications is another story. Fortunately, when using Budgetrac, you won’t need another spreadsheet to track these insurance certifications because our system does it for you. That’s right; you’ll receive an instant notification any time a contractor’s insurance certification is nearing or past the end date. This notification allows your team to gather the information they need with no interruptions to the construction process.
End-to-End Solution
Unlike some other real estate development accounting software, Budgetrac provides an end-to-end solution that can manage financial tracking from project inception to project completion. It handles every aspect of real estate accounting, including pre-development, land development, vertical construction, loan draws, funding, and property management. This factor means that all your financial information, despite how many LLCs and projects you have, will be readily available.
Now you see how Budgetrac can help your organization increase productivity by simplifying and automating the accounting process. Contact Anton Systems today to learn more about our comprehensive real estate development software and get a personalized demonstration today! Click here to learn more!