{"id":1309,"date":"2020-07-01T17:59:16","date_gmt":"2020-07-01T12:29:16","guid":{"rendered":"https:\/\/blog.isocietymanager.com\/?p=1309"},"modified":"2023-07-05T12:23:44","modified_gmt":"2023-07-05T06:53:44","slug":"versatile-and-robust-billing-system-for-societies-and-office-complexes","status":"publish","type":"post","link":"https:\/\/factech.ai\/blog\/versatile-and-robust-billing-system-for-societies-and-office-complexes\/","title":{"rendered":"Versatile and robust billing system for Societies and Office complexes"},"content":{"rendered":"<h1>Versatile and Robust Billing System<\/h1>\n<p><span style=\"font-size: 17px;\">In the current scenario, the customized billing systems are becoming more relevant and valuable than ever. <strong>Residential societies, office spaces, and malls have to manage a huge number of transactions with multiple bill plans for hundreds of occupants.<\/strong> So it becomes crucial to bring in an online system which first of all eradicates the slow and burdensome traditional methods of billing like paper or excel sheets.<\/span><\/p>\n<p><span style=\"font-size: 17px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1319 size-large\" src=\"https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/Untitled-1024x576.jpg\" alt=\"Versatile and robust billing system\" width=\"512\" height=\"288\" srcset=\"https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/Untitled-1024x576.jpg 1024w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/Untitled-300x169.jpg 300w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/Untitled-768x432.jpg 768w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/Untitled-1536x864.jpg 1536w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/Untitled.jpg 1920w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/span><\/p>\n<p><span style=\"font-size: 17px;\"><strong>Following are the kinds of bills needed to be generated<\/strong>:<\/span><\/p>\n<ol>\n<li><span style=\"font-size: 17px;\"><strong>Utility:<\/strong> Electricity, Gas, Water, etc.<\/span><\/li>\n<li><span style=\"font-size: 17px;\"><strong>Maintenance charges:<\/strong> fixed or calculated on area, charged monthly\/quarterly\/yearly<\/span><\/li>\n<li><span style=\"font-size: 17px;\"><strong>Misc charges:<\/strong> Delayed payment charge configurations and auto interest calculation, Cheque bounce charges, etc.<\/span><\/li>\n<li><span style=\"font-size: 17px;\"><strong>Adhoc:<\/strong> Wrong parking and other penalties<\/span><\/li>\n<\/ol>\n<p><span style=\"font-size: 17px;\">Well, this is just the beginning. Since the monetary transactions and accounts are at stake, so it is of utmost importance that the system should be foolproof. Otherwise, chaos may erupt if a resident is wrongly charged or there are discrepancies due to wrong configurations or flaws in the system. Unlike other facility modules like<strong> Visitor management, <a href=\"https:\/\/factech.ai\/blog\/housekeeping-for-building-maintenance\/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=housekeeping-for-building-maintenance\">Housekeeping<\/a>, Maintenance, etc.<\/strong> The <a href=\"https:\/\/factech.ai\/ibill\">billing system<\/a> is more critical as it involves multiple stakeholders and financial involvement which have direct and strong repercussions in case anything goes wrong.<\/span><\/p>\n<p><span style=\"font-size: 17px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-1320\" src=\"https:\/\/blog.isocietymanager.com\/wp-content\/uploads\/2020\/07\/SaaS_Needs_2-1024x512.png\" alt=\"\" width=\"640\" height=\"320\" srcset=\"https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/SaaS_Needs_2-1024x512.png 1024w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/SaaS_Needs_2-300x150.png 300w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/SaaS_Needs_2-768x384.png 768w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/SaaS_Needs_2-1536x768.png 1536w, https:\/\/factech.ai\/blog\/wp-content\/uploads\/2020\/07\/SaaS_Needs_2-2048x1024.png 2048w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/span><\/p>\n<p><span style=\"font-size: 17px;\"><strong>Following are the essential functions of a good billing system<\/strong>:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 17px;\"><strong>Scale:<\/strong> It should be able to handle a huge number of occupants with ease without requiring more human resources in the accounts and collection.<\/span><\/li>\n<li><span style=\"font-size: 17px;\"><strong>Accuracy<\/strong>: As discussed before accuracy is the key. the system should be flexible and configurable to incorporate multiple tariff plans applicable to a certain unit without any discrepancy.<\/span><\/li>\n<li><span style=\"font-size: 17px;\"><strong>Intelligence:<\/strong> The system should make the job of management easy and efficient by providing intelligent insights like aging reports, defaulter status, and smart interest calculations on delayed payments. Also, the system should charge the interest automatically in the billing cycle according to the rule applied. Alerts must come to the management in case of some serious issues like huge pendency or repeated defaulters, etc.<\/span><\/li>\n<li><span style=\"font-size: 17px;\"><strong>Integration:<\/strong> In order to support the streamlined flow of information, the billing module must be easy to integrate with external modules like SAP, Tally, or other financial ERP&#8217;S.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 17px;\">Further, the role-based approval matrix is a must to ensure the internal security of the system. With an easy user interface, the management should be able to define rules into the system authenticating the right roles to have control over approving certain things and simultaneously other role access must be controlled on what they can do or edit.<\/span><\/p>\n<p><span style=\"font-size: 17px;\"><strong>E.g<\/strong> only the accounts head or facility head may have the power to clear cheque parking or debit\/credit note after reconciliation, not the accounts executive.<\/span><\/p>\n<p><span style=\"font-size: 17px;\">Think of a system that takes data from various sources like electric meters, DG&#8217;s, provide the preview of the bills after processing and sends bills to all the units on a single click after getting approval.\u00a0 Not only this, provide an online platform to let users pay online, track collections, issues receipts. All on its own, without any human intervention.<\/span><\/p>\n<p><span style=\"font-size: 17px;\">How easy the life would it make!<\/span><\/p>\n<h4><span style=\"font-size: 17px;\"><em><strong><a href=\"https:\/\/factech.ai\/contact?req=contact&amp;source=factech-blogs\" target=\"_blank\" rel=\"noopener\">Contact us<\/a> for a free demo of how our expertise can help you achieve your business goals to the best.<\/strong><\/em><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Versatile and Robust Billing System In the current scenario, the customized billing systems are becoming more relevant and valuable than ever. Residential societies, office spaces, and malls have to manage a huge number of transactions with multiple bill plans for hundreds of occupants. So it becomes crucial to bring in an online system which first<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,108],"tags":[305,301,304,306,296,302,300,303],"post_folder":[],"class_list":["post-1309","post","type-post","status-publish","format-standard","hentry","category-facility-management-software","category-property-management","tag-best-accounting-system-for-societies","tag-best-billing-software","tag-best-erp-for-societies","tag-dlf-billing-system","tag-dlf-society-mangement-software","tag-society-billing-software","tag-society-invoicing","tag-tally-erp-for-societies"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Versatile and Robust Billing System for Societies and Office<\/title>\n<meta name=\"description\" content=\"A 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