BenchMark is a property management accounting software application designed specifically for managing agents. It is an all in one business management tool which utilises seamless integrated accounting functionality.
A comprehensive, reliable, flexible and efficient property management application designed with our customers, for our customers, to furnish property managers with vital information for the smooth management of their client portfolios.
Intuitive
BenchMark software is designed to have a fresh, clean appearance with a familiar look and feel to Microsoft Outlook and Windows Explorer. It has been designed to be intuitive and easy to use with many labour saving benefits. For example, previously produced tenant invoices can be re-printed at the touch of a button. BenchMark also includes a client, property, unit and tenancy data import facility which allows users to get started with their core portfolio data quickly and easily.
ControlFor a managing agent, the control of clients’ funds and reconciliation with bank accounts is fundamentally important. Whenever a user logs into the system the ‘Funds and Bank Balances’ data is displayed in the results pane, showing a summary of the client and service charge funds. The bank balances should always balance and the internal auditing features of the software pick up any imbalances and report them immediately, drill down facilities allow further analysis of any inconsistencies at the touch of a button.
Secondly, each fund is also linked to a specific bank account. Receipts and payments can be paid from and to central clearing accounts and the system will automatically create bank transfer transactions, along with instructions to the bank. Therefore all receipts and payments are always paid into or out of the correct account.
AnalysisBenchMark enables support for multiple funds per client and property. Each client may have more than one rent fund and each rent fund can have multiple types of tenancy charges raised against it. Each property may have multiple service charge funds, each with multiple types of tenancy charges. This structure enables all feasible fund types that any user may require to be incorporated into BenchMark.
Keeping the Client InformedAn Informed Client is a Happy Client.
The BenchMark tools enable the managing agent to keep clients informed. Every aspect of their client’s portfolio can be assessed, scrutinised and analysed at the touch of a button. A tailored reporting routine can be established for each client and statements and report packs can be printed or e-mailed at pre-defined times or on demand. The information provided normally includes client rent fund and service charge statements, but can optionally include transaction reports, VAT reports and progress reports for rent reviews, lease expiries and tenancy breaks. Balance Sheets, Profit and Loss and Aged Debtor reports are also available if required depending on the depth of information required.
Telephone enquires from clients can be answered swiftly and efficiently due to the ease of access to the client’s data in BenchMark.
Keeping the Tenant Informed
Tenant Invoices are simple, clear and comprehensive. The key to collecting rent, service charges and any other charges from tenants is timely, easily understood and accurate invoicing. BenchMark achieves this effortlessly. BenchMark is designed to make charging of regular and ad hoc items simple and efficient. Ad hoc charges, such as Insurance, can be imported from a spreadsheet, therefore bulk invoicing is a very efficient procedure.
Answering tenant queries is also easy and straightforward. BenchMark allows the user to search on any part of a name and will produce either a list of suitable matches or the specific record. This makes answering questions relating to the tenancies and any financial queries, including the re-printing of invoices, simple and trouble free.
The managing agent always remains in control of the tenants’ accounts with BenchMark and this means the faster collection and reviewing of rents, in turn resulting in satisfied clients.
Managing Service Charges
BenchMark includes all the facilities a managing agent needs for the efficient running of service charges. Each service charge period is treated separately, allowing the managing agent the flexibility of processing one period before finalising the previous period.
Expenditure incurred during the service charge period can be posted either through the Purchase Ledger or directly through the Cash Book. Supplier cheques and remittance advices can be produced, or in the case of suppliers that prefer to be paid by BACS, the remittance advices will be produced and payments made via the BenchMark BACS process.
At the end of a service charge period detailed reports are available showing the calculation of each tenant’s share of the expenditure and adjusted if necessary by their period of occupation. A detailed analysis of any un-recovered landlord costs can also be produced at any time, to ensure that clients always know the current position.
Report Data
All BenchMark reports can be printed or saved and e-mailed if appropriate.
All reports can be saved as either a Microsoft Word Document, in Rich Text, as a Microsoft Excel Spreadsheet or an Adobe PDF document. Throughout BenchMark data can be exported to Microsoft Excel for analysis.
Document Management
Document folders can be created automatically for clients, properties, units and tenancies (in a designated parent directory) allowing instant access to associated documents such as leases, correspondence, maps, photographs and plans whilst in BenchMark.
Hexagon BenchMark has been designed specifically to manage funds and bank accounts in line with the requirements of RICS and The Commonhold and Leasehold Reform Act 2002.
Whenever you log into the system the ‘Funds and Bank Balances’ form is displayed, showing a summary of the client and service charge funds, and the bank balances – these will always balance; drill-down facilities allow further analysis to individual fund and bank account balances. An example is shown below:
Each fund (client rent fund and property service charge fund) is linked to a particular bank account; receipts and payments can be paid into or out of a central clearing account but the system will automatically create bank transfer transactions (and instructions to the bank) so that the receipt or payment is always paid into or out of the correct account. The Bank Reconciliation program is easy to use to encourage regular reconciliations.
Overview
BenchMark gives the managing agent the tools to keep clients informed on all aspects of the management.
Each client is given a ‘reporting frequency’, for example monthly or three monthly (amongst others) and allocated a ‘next statement date’. At the appropriate time a ‘reporting pack’ is produced for the client; this will include a selection of reports depending on the client’s requirements:
- Client rent fund and service charge statements
- Transaction report (detailed breakdown of statements)
- VAT report (detailed and/or summary)
- Progress reports on rent reviews, tenancy breaks and renewals
- Balance sheet
- Profit and loss
- Aged debtors
Should a client require these reports at any other time interim reports can also be produced showing the up to date position.
The managing agent will also have all this information at his fingertips so that telephone enquiries can be answered instantly and efficiently. Each client rent fund and property service charge fund has three top-level enquiry forms, Summary, Balance Sheet and Profit and Loss. Each form allows drill-down to transaction detail.
Client Rent Fund Summary
The Summary is the cash flow statement for the fund since the last client statement, showing receipts, payments and fund bank balance. The layout and contents of the summary will depend on whether the fund is a client rent fund, or a property service charge fund. The Summary will show any un-cleared receipts and thus the funds available
Balance Sheet
The balance sheet for the fund, either client rent fund or property service charge fund, shows the current status of debtors and creditors. Using this enquiry form the managing agent can quickly ascertain the balance due from tenants, and can then drill-down to individual tenants and their outstanding transactions.
Profit and Loss (Service Charge Income and Expenditure)
The Profit and Loss enquiry form allows the managing agent to report the profitability of a client’s portfolio under management. The financial period end date can be changed to suit each individual client, and does not need to be the same as service charge period end dates for the client’s properties.
Note how the three enquiry forms complement and interact with each other; the Balance Sheet shows the Bank balance from the Summary and the Net Profit/(Loss) from the Profit and Loss.
In the case of a service charge fund the Income and Expenditure enquiry shows the Under/Over-Recovery position of the service charge fund.
Drilling-down on the Expenditure will initially show a summary of expenditure at schedule level, drilling-down again will analyse the schedule expenditure to expense level, and then down to individual transactions. The managing agent can therefore get the degree of analysis required to answer any question, instantly.
Naturally, reports showing this detail are also available to be posted or e-mailed to the client.
The key to collecting rent, service charges and any other charges from tenants is timely, easily understood and accurate invoicing, followed up where necessary by statements, and should all else fail by charging interest on late payment or arrears where the lease allows. BenchMark is designed to make the charging of both recurring and ad hoc items simple and efficient. Exception reports allow the managing agent to identify situations that need attention before they become problems, prelist reports show what will be charged, again to allow fine tuning by the managing agent if necessary. Finally tenant invoices are simple, clear and show everything the tenant needs to know – as well as a remittance advice to save the tenant effort when paying.
Ad hoc charges, such as insurance, can be imported from Excel spreadsheets making bulk invoicing a very efficient procedure.
Answering tenant queries is also easy and straightforward. Entering any part of a tenant’s name in the search criteria will either show a small selection of tenants fulfilling the search criteria, or more likely will identify the tenant you are looking for. From there it is possible to answer questions about the tenancy itself, or any financial query, including the instant re-print of any invoice or credit note the tenant might request. All receipts are cross-referenced to invoices and vice versa.
Tenant statements can be produced showing either just current outstanding items or all items between any two dates.
Charging interest on late payment or arrears is automatic, but allows the user discretion whether to charge interest or not once it has been calculated, or whether to defer the charge until a later date.
BenchMark provides single step procedures for entering rent reviews and tenancy renewals, both automatically calculating and charging any back rent, and in the case of late reviews any interest that might be due.
The managing agent always remains in control of tenants’ accounts; this means faster collection of rent and service charges and in turn to satisfied clients.
