Are Server Based Trust Accounting Systems Dead?

We are always scared of things we don’t know. What one day terrifies us because of the newness and unfamiliarity, soon becomes second nature over time. Cast your mind back to 2015 where the development of new age Trust Accounting & Property Management systems in the cloud began. Skepticism was rife with agencies terrified of switching software providers simply due to the fact that it was unknown territory.

Look at us now.

Huge leaps and bounds in development in a relatively short period of time have seen cloud-based systems become the norm. This massive shift in the accounting landscape has seen preferences now leaning towards cloud-based systems as opposed to server-based systems.

Out with the Old

But what about my server-based system you ask? Server based systems are clunky, old, expensive to run and inefficient.  They hinder and do not help the processing of transactions and general day to day running of a modern day Real Estate agency.

This is even more evident now with the recent roll out of NPP. With such changes in technology, the industry needs software that can cope with the upcoming changes that lie ahead for the banking industry.

10 Reasons to Choose Cloud-Based Trust Accounting and Property Management Software

  1. Cutting edge technology

    By utilising the most recent technology, you demonstrate to clients your dominance over your competitors. This is especially pertinent with tools such as Landlord portals which increases agency/client transparency – all big ticks on potential clients’ lists.

  2. Streamlines arrears management

    Cloud-based software simplifies processes. No longer do you need to chase tenants for processes such as issuing rent receipts. It allows you to communicate with tenants much more effectively and easily.

  3. Systemised invoicing

    Invoicing at the click of a button. Of particular benefit is the ease of invoicing tenant water usage charges.

  4. Improved management of landlord expenses

    Cloud-based software allows you to track bills and easily provide copies of bills to the owners for taxation purposes.

  5. Receipting rent and reconciling accounts

    It now takes a quarter of the time to process the daily rental download compared to server-based software.

  6. Simplified workflows

    Property Managers rejoice. Due to simplified workflows around inspections and maintenance, Property Managers have more time to get out and build relationships with clients. As compared to spending ineffective time in the office bogged down with processes and time delays.

  7. Minimised Time Wastage

    Cloud-based systems cut down wasted time spent on EOM reporting. It keeps a visible copy of records in the cloud as opposed to printing a hard copy. Both good for time management and for the environment.

  8. Process payments at the drop of a hat

    Now you are looking at five minutes to run a disbursement as opposed to 30 minutes. Boom.

  9. Easy Backups

    Cloud systems perform backups with ease at no additional cost for storing the data. In most cases, depending on the size of data, you can save up to one hour in the time a cloud-based backup takes as compared to a server-based system.

  10. End of Month rollover

    We’ve saved the best til last. End of Month rollover takes two minutes. Yes, two minutes. Not two hours  (providing you’re already reconciled).

Here at End of Month Angels, we have recognised for some time that the future is cloud-based systems. To remain as industry leaders, we need to reflect the changes in the industry within our own business. We have consequently made the decision to cease supporting server based solutions from 1st July 2018.

When will we see the server based system die completely?

This is a hot topic of debate in our office. Jerome, our Operations Manager and IT Guru predicts that server based software will be completely dead by 2020. Other team members still believe that server based systems will kick on for a few more years stretching out to around 2025.

So What Should You Do Next?

If you are currently with a server-based system, now is the time to start thinking about the future. The 1st July is rolling around again and there’s never been a better time to switch your software platform. Our best advice is to do your research now and be prepared for the changes ahead.  The reality is that technology will change, and will continue to change again and again.  Eventually, cloud solutions will be the only option.

We can’t tell you which solution is going to be the best fit for your agency. Only you can know that. But here are some articles that may assist you to make the decision.

Don’t be afraid to embrace the new, as before you know it, it will be second nature.