Understanding Limits on Entities and Bank Accounts Across TenantCloud Plans
TenantCloud offers various plans—Starter, Pro, and Growth—each tailored to different user needs. A critical factor often explored is the limits on the number of entities and bank accounts supported by each plan. This article outlines these limits and explains how specific plans accommodate multi-entity management and payment processing.
Limits by Plan
Starter Plan
Bank Accounts: Only one bank account is supported. This limitation makes it unsuitable for users managing multiple owners or requiring separate bank accounts for different entities. - If you need to assign a bank account directly to an owner or manage multiple owner payments, upgrading to the Pro plan is necessary. On Pro, you can invite owners to connect their bank accounts for owner distributions and streamline tax reporting.
Pro Plan
Bank Accounts: The Pro plan supports up to 9 bank accounts.
Entities: Pro allows you to manage up to three entities, enabling efficient multi-entity operations under a single account.
Key Features: - Owners can add their own bank accounts and receive payments directly. - Bank account setups are aligned with tax reporting because payment processing and reporting are tied to specific entities rather than bank accounts.
Growth Plan
Bank Accounts: Growth supports up to 3 bank accounts.
Entities: Growth permits the management of just one entity.
To manage multiple entities or bank accounts, upgrading to Pro or higher plans is essential. These limitations reflect how TenantCloud offers scalable solutions for different property management requirements.
Scenarios and Solutions
Managing Two Entities Under One Account: You can receive payments for multiple entities under the Pro plan (supports three entities). If you are on the Growth plan, you will need to upgrade to add multiple entities.
Adding Owners with Individual Bank Accounts: Use the Pro plan to invite owners to manage their own accounts and enable seamless payout distribution. This not only simplifies financial management but also ensures accurate tax reporting linked to the respective entities.
Conclusion
TenantCloud’s plans offer varied features tailored to users' needs, and understanding the limits on bank accounts and entities is essential. The Pro plan stands out as the most versatile option for those managing multiple entities and complex payment distribution. Upgrades are straightforward and highly beneficial for expanding operational capacity while maintaining compliance and efficiency.