Late payment has a great impact, be it any business or cooperative society. Late payment of maintenance bills can hugely impact the plans and programs of society. Though it is to be admitted that often housing societies allow late payment up to even 6 or more months, however, it is to be understood that the same has been allowed under some special circumstances and in no way should be taken for granted. To ensure timely payment and encourage people to pay the bills on time, housing society management can take a few steps.
HOW TO MANAGE LATE PAYMENTS IN HOUSING SOCIETIES
Communicate thoroughly: Make sure that you have communicated the due date of the bills well to all the residents. Many housing society software allows you to fix a due date after a certain number of days to ensure that the residents receive the correct date automatically with the raised bill.
Remind to pay on time: Housing society management software can be automated to send timely reminders for the payment of the bills to each and every resident. While this reminds the residents to pay the bill and not miss the date, it doesn’t require the society manager to take up the tedious task of messaging or calling each and every member manually.
Timely invoice generation: While paying the bill on time is important, it is also important to raise the invoice on time. Make sure that you raise the invoices on the fixed date of the month. This can be done easily by automating the invoice generation in your housing society management system. All you need to do is just click a button and the system will send the generated invoice to the respective unitholders.
Be transparent on expense and income: The housing society is not a business entity. The bill is raised for the amenities that a resident is enjoying and is of shared responsibility. It is important to make the resident feel responsible. Make sure that you, as a society manager, should treat the residents as the shared responsibility holder and not a mere customers. Be transparent with the income and expenses of the society and let them realize what problem the late payment can cause.
Offer easy payment methods: In today’s time it is important to offer more than one payment often and one of them should definitely include digital payment such that the residents can pay easily at any time of their convenience. A good housing society management solution allows society managers to accept digital payments while each payment gets tracked units much to the convenience of both parties.
If you are looking for a good housing society management software that can help out with the billing and accounting of your society and more, onesociety offers an excellent housing society management solution to manage and maintain your society while especially taking care of the society accounting. Ask for a free demo today!