We love software at End of Month Angels. If you haven’t noticed, it is something we are very passionate about! We love that software can help to simplify our lives. It makes things easier – instead of harder. Now who wouldn’t love that?
Over the years we frequently discuss the importance of software compliance. Just check out a few of our favourites below…
- Software Compliance
- Switching software providers
- Cleaning your trust accounting software
- Timing the change of software providers
- The ugly truths of software compliance
- Questions to ask when changing providers
Another key role of your software (and one we may not discuss often enough) is the role it plays in your day-to-day operations. Does it make your life easier? Is it up to 21st century standards to ensure your Property Management or Sales Department is running at peak efficiency? If you answer no to any of these questions or feel your current provider is not living up to expectations, then it may be time to make the switch. To help you, we have listed the 10 Top Trust Accounting Software Features of the 21st Century. Keep this by your side as you measure how your current trust accounting provider stacks up.
Top Features to Look For in Your Trust Accounting Software
Allows your clients to view statements, financial activity, pending bills and information about their property
Allows tenants to download copies of their receipts, log maintenance requests and view tenancy history.
Built-in inspection app
Allows you to plan and book your inspections in a few clicks. You can send correspondence to tenants via email or SMS and book maintenance requests on site. No more formatting reports when you get back to the office. Simply send the report back to the landlord immediately after the inspection.
Do away with clunky outdated backup systems and let the cloud do all the work.
Easily store copies of notices, rent increases, leases, management agreements and other crucial documents against the property. This makes it simple to locate rather than storing in a paper file or on your server.
Invoice scanning/barcode reader
Scan your invoices and the software reads the information from the barcode including property address, amount and biller. This saves time from entering hundreds of council and water rates pre-end of month. The minutes taken to scan invoices can save hours of data entry.
Import transactions files
Receipt your daily bank transactions by importing payment files to your software from the bank. Receipting is complete within minutes and reconciling is a breeze.
The simple ability to journal funds between accounts is a handy thing to have. We like to think that mistakes don’t get made. But in reality, they do. Journaling funds isn’t just for fixing errors. There may be other situations where you need to transfer funds between accounts, such as owners transferring funds to more than one of their properties.
The SMS function allows you to message your clients directly, making communication in general a lot easier. You can save records against the property and it makes arrears management much simpler.
Easy EOM Process
How long does EOM take with your current software? In 2018 standards, it should take less than 30 minutes from start to finish. This includes processing disbursements, sending statements, uploading payment files to the bank and rolling over the system. What about your paper usage? Do you have to cut down a tree every EOM just to print all the reports? Remember it’s not necessary to print all of your EOM reports as long as they are in visible form. This means that you can save them within the software and access them at any time. You can even provide your auditor with their own login where they can view and download the reports at audit time.
So there are our top 10 software necessities for the 21st century. How many can you tick off the list?
– Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 20 years industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.