Product Updates Smart Residential Living

Money Manager-One Platform to manage all your Community Income & Expenditure

Aug 20,2014 / By Nimesh / 1 Comment

A community treasurer is the person solely in charge of money flow within a
community and keeping an account of it. As expected, one of his major
responsibilities is the timely collection and tracking of maintenance due amounts from all residents (residing and non-residing). Common troubles associated with this are:

1) Identifying NEFT transactions from numerous flats

2) Making sure everyone has paid on time

3) Sending emails back and forth to confirm payment

4) Tracking payment failure

5) Generating receipts for people who have paid

All this can be solved by opting for a community management tool (like
CommonFloor Groups) that has an integrated payment gateway that not only
lets you make payments online but also reconciles all payment details of bank
transactions to the community platform within a very short time.

Now, let’s discuss how CommonFloor Groups can help you deal with all this in the
simplest, least time consuming and most effective manner.

The section of CommonFloor Groups that takes care of community money flow
and accounting is the Money Manager. Basic highlights of this module are:-

Managing society bank accounts and petty cash easily
Keeping a tab on the income and expense of community
Generating accounting reports
Maintaining transparency in the handling of community
finances

And of course, our first-in class integrated payment gateway was
designed so you can-

Pay pending maintenance dues online through Payment Gateway.
Get bank transaction tracked and automatically reconciled on the
portal.
Generate E-Receipts instantly for residents who made the payment.
Have dues cleared off automatically once e- receipt is generated,
avoiding manual effort.
Collect vendor payments from residents through Payment Gateway.
Pay amount needed to book a facility though Payment Gateway.
Collect Move In/Move Out charges.
Collect ticket amounts from residents participating in festivals being celebrated in your community.

Apart from the basic features of our comprehensive Money Manager, if
you’re curious about how the Payment Gateway integration happens,
here’s how-

When you make a payment, the amount is first credited to a nodal account and then to the association account. The moment a user makes a payment, the payment made
immediately reflects on our CF Portal and an e-receipt is subsequently generated
and sent.

We would also like you to know our people are working hard to frequently integrate
feature updates to Money Manager to remain # 1 in the field and to ensure you have
the very best experience in community accounting and money management.

We’d love to answer any question that you might have on managing community
finances. Shoot us a mail at support@commonfloor.com

CommonFloor Groups’ iOS Compatible App now Out!

Jul 18,2014 / By Nimesh / No Comment

CommonFloor Groups is now on iOS!

We’re excited to announce the release of the iOS version of CommonFloor Groups’ mobile app, the Android version of which got launched last month. With this, now you can access your residential community from absolutely anywhere on your mobile devices!

This society management app has much to offer to committee members and residents in terms of its connectivity, portability and ease-of-use. It serves as an online platform to:

• start a Discussion with your neighbours

• raise a Complaint on an issue

• send a Notice to announce something

• help you find out who your Neighbours are

• communicate with neighbours via direct Messages

• get latest Newsfeed updates on community happenings

• check your pending due amount under ‘My House’

• update your profile Settings such as personal details or password

• let management committee members Moderate content that goes live on your community page on CommonFloor Groups

We’re eager to know your take on this new app. So make sure you download it, use it and review it!

Download Now! bit.ly/1r5nPnT

Product Updates

Increase your Maintenance Due Collection with our ‘All New Invoice’

Jul 10,2014 / By Team Commonfloor Groups / No Comment

Raising invoices and collection of maintenance dues is one of the biggest pain point of all the apartment managing committee members and this is where CommonFloor Groups can help the most. Based on feedback from a lot of our users, we have completely revamped our Invoice feature in the Money Manager module. It’s super easy for Admins/ Treasurers to raise maintenance dues/ other invoices and for residents, to pay those on time.

What should you look for:

Complete Makeover: Raising an invoice is now a breeze – you will now have to key in minimum data while raising an invoice, making the process significantly simpler and faster.
Multiple Items within an Invoice: You no longer need to raise separate invoices for different particulars. All you need to do is, create a single Invoice detailing each type of charge in a separate line, making the break-up of the Invoice amount completely transparent to all residents.
Consolidated Settings View: All the configuration options/ settings such as Penalty, Service Tax, Round-off settings have been moved to ‘Setup’ as these needn’t be updated every time an invoice is raised. You can configure these once, and it will be applicable for all the invoices going forward
Save items for future: Save an entered line item along with its settings and calculations for future use.
Round-off Invoice Amounts: Round-up tiny decimal values, so that the final amount is easy-to-remember/ pay for residents!
Mobile-friendly Emails: All notification emails from Money manager module are now modified so that it can be viewed clearly on mobile devices/ tablets.

What’s coming up:

Quite a lot of residents make advance payments on their maintenance dues, and the Admin currently need to update the payments on each Invoice separately – we are working to make this automatic and reduce a lot of manual effort for Admins. Keep watching this space for more!

We’d like to hear your thoughts on how you personally think these enhancements will help your society. Please share them with us along with your feedback on the same (if any) in the comment section below.

CommonFloor Groups Android App-A Step towards Awesomeness

Jul 3,2014 / By Nimesh / No Comment

Let’s start with a fun way to look at the features of CommonFloor Groups’ new mobile app.

Let’s sum up what we figure from the picture above. Our app’s most prominent features include:

1) Newsfeed

2) Discussion

3) Complaints

4) Notices

5) Neighbours

6) Messages

7) My House

8) Settings

9) Moderate

Here, we simply try to give you a basic idea of the app. To experience its complete awesomeness in easing intra-society communication and management, download Now! Click Here

Now, let’s take a look at how our users have responded (with app activities) over the last 2 weeks.

Good News! We are bringing out our iOS version very soon!

What do you think of this post? If you have interesting ideas for fun posts you’d like to read on this blog, please feel free to type them down in the comment section here.

Product Updates

Manage your Apartment Finances, even more efficiently!

May 29,2014 / By Team Commonfloor Groups / 2 Comments

In our constant endeavor to help you manage your apartment complexes more effectively, we have added a set of feature enhancements to our Money Management module. Some of the key changes introduced are:-

1) Seamless Integration with Asset Management: – With this integration done, any asset transaction (Purchase/ Sold) will now reflect in the accounting reports.

2) Simplified Journal entries: – Recording a Journal entry in the Money Manager module is now simpler and standardized.

3) Audit-ready Accounting Reports: – We have worked with accounting experts to ensure that our reports adhere to the accounting standards and have adopted the widely accepted ‘Accrual’ basis of accounting.

4) Additional Ledgers In Trial Balance: – Separate ledgers have now been provided for the following:-

Penalty on Maintenance Dues (will be shown under ‘Penalty’)
Service Tax raised (will be shown as ‘Service Tax Payable’)
Each bank account (will be shown as a separate ledger)
Settling of invoices (will now reflect as ‘Discount on Settlement’)

Above changes should help you in:

1) Getting relevant Asset entries in Trial Balance and other accounting reports.

2) Generating accurate and reliable accounting reports that are also audit-ready.

3) Easily recording journal entries and updates on the portal

4) Bringing more clarity to treasurers regarding trial balance entries.

Got an idea or suggestion?

Tell us what you think of these refinements in the comment section below or drop us an email with your suggestions at support@commonfloor.com and we’ll be all ears!

Category : Product Updates

Money Manager-One Platform to manage all your Community Income & Expenditure

CommonFloor Groups’ iOS Compatible App now Out!

Increase your Maintenance Due Collection with our ‘All New Invoice’

CommonFloor Groups Android App-A Step towards Awesomeness

Manage your Apartment Finances, even more efficiently!