In an era of evolving challenges and ever-increasing demands on housing associations, the importance of modernising working methods cannot be overstated. 2023 presented housing associations with a unique set of challenges, including government funding and rising inflation.
This has limited the investment available for maintenance costs such as vehicle fleet operations, labour, and materials. Future debt management is an equally popular topic, and the fear of relying on debt financing is becoming a limiting factor for developments looking ahead into 2024. To overcome these obstacles and strategically manage business finances, housing associations must embrace innovative finance and accounting solutions. Modernising financial processes is essential for the long-term sustainability of organisations. The team at Xledger are here to lend their expertise so housing associations can understand the benefits of using a compatible finance system alongside their housing management systems, enabling them to achieve a higher level of efficiency in their financial processes.
The evolving landscape for housing associations
In a rapidly developing world, the demand for affordable and quality housing has never been higher. Yet, housing associations face challenges such as financial uncertainty, regulatory compliance, rising operations costs, data security, and an ever-growing demand for transparency. Inefficient financial management can lead to poor financial reporting, this can skew results and lead to the inability to maximise value for money and save resources to better prepare for the future. A particular milestone in the industry – making tax digital (MTD) – is also closing up on business, and planned extensions, including requirements to encompass corporation tax (CT), remain forecast for implementation in April 2026. To prepare for the future, integrating cloud-based accounting software for housing associations is an inevitable step.
Integrate your housing management system with a cloud-based accounting software
Finance teams of housing associations need to adapt to ensure the most cost-effective and productive operational practices are followed. Freeing resources by excluding traditional methods and re-purposing these resources with business growth in mind provides a profitable impact for organisations. Now businesses realise they no longer have to compromise and use the finance system that automatically came with their HMS. They can choose to integrate a more powerful, automated, and insight-driven accounting system for housing that will improve their overall financial management processes.
This synergy between two critical components streamlines financial operations, ensuring long-term sustainability and adaptability. By harnessing the power of cloud technology, housing associations can achieve real-time financial transparency and efficiency, enabling them to make data-driven decisions precisely, and promptly. This integration also simplifies reporting and compliance, reducing the risk of errors and ensuring that housing associations stay in line with ever-evolving regulations.
The scalability and accessibility of cloud-based solutions facilitate remote work and collaboration, a necessity in today’s dynamic landscape. Enhancing the financial management process of housing associations empowers them with the agility they need to reduce the impact of the upcoming economic challenges.
What risks will housing face if they do not make the leap?
Accounting software offers an array of benefits that can aid and simplify housing association’s management tasks, and by delaying the adoption of modern finance software, the finance team will be reliant on outdated methods for longer. This will provide further hurdles where traditional methods will not comply with future requirements. In most cases, the resistance to change is the number one reason for hesitation when it comes to adopting a new accounting software. The unknown of how teams will respond and the time it takes to respond is always a grey area business owners prefer to avoid for as long as possible. Xledger’s friendly and expert team provide personalised guidance and training, consultation and seamless integration support. Long term, the current pain points of repetitive and time-consuming financial tasks which are carried out manually will cause more cost than good due to human error. By automating these tasks, projects can be managed with ease, and the margin for error will be significantly reduced leading to substantial cost savings over time.
Making informed decisions quickly has never been more crucial. Adaptation to changes in regulations and market conditions will be at the forefront of housing associations’ minds, and traditional methods will not provide the level of insight needed. With accurate, real-time financial reporting provided by cloud-based finance software, housing associations can make informed decisions quickly, with minimal interruption. This will increase efficiency within the entire organisation, by freeing up additional valuable time for support or a new project.
Accounting software for housing organisations with growth in mind
Xledger’s accounting software is designed for housing associations to not only manage their current operations effectively but also to position themselves for sustainable and prosperous future development. Utilising Xledger’s accounting software offers housing associations a powerful tool to streamline their operations, improve transparency, and enhance financial management. With its cloud-based accessibility, scalability, automation, and integration capabilities, Xledger is tailored to meet the unique needs of housing associations, helping them excel in their mission to provide affordable and quality housing to communities across the globe. It’s time for housing associations to embrace digitalisation, the future of financial management and propel themselves into a more sustainable and efficient tomorrow.
If you would like to speak to one of our experts on how Xledger can help your housing association then do not hesitate to contact Ovi Stici at firstname.lastname@example.org or +44 07486946029.