By Katie Klug, Managing Director, Deposits and Treasury Management

Managing finances across multiple properties is no small feat. And, that’s an understatement. As an affordable housing developer or property manager, you juggle dozens, or even hundreds, of accounts tied to reserve funds, operating expenses, tenant security deposits, and more.

What’s worse? When manual processes and outdated systems slow you down further, tanking efficiency, leaving room for error, and causing unnecessary headaches.

But it doesn’t have to be that way.

As a leader in the affordable housing space, the Bridgewater team and I have the privilege of working with countless leading affordable housing developers in Minnesota and across the United States. We understand the unique challenges you face, and, more importantly, we know how to help you overcome them.

Here are a few proven strategies to help you stay organized, improve efficiency, and gain greater control over your financial operations:

1. Take Advantage of Sophisticated and Customizable Banking Tools

When you're managing multiple accounts, day-to-day visibility is critical. Sophisticated online banking platforms with advanced reporting features allow you to monitor balances, incoming and outgoing transactions, and set up automated balance alerts.

Whether you're looking for standardized reports or customized data exports, these tools give you real-time insights to inform business decisions and help you stay on top of your financial picture, while also supporting compliance reporting and audit readiness for HUD, LIHTC, or other funding programs.

2. Integrate with Your Accounting System

Reconciling multiple accounts is time-consuming, but it doesn’t have to be. By integrating your ERP or accounting system with your bank’s platform, you can streamline daily reconciliation and monitor transactions more effectively.

Through custom or standardized BAI file reporting, you can easily view account activity, catch miscoded or fraudulent transactions, and reduce manual entry, minimizing human error and improving accuracy across your entire portfolio.

This kind of integration not only speeds up your workflow; it also supports a cleaner audit trail and ensures financial data stays aligned across systems.

3. Streamline Rent Collection and Vendor Payments

Payment processing shouldn’t slow you down. Whether you're using a third-party platform for rent collection or managing vendor payments internally, bulk ACH processing and co-mingled file uploads can significantly improve efficiency.

Bulk payment processing allows you to schedule transactions, apply internal approval workflows, and ensure payments are processed securely and on your terms, reducing risk and helping you maintain control over funds movement.

Approval workflows also enhance internal controls, helping you protect against fraud and maintain strong governance across properties.

4. Utilize Smart Banking Products

The right banking partner can offer tools that simplify account management. For example, Target Balance Sweeps automatically transfer funds between accounts to maintain set balances, which can simplify cash management and reduce the need for manual transfers.

You might also consider disbursement accounts to centralize outgoing payments, making reconciliation easier while enhancing payment security across your organization.

These tools are especially helpful when managing restricted funds with specific usage or reporting requirements, like reserves or escrow accounts, because they support compliance while reducing manual work.

5. Partner with a Bank Who Specializes in Affordable Housing

Perhaps the most important strategy? Choosing a relationship-based bank that truly understands the nuances of the affordable housing industry and your unique challenges.

At Bridgewater Bank, we don’t believe in 1-800 numbers or one-size-fits-all service. Instead, you get direct access to a dedicated team that knows your name, understands your portfolio, and responds quickly when you need support. It’s a relationship-first approach, and in the affordable housing space, it makes all the difference.

From improving reporting accuracy to supporting compliance efforts and helping mitigate risk, a knowledgeable, and responsive, partner can be an operational game-changer. 

Managing multiple accounts doesn’t have to be overwhelming. With the right mix of tools, integrations, and expert guidance, you can streamline operations, reduce risk, stay compliant, and improve financial performance across your entire portfolio.

At Bridgewater Bank, we’re here to help you bank more efficiently, so you can stay focused on what matters most: providing high-quality, affordable housing and making a lasting impact on our communities.

Looking for a more efficient and secure way to manage your accounts? Let’s connect! We’d love to learn more about your portfolio and explore how we can support your success.

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