Financial security for communities amidst pandemic

This pandemic has finally driven home the point about how significant the management committee’s role is. San Banerjee, co-founder and CEO of ADDA tells how the shift to work from home and more involvement in the administrative functions of the community, gave the committee members the much needed time to reflect on the community economic model.

With the rising acceptance of digitisation, the pandemic saw a great leap in the acceptance of society management apps.

What are the Major Needs of a Community? 

The major needs of a Community in order of priority are as follows:

1. Finance and Asset Management
2. Internal Communication
3. Security Management

4.Building Management

5. Emergency Management
6. Facility Management

An all-rounded comprehensive society management solution takes care of each of these requirements.

How Do Society Management Apps Aid Financial Security?

Good society management apps come with a strong, professional ERP module. Housing Societies are getting bigger day by day. They are non-profit organizations, recognised by the Societies Registration Act, 1860.

For the welfare of the Community, these housing societies handle crores worth of transactions per year. The taxation structure, the audit of Housing Society finances is different from Corporate finances. This makes it a necessity for Apartment Complexes to have a dedicated ERP system – a system that has the finesse of a Corporate ERP but takes into account the unique requirements of housing society finances.

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