This press release was originally published by Kathy Shi on 13 MAY 2020.
When holding money for property owners and tenants it is critical to ensure the right funds go into the right accounts. As part of this process, agents need to update their accounting records within two business days of receipt or payment. Using Basiq, Resly is able to securely access live banking data from over thirty financial institutions. This means Resly can automatically update their property management system with data from customer’s trust accounts.
According to co-founder and CTO Rico Chen, having access to customer’s bank accounts is an important part of simplifying the account reconciliation process: “Without the ability to automatically sync software with live banking data, customers would need to take extra steps to download and upload statements outside of their accounting package. By using Basiq, we were able to get up and running quickly so that we could focus on creating a powerful auto-match function based on the most up-to-date data.”
Resly’s auto-match function allows users to reconcile accounts in one click and a matter of seconds, a vast improvement on manual approaches that can take upwards of five hours. Automating this process not only saves valuable time and resources but also reduces the propensity for human error.
Unlike competitors, Resly is also 100% cloud-based. Multiple users can access and update information anywhere and any time, eliminating the need to print out reports and alternate work between hard copy and digital documents.
Resly further simplifies property management by allowing customers to directly manage reservations from over 100 different booking websites, within the same platform. Resly co-founder Sam Steel states: “When designing Resly it was important to differentiate ourselves from the typical desktop software. As new players, our advantage is that we aren’t held back by inefficient legacy systems. Instead, we’ve purpose-built Resly to provide a new and better way to manage property finances and bookings.”
Currently, many of Resly’s customers have been heavily affected by COVID and its impact on tourism. In an effort to help customers, Resly is supporting local, Queensland properties by providing their software free of charge for two months. Additionally, to assist companies interested in using this time to adopt a more efficient system, Resly is waiving any set-up or migration fees.
For customers who are not familiar with connecting their bank accounts or having their financial information stored online, Resly is hosted by Google, giving customers access to secure cloud storage. By partnering with Basiq, they also ensure that customers can connect their bank accounts easily and with bank-grade security.
If you’d like to learn more about Resly book a demo with us here.
Source: Revolutionising property management with live banking data
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