An accounting system is one of the essential components for any business entity, but it is often standalone and detached from the business operation, and the property management industry is not an exception. Even payments, the closest operation to an accounting system like monthly rentals, maintenance, sinking fund, late payment interest, etc., have no integration between billings and payment processes, resulting in manual eye-balling reconciliations and frequent errors.
“No man is an island; the same applies to a property management accounting system. Imagine how much time saved if one can auto-knockoff invoices when integrating with a tenant management system or do auto-reconciliation when integrating with a bank system. It would be a real time-saver when payment receipts can be generated instantly and immediately sent to the tenants. And tenants would welcome a self-service platform for them to check on their account statuses or pay deposits for any tie-up with events, ” explained Barry Chai, the CTO of TimeTec Group, who is also the system architect of TimeTec i-Account, the Property Management Accounting System.
Barry Chai, Chief Technology Officer, TimeTec Group
“For example, a system can automatically bar a facility booking process if the tenant fails to pay his maintenance fees for three months.”
“Connectivity is the essence of the digital transformation era. We have developed the essential cloud components for the property management system for the past ten years, and all the relevant components are interconnected to form the TimeTec Digital Building Ecosystem. TimeTec i-Account is one of the essential modules that we integrated with i-Neighbour super App for residential properties and TimeTec Building super App for commercial properties. ”
“A standalone accounting system is usually aimed at solving common accounting problems, but when an accounting system establishes a connection with some related activities, it unleashes endless possibilities to benefit the business, especially when money flow ties up with data flow and activity flow seamlessly,” explained Barry.
To achieve better automation, TimeTec Group partners with iPay88, eGHL for payment gateways, Boost and GrabPay for eWallet payments, and integrates its system with UOB to provide auto-reconciliation capability.
Stay tuned with TimeTec for the next digital building ecosystem announcement every Wednesday! Click here for Series 2 of 6: https://www.malaysiakini.com/announcement/570657
Malay version: https://www.malaysiakini.com/announcement/570659
Chinese version: https://www.malaysiakini.com/bulletin/570660
TimeTec Group was established in 2000. Over 20 years, the Group had developed three homegrown globally recognized IT brands, FingerTec, TimeTec and iNeighbour, for workforce management, security, smart office, smart residential and smart township solutions by unleashing the power of biometrics, cloud & edge computing, IoT and AI technologies. All these solutions connect and change the landscape of work life and home life in a larger ecosystem. Through a vast network, TimeTec Group distributes its biometric hardware products and 16 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites at www.timeteccloud.com, www.fingertec.com, www.timetecbuilding.com, www.i-neighbour.com
Various renowned clients have subscribed to TimeTec various solutions, including IOI Properties, Putrajaya Holdings, Ibraco, Binastra, Thriven, Hock Seng Lee, QSR Brands, Central Sugars Refinery CSR, Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract various international customers from all over the world, including Hong Kong, Dubai, Australia, Qatar, South Africa etc.