5 Benefits of Integrated Property Management & Accounting Systems

Finance teams don’t want to move away from their specialised accounting package to a property management system that claims to be an all-in-one solution. This is because that accounting platform is also used to run the whole business, from handling payroll to producing financial statements.

Ultimately, the finance team needs the property management data to sync with their accounting system so they have a single source of truth for their company.

An integrated ecosystem allows you to select the best property management
platform and the best accounting software, instead of being forced to make things work with unfamiliar solutions.

Visibility into business performance
Grow and scale
Save time & money
Keep your accounting system & choose the best software
Increase collaboration across departments
One final thought

Visibility into business performance

An integrated ecosystem provides complete visibility into your business. Input data once, and it’s immediately available across each system and accessible remotely.

Integration saves time and money by eliminating the need to access and manage siloed information in different systems. The entire property management work cycle, including critical dates, tenant data, and financial accounts, is instantly synced, up-to-date, and always visible. This builds your audit trail and ensures compliance with applicable laws and regulations.

By eliminating the need to enter data in both systems – or copy data from one to the other manually – you reduce the likelihood of human error. With one integrated system, you and your team will quickly get a holistic view of all critical business information.

Grow and scale

In today’s competitive environment, you and your team must be able to respond quickly. The tools in your tech stack need to integrate seamlessly with one another to keep critical information up to date.

An integrated property management ecosystem lays the foundation for uncovering critical insights about your business and developing more innovative ways to operate. With the right information at their fingertips, your team will make faster and better-informed decisions based on the current state of the business.

Save time & money

By maintaining your essential data in a single source of truth, you can be confident that the information is up to date and accurate – whether you’re working in your accounting system or your property management system. You no longer need to check both systems for synced information and thus eliminate time wasted when your teams manage information in separate systems.

The potential gains are even more significant if you’re moving from manual processes, such as managing spreadsheets. When you transition tedious, time-consuming tasks to digital platforms, you gain time to focus on high-value, revenue-driving activities like evaluating and purchasing properties.

Set up accounting software to pay all invoices with a single click of a button.
Fully automate payments for recurring invoices.
Automatically revise tenant invoices to reflect rate increases agreed to in leases.
Enable automatic reconciliation and transaction matching to support functions on the accounting side.

One final thought: Not all integrations are created equal

Two-way integration

Keeps information in both locations in sync with each other by ensuring the newest information in either location is updated to the other.

This is particularly useful if you have different people working on the same information in different systems and want to make sure they are both working from the most accurate data – your property team and your accounts team is a perfect example.

A two-way sync means both teams can work seamlessly in their own areas using the same data, saving time and improving efficiency. It also creates a system of record for your business, ensuring data accuracy and integrity is maintained at all times. Have one source of truth.

Data flows between Xero and Re-Leased

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Data flows between Quickbooks and Re-Leased

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One-way integrations

Copies information from a primary location to a secondary location, like a mirror.

However, nothing is transferred back, so changes made in the secondary location are not transferred.

If you simply want to back up your information, a one-way integration is fine, but for a strong and effective property management and accounting practice, a two-way integration is key.