A housing cooperative, co-op, or housing company is a legal entity, usually a cooperative or a corporation. It owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. The flats are houses in a building. Several such buildings together form a co-operative society. A co-operative housing society is formed according to the bye-laws of co-operative housing societies. The tenants residing in the flats form a committee, which oversees the management of the utilities and the other amenities provided in the society. Such housing societies are formally registered with the registrar of co-operatives.
Need for special software for Invoicing
Each co-operative society so formed, needs efficient management. Hence to do this, it appoints a secretary from amongst the members of the committee. The committee also appoints an independent accountant to look after the bookkeeping needs of the affairs of the society. The secretary collects periodic rents and service charges for various facilities provided in the society, from the tenants. All this money needs managing. Therefore an independent accountant manages this money and works for optimizing its utilization. The accountant uses accounting programs to do his work. He also takes care of professional invoicing done to take care of the accounts of the society.
Benefits of Professional Invoicing for Co-operative Housing Societies
A professional chartered accountant audits the accounts books of co-operative societies. This is an annual exercise. These audit results are submitted to the registrar of societies to check whether the funds accumulated from the tenants are being utilized correctly. However, nowadays an accounting app enables independent accountants to feed in the required data to arrive at the balance sheet of the society. Many vendors have brought out such apps. However, our application scores over our competitors n that it has many features, which are customizable as per the requirements of co-operative societies. Our Software creates a typical balance sheet of a co-operative society within minutes.
Apart from bringing a semblance of uniformity, the accounting app has also brought transparency in the accounting of co-operative societies. Such uniformity and transparency did not exist before the use of the software became prevalent. There were a lot of anomalies in society accounts in the pre-software days. Thus, the use of professional invoicing software has brought many benefits to co-operative societies.
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