Every residential complex requires an accounting tool to effortlessly manage the uphill task of community accounting.
CommonFloor Groups includes a Money Management module designed specially for a residential complex for easy management of income, expenses and dues in and offers considerable information on property taxes imposed by the government.
Tally Accounting Software, on the other hand, is best used as a corporate accounting software designed mainly for taking care of generation of financial statements, accounting vouchers (to record account related transactions) and taxation.
Read on to understand a comparison between both these tools to get a better idea of the aspects of community money management each tool takes care of.
CommonFloor Groups vs Tally
Specifications | Groups | Tally |
|---|---|---|
| Initial Set-Up | Free | Paid |
| Yearly Renewal | Free | Paid |
| Need Experienced Accountant | No | Yes |
| Free SMS & Email Alerts | Yes | No |
| User Friendly with Preset Accounting Heads | Yes | No |
| Automatic & Manual Options for Invoicing by Managing Committee | Yes | No |
| View Dues & Make Payment using Payment Gateway | Yes | No |
| Easy Reconciliation of Payment Gateway | Yes | No |
| Resident Transaction detail posting for Easy Reconciliation | Yes | No |
| Automatic Late Payment Penalty | Yes | No |
| Complete Drop-down box mentioning Accounting Heads & category | Yes | No |
| Automatic Contra Debit & Contra Credit of Cash & Bank Accounts | Yes | No |
| Options of Combinations for Creating Maintenance Invoice for Variable Calculations | Yes | No |
| Easy Access by Managing Committee (24X7) | Yes | No |
| Moderated Access | Yes | No |
| Excel Upload of Maintenance Invoice | Yes | Yes |
| Automatic Interest Calculation and Total Pending Dues | Yes | Yes |
| Creation of Invoice by the Associations themselves | Yes | Yes |
| Ledger Accounts for Individual Flats | Yes | Yes |
| Ledger Accounts for Vendors | Yes | Yes |
| Ledger Accounts for Bank & Cash & Petty Cash | Yes | Yes |
| Invoice, Payment Receipts, Payment Vouchers Excel Import | Yes | Yes |
| Customization of Accounting Heads | Yes | Yes |
| Journal Entry | Yes | Yes |
| Export and Importing of Accounts in Excel Format | Yes | Yes |
| Reports Income & Expense, Trial Balance & Balance Sheet | Yes | Yes |
| Multi-Currency | No | Yes |
| Multiple Companies’ Accounts in a Single system | No | Yes |
Conclusion: CommonFloor Groups’ accounting system and Tally Accounting Software are both money management tools that have proven significantly helpful in community accounting matters.
But what gives CommonFloor Groups’ accounting system an edge are factors such as combination options when generating invoice, SMS/Email reminder, controlled access of community accounts and due viewing option/payment using payment gateway. And what makes it any residential complex’s obvious choice is the fact that its set-up and renewal doesn’t cost a penny!
