We have partnered with a software provider Hammock and quite a few of our landlords and property Investors have started to use this platform as it has helped them to manage their property portfolios more effectively.
We wanted to share four key benefits of using Hammock with you as we think it’s a very powerful platform and has made a real difference to our clients. Hammock was set up to offer landlords real-time access to their property finances, on an easy-to-use, intuitive platform. The founder and many of the team at Hammock are landlords so they understand the challenges within this sector.
- Banking integration
Hammock allows you to keep all your property finances in one place. You can connect your bank accounts and track all payments in real-time. It’s very quick to set up and most importantly it is a secure connection directly with the Hammock platform.
One of the key benefits of connecting your bank accounts is that Hammock will automatically reconcile your payments. This allows you to receive instant notifications telling you which tenant has paid for each property. It saves you time and helps you to manage cash flow better.
- Bookkeeping tool
There is an automated reconciliation of all your payments. This includes all rental payments and any other transactions. These are automatically reconciled for each property and each tenant.
Income and expense categories have also been set up for the property sector. They are in line with the requirement for property tax.
- Managing Property Tax
The automated reconciliation process allows users to prepare tax statements more quickly. This helps you to meet tax deadlines without the usual stress associated with tax returns. Many landlords managing their finances manually don’t know how much tax they owe until the end of the financial year. With Hammock, you can create tax forecasts and keep tabs on your expected tax bill.
- Insights functionality
Hammock has a detailed insights tool that allows you to monitor different aspects of your finances throughout the year. You can create profit and loss statements for each property as well as get information about your Loan-to-Value Ratio (LTV). This helps you to assess the performance of your portfolio in real-time.
There are many more advantages of using software like Hammock. If you would like to discuss how this would work for you, please do contact us by calling 01623 490 120 or email