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Modern software essential for today's managing agent.

More than ever in today's high-tech world, a managing agent must have sophisticated, state-of-the-art accounting software to serve its clients, or it may lose out to the competition. Today's business environment is based on information, and the company that can provide accurate status reports in a timely fashion will achieve the greatest success.

That's why American Landmark Management Corporation has invested hundreds of thousands of dollars over the last decade in what we believe to be the finest, most complete system available for property-management accounting. This Property Management Accounting System (PMAS) software package is modular and fully integrated, with all components interacting with each other. These unique features enable us to provide our clients with an up-to-date, customized financial package tailored to their individual needs.

For example, if a client's building is in the process of turning co-op, American Landmark can produce two, separate financial statements each month: one for owners, and one for rental units. We can also supply separate statements for a building that has both residential and commercial units, and requires them for tax purposes.

Because our system is updated every single day, we can generate a completely current financial statement at any time of the month. For our clients, there is no such thing as a "closing-out period." If a board has a sudden, immediate need for a statement (e.g., its monthly meeting has been pushed forward because of the holidays), we can accommodate them speedily.

The PMAS system also enables American Landmark to handle most special requests. For example, if a board is undertaking a major renovation of its building and finds it is, say, $4,000 short of funds, we can program the computer to instantly tabulate the assessment. Using specific beginning and ending dates, our software quickly figures out the necessary charge, and that charge can be sent out with the current month's rent bills.

In addition, the system allows us to automatically compute, for an indefinite period of time, any recurring increases a client might require. This eliminates the need for an agent to remember and manually enter inereases, and reduces the possibility of errors. Also, we can program special messages concerning a particular client to flicker on the screen when the file is displayed (such as "don't accept checks"), to alert the property managers.

American Landmark also has introduced micro-encoded checks, which enable us to run off a computerized check on demand. This ensures an immediate, up-to-date record of monies in the account. We also offer bar-coded rent bills, an innovation that facilitates entering information on accounts received. The managing agent simply scans the bar code, and the current information is automatically entered into the computer.

No discussion of our system would be complete without mentioning the wonderful group of people in our accounting and computer department. Anita Campion, who has been with American Landmark for 13 years, supervises a group of seven dedicated workers who make everything run so smoothly.

American Landmark Corporation manages approximately 5,400 residential units in 53 buildings throughout Manhattan. We are the only New York member of the PMAS Users Group, a national support group for system users.
COPYRIGHT 1993 Hagedorn Publication
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Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Residential Properties; advice on accounting software for real estate managers
Author:Brecher, Oskar
Publication:Real Estate Weekly
Article Type:Column
Date:Nov 17, 1993
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