Importance of ERP Accounting Feature Concerning RWA/HOA Board

ERP Accounting for HOA/RWA

Accounting, auditing, and record-keeping are important in every aspect, not just in business. In a neighbourhood, in a society, or apartment, every penny should be recorded and accounted for transparently. It paves way for a holistic and equal level field providing opportunities to everyone for growth. So record maintenance is very important to increase the standard and morale of the entire community. Without proper accounting, transparency can get severely affected.

OlaGate’s Accounting ERP feature helps in building a transparent yet deep bond between the board and the residents. From avoiding fraudulent activities to taking care of day-to-day accounting activities, the ERP Accounting feature is advanced and effective. Taking care of apartments, societies, communities and their accounts management requirements will be fulfilled effortlessly with this solid accounting attribute that OlaGate brought out.

The Accounting ERP feature has its importance and specialties concerning both the residents and the board. With the plethora of effectiveness it offers, a different account of Accounting ERP for both board view and residents view is very important. Below is the Accounting ERP feature in the board’s view.

ERP Feature – Board’s View

What Does ERP Accounting Offer?

The beauty of this feature is that it not only helps in preparing better financial statements and reporting, but also empowers businesses and the community to avoid the possible fraudulent activities that have a chance to occur if not avoided. So OlaGate not only helps in bringing the best but also tries to eliminate the worst possible situations in general.

Bill & Invoice Generation and Reporting

Bill and invoice generation is the common advantage that OlaGate offers through its accounting feature. If the board is looking to present the people and residents with timely bills and invoices then this is the best feature to complete the work. Invoice automatically generates and it also helps in reporting the same to the necessary stakeholders and key parties to the transactions and business.

Reporting of Society Payments

With the Accounting ERP feature, OlaGate helps in complete and detailed reporting of society payments to the parties involved in any business and transaction. During its tenure, the board, either of an apartment or a society, will be involved with many individuals and groups as part of its daily working and managerial activities. The payments that society indulges in during its day-to-day activities are effectively maintained and reported with this ERP Accounting feature of OlaGate.

Society Ledger

This sub-feature of the OlaGate helps in better invigilation and management of the society’s ledger with key accounting details. The Society Ledger helps in better management and real-time view of the ledger that the society has. Every update is timely and duly accounted for in the ledger and it can be seen in real-time with the society ledger option.

Petty Cash Ledger

A cash ledger is important for understanding and having a detailed account of cash transactions and activities. The availability of cash surplus or deficit, cash and cash equivalents of the society or apartment’s board can be clearly understood with the petty cash ledger feature. Petty Cash Ledger is a better cash management tool that the board can use to increase its cash maintenance and management and to increase its optimal utilization of cash resources and proper accounting of the same.

A petty cash ledger also helps in avoiding the frauds or scams that tarnish the image of the board. This will safeguard the entire positive morale of the society. This is important for a good neighbourhood to flourish and grow consistently. 

Balance Sheet

This provides for the detailed reporting of the assets and liabilities that the board holds under the apartment or society. Financial reporting is only proper when the assets and liabilities are presented and reported to the stakeholders in detail. The balance sheet here helps in clear real-time reporting of the assets and liabilities of the board as part of the financial reporting framework it follows.

Settlement Queue

This is one of the revolutionary options of the OlaGate. For a better neighbourhood, transparency and proper bonding between the people and the board is necessary. Settlement Queue offers the option for solving the incomplete issues and differential payments that people and the board have with each other. As the name suggests it is the place where proper settlements are carried on without the risk of fallout or disturbances.

Using Technology For Solving Accounting Issues

OlaGate is using the technology to completely revamp and reengineer how accounts are managed and reported in the neighbourhood. ERP Accounting is carefully crafted to make sure that boards properly manage and carry out their operations. Also, to make sure that proper reporting and notifications are completely done so that the board has an empowering bond with the residents of the community.

ERP Accounting feature of the OlaGate creates a conducive accounting system and managerial environment that nurtures growth, transparency and a healthy ecosystem. For complete cash management, detailed reporting and real-time updates, the ERP Accounting feature of OlaGate is the best solution. Authentic accounting and financial reporting practices create lasting confidence in all the stakeholders and the individuals involved with the board.

OlaGate Features Pave Way For a Good Neighbourhood and Society

For every occasion and requirement, OlaGate has a feature offering better support and solutions. Management, accounts, and cash maintenance & preparing cash ledgers are never easy tasks. A lot of time and effort goes into them and yet they might still go wrong due to the level of intricacy involved. OlaGate’s ERP Accounting minimizes the efforts and excruciating details that they demand.

The Board of a society or an apartment has a lot to do in general. They already have to manage many things and continue the day-to-day managerial activities. OlaGate eases the work that the board has to painfully deal with by itself. All this saved time and energy can be utilised elsewhere concentrating on the growth and development prospects. OlaGate reduces the managerial efforts that are generally needed for the maintenance of accounts.

Thus boards get a helping hand in better maintenance of their day-to-day operations in the form of OlaGate. The neighbourhood is a collective endeavor of everyone living and sharing the neighbourhood and its resources. When boards and groups maintaining such communities come forward, it’s always a good feeling to work with them. 

Choose OlaGate For A Better Transparent and Authentic Neighbourhood

The power of OlaGate lies in its exuberant efforts of making the entire neighbourhood more transparent, open, and authentic in its management. Management through OlaGate helps in building confidence, trust, and alignment with the residents living in the society. As the trust forms between the board and the residents, the management and whole livelihood become wholesome and effortlessly fluidic in moving.

The more transparency is, the lower the chances of scams and other fraudulent activities. OlaGate helps in eradicating frauds and other possible discrepancies as it encourages an open community where everyone is clearly answerable for their deeds and accountability properly exists.

Better livelihood is possible where better accountability, better transparency, and evolving opportunities are available. OlaGate empowers a neighbourhood to evolve further with all the right features it carefully crafted and presented for the users.

OlaGate is best for boards that are looking to grow in the right way with the support of their residents.

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