Maintaining and managing a co-operative housing society is a job of responsibility and integrity. What makes it more noble is that its a volunteering job where some of the residents come together, take up the responsibility of managing such that entire society live in peace and harmony, and the job is even not paid. Society maintenance job include several aspects, however managing money forms the most crucial part of it.
Money management in a co-operative housing society include raising maintenance bill for every month, collecting the amount duly, entry the details in books of accounts, manage and track expenditure and even more. Up until last decade, the task of co-operative society billing was tedious and not headache-free. But thanks to the emergence of co-operative society billing software, the task of managing society billing, tracking payment collections, disbursing receipts and managing clean book of accounts became streamlined, automated and hassle-free.
HOW IS MAINTENANCE CHARGES CALCULATED IN A HOUSING SOCIETY
A cooperative society bill is the maintenance bill raised by the management committee against each unit in the society which are payable by the residents/owners. The components for which the residents pay the bills are – general maintenance of the society, maintenance of the amenities, parking charges, service charges, sinking fund, property tax, insurance fee and other fitting charges as decided by the cooperative housing society management.
Generally co-operative housing society bill is calculated on one of the following three basis:
Square-feet basis: In this format, the maintenance charge is calculated based on the square feet of area an unit has. More the area, higher the charges. This is generally adopted by the societies where there are large variation of area existed among the units.
Equal pay basis: This format, as the name suggests, charges equal amount of fee from every unit within the society. It should be noted that the commercial unit can still be charged higher in this format.
Hybrid: This is a combination of both the formats, where some components like building management, sinking fund, etc. are charges based on sq. feet basis. And other charges like common area maintenance charges, insurance fee, property tax are charges on equal pay basis. As this format is more transparent and fair, this is now being adopted ny most of the large housing societies.
ONESOCIETY AS A COOPERATIVE SOCIETY BILLING SOFTWARE
onesociety, powered by www.cubeoneapp.com, is one of the most popular and efficient cooperative society billing software available in India. The software auto-generates society bill against each unit in just a single click and even send it to the owner. The software automates the whole billing scenario by tracking the payment collection, sending reminders if un-paid and updating the books of accounts once paid.
However, though here we only discussed about the billing part, onesociety is a full fledged housing society management solution that streamlines the society management tasks and make it hassle-free and more transparent. You can now claim a free demo of onesociety by clicking here.
Also, read our article on: “Why is it Important to Pay Maintenance Bill On Time?“