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