Continuing the thread about being more green and providing your tenants with options that are not only eco-friendly, but more convenient, let’s talk a minute about going paperless.
Odds are pretty good if you haven’t gone paperless yet, you’re here because you’re considering it, and you’re looking for the best option. You may not know that there are a multitude of reasons that you should go paperless above and beyond the first of the month snowstorm of rent checks. (Or, well, chasing those checks.) If you’ve already begun using check scanning, or the new MICR laser check processing systems, then you know how convenient they are- both for you and your tenants. You can, however, take things even further and streamline everything much better.
Going paperless is the way to go for reasons of accuracy, accounting, and efficiency. Reduced handling time means less room for error, and having everything logged helps when it comes to tax time and other times when you may need that data all in one place.
If you’re looking to make the switch, you’ll find that a couple of things happen. First, you may think about moving your application to an online form. That’s smart, because it’s much more convenient and requires less paper. But also, if you do have an application fee- you’ll want that to be done at the same time. So, this means, using the ACH to accept debit and credit. Once you’ve done that, making it easy for your tenants to pay their rent online is the next logical step.
Apart from convenience, this is also a fantastic way to help add security for both you and your tenants. Because checks have to pass through many hands before they are cashed- that leaves quite a bit of room for error, theft, and loss. Along that same line of thinking, not having to be running to the bank as often saves time- and time is definitely money.
Electronic payment and accounting is evolving at such a rapid pace, it may be hard to know the way to go- but, for those who are using spreadsheets: you’re leaving room for user error, problems with learning all the ins and outs, and downtime in order to train your staff. There are a number of reasons why even the spreadsheet method of accounting is not advisable.
Taking your office and your property management fully paperless requires very little effort, but leads to greater convenience, accuracy, and ease of use. Additionally, it offers options for your residents that make paying the rent on time, every time, much easier.