Should MA or MC out-source the MCST accounts just like any other services ?

Managing agent (MA) as the word described, manages the contractors that provide the product and services to the condominium or commercial buildings, may it be security, landscaping, electrical team, you name it.

Accounting functions, incidentally falls on the managing agent where they have to keep it in-house and manage a team of accounts staff, when half the time, most managing agents are not expert in this area at all.

It comes no surprise that if all other product and services can be contracted out, why not accounting services? With a cloud-based accounting solution, your accounts staff need not be housed in the same office. With internet connections and cloud storage, receiving electronic pdf invoices  or create a whatsApp group, you can connect with your accounting team, just as fast as he/she sits besides you.

Putting a technology layer to your business will make you one step ahead of your competitors, giving your SP and vendors a different users’ experience.

How about considering out-sourcing your accounting team now? First, you can control your costs ( no year end bonus, expected salary increment, cpf etc) and you also can have access to the information 24/7.

With our shared platform, your SP and vendors can retrieve their information (DIY)  that is related to them only, in a secured environment, without the need to be too dependent on your accounting team for statement of accounts or payment to suppliers etc.

Contact us if you want to explore out-sourcing your accounting to our team of accountants.

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore

Email   : choohp@realtimme.net

Updated as at 19/08/2020

Let your contract vendors submit their claims and go paperless.

How many vendors are submitting their monthly claims to your accounts payables and how long you are spending your time to record each invoice repeatedly of the same amount but only the invoice number and date of invoice is the change?

We had created a web portal whereby the appointed contract vendor will do a one-time registration with us. We will create an user id and password for each vendor.

When they want to submit their claims, they will login with their id and password. Once authenticated, they will enter the invoice number, date of invoice and amount, followed by attaching a pdf invoice.

At your Accounts Payable module, your job is to eyeball the information and click [Approve]. The system will record the expenses on the accrual basis and at the same time, a payment entry will be generated in the payment module based on the due date set in the vendor’s profile.

Benefits
1. You save time on doing the data entry , just need to approve the fixed monthly charges into your Accounts Payable

2. You don’t have to monitor the payment. When it is due (see date of  payment voucher), print out the payment voucher for approval and prepare the cheques for council to sign.

3. Vendors can view the status of the payment online without the need to chase your accounts department for payment.

FAQ: Can the council member approve the payment via handphone?
Ans : This is in the pipeline, we assumed that any one member to approve and the other to sign the cheque, in this way, there is no need to wait for each other to complete the payment cycle.

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore

Email   : choohp@realtimme.net

Who owns your accounting data? Your MA or YOU?

To all management committee (MC) ,

Many a times, when  a new Managing Agent (MA) is appointed, the accounts will be managed and input by the accounts department of the MA.

If for any reasons the MA is to be replaced, the handover of accounts will be carried out and the new MA will have to record all SP info and balances and all vendors info and balances and the general ledgers etc into the new accounting system.

This goes on and asumming over a 5 year span, can easily changed 3 MA. You will be ended up the record of each SP is scattered in 3 different reports and each former MA holds a different part of your MCST history.

Handing over of the books and records (ledgers, aging listing, bank recon) is always a pain from MA to MA.

How about another scenerio like this…

You subscribed to Realtimme Cloud Accounting MCST software. The data is residing in our cloud(data centre). We manage and backup the transactions everyday. You manage  the user id and password.
Once you decided to change your MA, after all the accounts handover, you can retain the id but change the password. Example id remains as acc@mcst1234.com but change the password.

Your new MA accounts department can continue from where the previous MA accounts stops and there is no more the need to re-enter the SP info and GL balances b/f etc.

This is like you change the driver of the car, without the need to move the belongings to the new car.

FAQ: What happened if we decided not to use Realtimme MCST?
Answer : You have 2 options, namely 1. We charge SGD100 a year for storage space, for your accounts to continue to access or print reports only,
or
2. Print out all ledgers into pdf , export all SP and GL into excel and hand it over to the new MA

In conclusion, we are in the opinion that the data should be in control by the MC.

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore

Email   : choohp@realtimme.net