Best Billing Practices in Commercial Real Estate

Billing / December 11, 2020 / Tavleen Kaur / 0

Best Billing Practices

Sometimes, utilities are the biggest controllable operating cost of a property, and the effect is not small. You will stop leaving money on the table by seeking the best solution for handling service expenses.

To help control prices, many real estate organizations prefer energy billing over absorbing flat utility charges. In addition to reducing actual consumption, this strategy will boost your bottom line by collecting more of the costs from tenants, particularly as you streamline internal processes for more accurate and effective billing.

But without being utility experts, property managers have plenty to do, so most search for a solution to support.

There are three basic options: Keep it in-house with spreadsheet calculations or by charging flat rates, find a point solution provider that specializes in stand-alone utility billing or leverage a system that’s built into your existing core property management and accounting platform.

Companies like FACTECH AUTOMATION SOLUTION offer enterprise billing system called iBill.

iBill – Intelligent Invoicing is the Simplest Billing & Invoice Manager for Malls, Corporate Parks, Commercial Real Estate. It has various highly useful features which make the billing process in commercial real estate a lot easier. The features are as follows:

Bill plans as per your need –

Maintenance
Electricity
Rental
Provisional billing

Tariff table –

You can define rates as per your requirement
You get Customizable slabs as per category level
Day Wise or Cycle Wise Billing
Availability of different Options like One Time, Recurring, Advance

GST, TDS, VAT –

You get a GSTR Report
You can define GST Rates, SAC Code, etc. at Charge Level
Get IRN Code embed in the Tax invoice automatically
You can receive TDS Reports in a single click

Outstanding and dues –

Accounts Receivable Aging
You get the facility of receiving Auto Due Reminders
You also get the facility of getting a detailed Defaulters’ List
You can attain collection status at any point of time

Integrated Billing –

Integration with your ERP
SAP integration
Tally ERP integration
Auto Posting to ERP both on demand and real time

iBill keeps you updated regarding GST & TAX, Different tariffs, Collections, Account receivables.

– With the facility of Enterprise billing you get :

Easy Navigation
A Well managed Dashboard
A Role-based Dashboard
Tabular Format Details

– With the help of all the above features, the practice of billing tenants in commercial real estates becomes much easier. The innovative features like these simplifies the entire process.

To know more about this service provided by Factech Automation Solution please visit- factech.co.in