The annual tax return chore can become extremely tedious and prone to errors when done manually using a paper based system, potentially leading to mistakes.
This in-turn can lead to a tax inspector doing an investigation into your affairs – something you want to avoid at all costs – this would be a very time consuming and expensive process, even if ultimately everything is in the clear.
In addition to the annual tax calculations, landlords and property investors need to treat their investments as a business. They need to account for the capital values of their assets so that taxation matters are simplified on disposal and so that capital allowances are claimed when necessary. Back of the envelope methods make this a hit and miss affair.
The good news for property investors and landlords is that there are far better alternatives. Good Property Management Software is designed to organise all your property related transactions so that preparation of your tax matters becomes a piece of cake – well almost!
The Advantages of Good Property Management Software:
Good software helps you organise all the routine management matters and financial analysis as it:
- includes a robust and easy to use accounting process.
- produces maintenance schedules, gas check reminders etc.
- generates tenancy agreements and notices.
- gives lease renewal times and notice reminders etc.
- issues and tracks invoices, rent payments, late payments and issues final demands.
- manages property keys.
- manages projects and tasks
- supports foreign currency conversions.
- supports VAT records.
- reports on the profitability of your lettings and investments.
- gives you finance tools including mortgages and in-depth investment analysis
- imports transitions from MS Money, Quicken and your own bank (QIF format)
- exports data to Excel spread sheets.
- gives you reports for exporting to your accountant or straight into the tax-return.
- searches and matches tenants to properties.
- able to send SMS messages to tenants and contractors.
- some packages link to SAGE and other we known accounts systems.
Examples of Good, Reliable Management Software
Good Property Management Software has been around for a long time and there are many alternative ones on the market.
Here are some reliable packages that have constantly developed and have stood the test of time: see our Landlord Software Classified Directory©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law; always seek professional advice. Legislation changes, so check dates on these articles. If you have questions go to the LandlordZONE® Forums