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Does anyone know of a reasonably priced financial software package suitable for self managed strata funds?
Alternatively, are there any strata accountants/managers who would just look after this side of business. leaving day to day running to the OC? We're in the eastern suburbs of Sydney.
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A the risk of being obvious, you could try StrataManageIT who sponsor us and whose link is on this page. They'll let you trial the software vefoire you commit.
Any others out there that anyone can recommend?
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
I use an internet-based financial system called Xero (www.xero.com). It's very very good, particularly as it accepts feeds directly from your Scheme's Bank Accounts, so reconciliation is a breeze, and it's invoicing (for Levy Contributions) and reporting capabilities are absolutely first class once you have set everything up.
The only problem is that Xero's fees are based on the numbers of accounts receivable transactions that you have (Levy Notices in your case), so depending upon how many Lots there are in your Plan and how that number sits within Xero's charging bands, their fees may be attractive or otherwise.
We pay $49/month for a 27 Lot Plan.
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After experience with a small dishonest Strata Manager have stayed with major firms – currently BCS.
Had obtained quotes based on a specification of duties and responsibilities that are finance and Strata administration only. Management of building and residents are specifically excluded as being the role of the Executive Committee in which the Strata Manger does not participate.
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