Tag Archives: tally

Smart Residential Living

Accounting : CommonFloor Groups vs Tally

CFG-vs-Tally_P1 (1)

CFG-vs-Tally_P1 (1)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 FreePaid
Yearly Renewal FreePaid
Need Experienced Accountant No Yes
Free SMS & Email AlertsYesNo
User Friendly with Preset Accounting HeadsYesNo
Automatic & Manual Options for Invoicing by Managing CommitteeYesNo
View Dues & Make Payment using Payment GatewayYesNo
Easy Reconciliation of Payment GatewayYesNo
Resident Transaction detail posting for Easy ReconciliationYesNo
Automatic Late Payment PenaltyYesNo
Complete Drop-down box mentioning Accounting Heads & categoryYesNo
Automatic Contra Debit & Contra Credit of Cash & Bank AccountsYesNo
Options of Combinations for Creating Maintenance Invoice for Variable CalculationsYesNo
Easy Access by Managing Committee (24X7)YesNo
Moderated AccessYesNo
Excel Upload of Maintenance InvoiceYesYes
Automatic Interest Calculation and Total Pending DuesYesYes
Creation of Invoice by the Associations themselvesYesYes
Ledger Accounts for Individual FlatsYesYes
Ledger Accounts for VendorsYesYes
Ledger Accounts for Bank & Cash & Petty CashYesYes
Invoice, Payment Receipts, Payment Vouchers Excel ImportYesYes
Customization of Accounting HeadsYesYes
Journal EntryYesYes
Export and Importing of Accounts in Excel FormatYesYes
Reports Income & Expense, Trial Balance & Balance SheetYesYes
Multi-CurrencyNoYes
Multiple Companies’ Accounts in a Single systemNoYes

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!

Read More
Smart Residential Living

10 Reasons Why You Need an Online Portal To Manage Your Residential Complex

10-Reasons

Moving into a great residential complex is often not the beginning of the great time we hope to have. Maintaining what is good is equally important, else an otherwise great living experience can go sour in no time. It is very essential that the residents are well connected with each other, and the day-to-day administration is seamless.

Read on to know why you need an online portal to manage your residential complex and make it a great place to live in!

1) The kick-start: When you move in, your neighbours have your back. A regular milkman, good handyman, reliable maid, you cannot find all these on your own easily. A portal where you can start discussions with neighbors comes in very handy when you move in.

2) Connecting with neighbours: We all have seen neighbours become an extended family over time. It is important you find like-minded people you can depend on. Share hobbies, make tea-time visits, borrow things, arrange baby-sitting, find friends for your children, community living always makes life better. An online portal helps to find them, you can’t be knocking on very door, can you?

3) Complaints redressal: When residential complexes have hundreds of units, everyone has some issue or other at any point of time. How is it possible for your managing committee to track them and resolve them in time? And for you to check the status of your complaint? An online portal helps to assign, track, and escalate complaints.

4) Maintenance dues: For residents, its difficult to remember when to pay dues and how much. For managing committee members, reminding residents, collecting dues, tracking defaulters, and settling excess or deficit is a pain beyond description. An online portal helps send SMS reminders. Payments can be made online and hence easily tracked, and settlements are very easy.

5) Credible Accounting: It is hard to find people with great accounting knowledge and plenty of time at hand, to manage accounting in a residential complex. In such a situation, a portal that is specifically designed so that any resident can manage your community accounts and also be able to handle financial audits, is a great asset.

6) Finding and Managing vendors: If you are a resident, it helps if you can find a plumber or electrician, that someone known to you has already hired. For the management committee, it becomes very important they have contacts, payments, receipts, and contracts in place so that operations run smooth. An online portal can do all this in a few clicks.

7) Events: Don’t we all love fun events and need meetings? You can organize birthday parties or community new year celebrations, send online invites and SMS reminders. Need a quick meeting of all residents to close an issue? Door-to-door is simply an outdated and intrusive method.

8) Using Amenities: The amenities like club house, tennis court in apartments are limited, and it becomes difficult to manage conflicts for use. An online portal helps you book amenities online as needed, and also helps your committee with maintaining them.

9) Polls: Whether to go for waste segregation or rain water harvesting, decisions like these need common consensus before they get implemented. Using online polling helps you arrive at a consensus peacefully.

10) Managing Staff Access: Not every staff member in a committee needs access to all confidential data of your residential complex. An online portal helps managing committee members to regulate staff access levels so that important information is safe, irrespective of staff joining or leaving the management.

Once you have all these 10 factors in place, residential living actually transforms to a well-managed community living. Do share with us what are the main challenges you face in your residential complex, and you could find a solution!

Read More