Balance your books more efficiently with Sage accounting software for landlords.
As a landlord you have certain responsibilities and duties, many of these relate to your tenants who pay for your services. Your main focus might be the properties and those who occupy them but it is equally important that your financials are monitored too.
Without careful management it can have major consequences for a business. The majority of new businesses fail within the first 18 months. It doesn’t get any easier for those who do make it through the initial period, monitoring the cash flow must be constant, spending more money than you earn is the beginning of the end.
What is Cash Flow
Cash flow is the amount of money coming in and going out of your account. For landlords it can be easy to monitor, your money coming in is generally predictable as your tenants pay their rent monthly. Your outgoings can include bills and wages which are often monthly instalments too so it should be simple to monitor but it can easily go wrong.
Debt becoming Bad Debt
Do you have enough money in your account to cover costs if one of your tenants doesn’t pay their rent on time? What about if a few rents are paid late? What if this goes on for a few months and the tenant has no way of paying you back, this debt becomes bad debt. Our additional credit control module is available to minimise the likelihood of bad debt accumulating using automated rules to chase late payers should an invoice be unpaid after a deadline.
The Benefits of Sage
Sage is the number one accountancy solution in the UK. The Gateshead-based business has been developing financial software since the 80’s, their forward-thinking mentality and progression with technology have helped it become the market leader, not only just in the UK but their solutions are available globally for businesses of different shapes and sizes.
Decorus and Sage
When it comes to property management Decorus has everything a landlord needs. Its functions are included to monitor tenancies throughout their duration, maintain the properties efficiently whilst its integration with Sage which will simplify the financial aspects of your business.
The true 2-way seamless link with Sage sees financial data entered in the property management software feeds to Sage. Your financial data in a format recognised by over 90% of accountants without any extra workload, saving on time, money and potential damages to productivity (nobody enjoys data entry…).
This doesn’t just help preparing for the year end but it also helps manage the profitability of your portfolio as profit and loss reports can be generated using real-time data. Other benefits include forecasting future expenditure and budgets, creating invoices and statements with ease. Decorus also links with other applications including SagePay, Paperless and GoCardless to simplify payment collections.
How does Decorus for Sage work for your portfolio?
Book an online demonstration of Sage accounting software for landlords based on your requirements.