Article by Patrick Caulfield ACA
When it comes to managing your accounting practice, you want your clients to have access to the leading software packages that provide accurate data and detailed results. Whilst maintaining accounting records may not be your property clients’ favourite task, it is an integral part of keeping their business running and helping their portfolio grow. Co-ordinating the management side of a property portfolio with the accounting side can improve efficiency and give your client a much clearer picture of both their financial past and future. Arthur facilitates this by providing a seamless integration with both Xero and QuickBooks, so that property management and accounting can be combined into one integrated software solution.
What is property management software?
Property management software has been specifically created for property related task management. A large number of property managers are now moving away from spreadsheets and towards cloud-based software solutions to benefit from more automatization, alongside the time-saving benefits that these software packages also offer. Arthur is one such cloud-based software that has been designed to offer these benefits to its clientele. By streamlining and automating processes and bringing fundamental data to the fore, Arthur centralises every aspect of property management workflow, helping save time and improving business-wide efficiency. Arthur was built to seamlessly assist property management, from the initial viewing of a property through to monitoring rent and paying contractors. It gives property managers the flexibility to manage their portfolios irrespective of where they may be.
Why integrate Arthur with Xero/QuickBooks?
Whilst Arthur specialises in offering an end-to-end property management solution, there are certain areas, like accounting where there are specialised platforms designed specifically for this function. This is why Arthur integrates with Xero and QuickBooks, which offer software that provides full business accounting. The integration allows users to view all their tenant data and financial accounts in real-time and build their management processes around this.
As accountants and bookkeepers, the integration benefits you by reducing your workload. You will no longer need to enter invoices, create contacts or add tracking codes into your accounting software packages; Arthur will do this for you. Your clients will immediately see the benefits of the integration. They will be able to manage their properties and tenancies in Arthur, whilst being able to manage their finances and submit their VAT returns to HMRC via Xero and QuickBooks with no extra effort. With many accountancy firms looking to gain an advantage over the competition, integrating with proptech software can add value to your clients, and set yourself apart from rival firms.
How does the integration work?
Financial agreements with tenants can often be complex and time-consuming to monitor when considering the sheer quantity of them, like payments of rents, deposits, etc. The Arthur integration with Xero or QuickBooks enables your clients to manage these invoices and receipts at the push of a button. Whether it is a rent being charged to a tenant, a remittance needing to be paid or a bill received from a contractor, Arthur’s intuitive interface allows all of these to be inputted and synced over to your accounting software into the correct nominal account and assigned to the correct contact. Using Arthur not only reduces the amount of data entry needed but it also allows you to track your financial data in real-time so you can evaluate how well properties are being managed and track forecasted future growth trends.
The Arthur system works in tandem with the accounting platform by allowing invoices to be sent from Arthur to Xero or QuickBooks. The invoices are then reconciled on the bank feed and sync back into Arthur as a tenancy receipt. For letting agents, you can use Arthur to automatically generate your management fees and remit to your property owners. Simply put, all you need to do in Xero or QuickBooks is reconcile the payments! The integration provides users with access to a powerful combination of comprehensive accounting and property management functions. It is perfect for property professionals and accountants who are looking for a simple, effective way to save time, money and get a better track on portfolio financials.
What about MTD?
Another benefit of integrating Arthur with Xero or QuickBooks is that your clients will be MTD (Making Tax Digital) compliant. With Xero and QuickBooks both being MTD-compliant software packages and Arthur being an effective invoice generator, sending in your quarterly VAT returns is a breeze. With HMRC attempting to digitise as many processes as possible, using the correct property management software and accounting packages can reduce the amount of time spent on tedious administrative work such as adding invoices and bills; Arthur does this work for you.
How do I get setup and integrated with Arthur?
Setting up with a property management software and integrating with an accounting package should be observed as an investment in your business, which pays off within a short period of time. If you go onto the Arthur website, you can book a demonstration with one of the team who will show you around the system. Within a month, a property manager can be setup with a fully operational Arthur account and integrated into Xero or QuickBooks. As accountants, you may want to consider booking onto an accountants and bookkeepers accreditation course. This will allow you to learn the basics of Arthur and as an accredited adviser your services will be advertised to thousands of property managers who currently use Arthur.
How to find us at Professional Accountancy?
If you want more information about Arthur please come and find us at stand B82 at Professional Accountancy! Our team will be more than happy to give you a quick tour of the platform and show you how Arthur can help you and your clients.