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 of all eradicates the slow and burdensome traditional methods of billing like paper or excel sheets.
Following are the kinds of bills needed to be generated:
- Utility: Electricity, Gas, Water, etc.
- Maintenance charges: fixed or calculated on area, charged monthly/quarterly/yearly
- Misc charges: Delayed payment charge configurations and auto interest calculation, Cheque bounce charges, etc.
- Adhoc: Wrong parking and other penalties
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 Visitor management, Housekeeping, Maintenance, etc. the billing system is more critical as it involves multiple stakeholders and financial involvement which have direct and strong repercussions in case anything goes wrong.
Following are the essential functions of a good billing system:
- Scale: It should be able to handle a huge number of occupants with ease without requiring more human resources in the accounts and collection.
- Accuracy: 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.
- Intelligence: 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.
- Integration: 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’S.
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.
E.g 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.
Think of a system that takes data from various sources like electric meters, DG’s, provide the preview of the bills after processing and sends bills to all the units on a single click after getting approval. Not only this, provide an online platform to let users pay online, track collections, issues receipts. All on its own, without any human intervention.
How easy the life would it make!