Accounting with Monk Tech Labs

What do we bring to the table in terms of accounting capability?

All of our products, namely TheHouseMonk, TheOfficeMonk, and TheMallMonk have accounting modules that cater to any user plus integrations with different Accounting software. 

We currently have integrations with some of the leading accounting software like,

• Xero 
• ZohoBooks
• Quickbooks

 

Why do we have accounting integrations in spite of having our own accounting module?

To answer this question, we need to understand clearly the difference between Property Accounting and Corporate Accounting. Let’s delve into the differences between below: 

Aspect	Property Accounting	Corporate Accounting
Definition	Property accounting is the branch of accounting that tracks revenues and expenses, monitors financial health, and aims to achieve profitability for one property or a portfolio of properties that are being managed. This includes property-level revenue (eg. Rent, Chargeable facilities), expenses (e.g.. maintenance and upkeep of the property)	Corporate accounting is the branch of accounting that handles all financial transactions and activities related to an organization as a whole and not just related to its property portfolio. This would include income from other sources (e.g. Interest Income), Organization level expenditures (e.g. payroll), and management of company-level Balance Sheet (including overall P&L, Assets, Liabilities, Shareholder reserves, etc.)
Financial Reporting	Provides property-specific data	Provides overall company data
Specifics	Our accounting module provides insights into –  Quotations  Invoicing  Bills and expenses Sending reminders Scheduling payments to vendors Creating a chart of accounts Helping with Bulk creating invoices (eg. rent) Analytics and Reporting	The feature for each  accounting integration may vary but broadly Zohobooks, Quickbooks, and Xero provide insights into –  Tax Accounting  Cash Flow analysis Payroll accounting  Purchase order management Budgeting and forecasting Bank Reconciliation Multi-Currency Accounting Fixed Asset Management Automated Workflow for Approvals

While the accounting product of Monk Tech Labs is robust for Property Accounting, we don’t help with Corporate Accounting. Hence, we have integrated with market-leading corporate accounting products like QuickBooks, Xero, and Zoho Books, so our customers can get the best of both worlds. 

How does the integration work? 

There are 3 core points one needs to understand about the nature of our integration with our accounting partners – 

1. API-based integration: Our integrations work on an API + real-time basis, and there are no flat files or interchanges involved
2. Data Stored in 1 Place: Once an accounting integration is set up, all accounting data is stored ONLY ON THE ACCOUNTING PARTNER DATABASE. We do not store it in our system to ensure a single data source and record of truth. Whenever users perform any actions on our system, we simply ‘push’ the information or ‘pull’ the information onto/from our accounting partner.
3. Consistent Entity Creation in Both Systems: The creation of a new property, unit, tenant, or owner in our system, will prompt the corresponding detail to show on the Accounting integration platform as well. 

Let’s look at an example of how the above points are applied in a real-world scenario:

CASE: Creating a bill for our Product – TheHouseMonk with an integration with ZohoBooks

Step 1 – Navigate to “Core” and select “Accounts” 

Step 2 – Select the “Bills and Expenses” tab and click on “Bill” from the dropdown option

Step 3 – Fill in the necessary fields and submit

IMPACT:

Bill is created successfully on Godview

The same bill is reflected immediately on ZohoBooks

One can create invoices and tenants by following similar steps.

The API interaction is smooth, seamless, and quick irrespective of the accounting integration used. 

How can someone set up an accounting integration from the MTL website?

Follow the steps below to set up an accounting integration:

1. Go to https://dashboard.monktechlabs.com/authenticate/#!/login

2. Enter Login Details and submit 

3. Click on the drop-down arrow next to “User Name”

4. Select Integrations and navigate to the Accounting tab 

5. Select the Software of your choice and follow the instructions to go about the integration. 

In conclusion, our accounting module and the accounting integrations we have to offer have ushered in a new era of efficiency and accuracy depending on what someone is looking for – Property accounting or Corporate accounting. 

Accounting with Monk Tech Labs has empowered a number of real estate professionals to make informed decisions with real-time data at their fingertips. You could make the effort to be one such professional by clicking here.