Accounting for Real Estate and Property Management – Are you in the Cloud?

Why should your real estate or property management business use a cloud-based accounting solution? Good question, but here’s a better one – why shouldn’t you?

Technology is transforming the way we buy, sell, and manage property. And due to things like the ongoing pandemic and the evolving real-estate economy, players in this industry are reconsidering what it takes to be successful. By all accountants, the agents and managers that will thrive are those that learn to use technology to their advantage. That comes as no secret, which is why many are reevaluating the technology they have compared to the technology they need – and making updates or additions as necessary.

Which circles back to our original question. As real estate and property management companies take a critical look at their current accounting software (or lack thereof), many will decide it’s time for something different. They could choose to implement an on-premises solution…but why would they with all the cloud has to offer? Far from being equal options, the cloud has many advantages over on-premises equivalents, especially for the purposes of accounting and the particulars of real estate:

  • VisibilityNo longer does data get stuck inside a specific folder, computer, or office. When all data lives inside the same cloud-based accounting platform, you gain visibility into anything and everything, all from one location. Nothing escapes notice.
  • Accessibility  With anywhere, anytime accessibility to cloud data and applications, real estate professionals have access to everything they need even when working remotely or from the field. Location never has to compromise access to information or informed decision making either. And in a work-from-home world, the cloud ensures accounting doesn’t skip a beat.
  • SpeedIn hot real estate markets where there’s no time to wait, the cloud accelerates (and improves) decision making by serving up data and insights on-demand. And since data in the cloud updates in real-time without needing someone to handle it manually, the facts at hand are always current and complete.
  • Security – Real estate businesses are full of sensitive data and increasingly under attack from cyber threats of all sorts. The cloud improves cybersecurity by putting data and apps inside cloud environments that the provider (not the user) takes responsibility for securing.
  • ScalabilityThe cloud lets users scale their capabilities up or down to perfectly match their needs. It can scale quickly, effortlessly, and at a predictable cost (unlike on-premises) so that accounting never suffers from insufficient tech capabilities.
  • AutomationSince tech developers are focusing on cloud-based solutions, these solutions contain some of the best automation available. Accountants can take advantage of this automation to save time, prevent errors, and accomplish more by setting routine accounting obligations to run independently.

The case for the cloud is strong. It becomes even stronger with the right tech partners onboard – someone that can help a business new to cloud accounting take full advantage of what it offers. Pick a partner with deep experience in the real estate industry on top of extensive cloud expertise. Pick Dean Dorton.

Philip Massey,
Software Services Director • 919.796.5408