Goodlord is hoping to win more business from letting agents with the launch of a new accounting tool.

The Lettings Accounts product will allow agents to collect and reconcile rent, automatically generate invoices, make payments to landlords and contractors, send remittances, create statements, and set up individual e-money accounts per property – tying together the whole payments process.

This is the company’s first major move into the accounting space, adding to its rent collection service.

Research into over 1,300 of Goodlord’s customers found that payments was the second biggest administration burden for lettings professionals, second only to tenancy progression in terms of time spent on admin.

Agents are charged a fixed price per transaction for use of the Lettings Accounts and Rental Collection products.

Alessandro Venerandi, head of payments at Goodlord, said: “Working with our customers has been absolutely key to developing a lettings account product that meets their needs, from being able to delegate tasks and removing the risk of manual error right through to fixed pricing that will ensure that soaring rents won’t have a material impact on their bottom lines.

“Going forward, customer feedback will continue to be a crucial part of the continued investment and development in this product.”