In the complex world of trust account management, there is nothing worse than the nightmare that is end of month. Often as Licensee or Officer in Charge, you juggle multiple jobs. The trust accounting, the running the business and the staff you hire to manage your clients.
As a result, your trust accounts can easily become unbalanced if not managed carefully. Invoices, transactions and receipts pile up waiting for reconciliation. Clients are screaming for payment with complaints about mistakes on monthly statements. It all overwhelms you. You spend too much time dreading the trust accounting instead of growing your business. Sound familiar?
It does not have to be like this. It is all up to you. Consider your options. Hence, it may be time to find a trust accountant to ‘marry’. Do not laugh. Because you need a good solid relationship with the person who manages the financial accounting in your business. Here are 10 reasons why:
1. Build trust and integrity
You want a life partner you can trust who lives life with transparent integrity. These are also key qualities your clients look for in dealing with your agency.
2. Dependability
You want someone to depend upon. A strong relationship with your accountant gives you and your your clients someone to rely on to look after all your best interests.
3. Less Worry
‘Marrying’ your trust accountant removes administrative worry from your life. They take care of you and your clients’ financial needs with open transparency and accountability.
4. Cost-effectiveness
Consider the cost benefits of a less stressful life. Without the worry of accounts paperwork, you can focus on building rock solid relationships with loyal clients while attracting new clients through exemplary work practices.
5. Keep you out of trouble
It is a trust accountant’s business to know the law and ensure your trust activities meet compliance. So unless trust accounting is your area of expertise, you cannot constantly keep up and meet with legislative requirements.
6. In or out of house
Outsourcing your trust accounting can be more emotionally and cost-effective than handling staff in-house. Often the relationship is stronger because you’re relying on having that strong line of communication in order to get the job done.
7. Flexible work options
In house relationships give you more responsibility and consequently more ongoing, daily costs while outsourcing gives you the flexibility to participate based on your individual needs. As a result, you only pay for the services you use.
8. Technical industry advice
Your trust accountant can take the confusion out of choosing the best accounting software and teach you how to use it. Since they are up-to-date with the best options available in the market, they will therefore help you keep track of your financial recording and keep you in check.
9. No need to call for help
By the time you reach end of year reporting, there is no need to panic because your trust accountant has your back. At the push of a few buttons, your financial accounts will be ready for your clients.
10. No more sleepless nights
Finally, no more sleepless nights worrying about your accounting practices. You can sleep well knowing your business, clients and their trust accounts are in good order ready for an audit anytime.
In addition, it goes without saying, the relationship that you have with your trust accountant is the most important one in order to keep the business running. After all – this is how you get paid.
So perhaps it’s time you considered a new partnership. If you want to know more about the trust accounting services my company provides or have any trust related questions please don’t hesitate to get in touch: jane@endofmonthangels.com.au
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~ 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 18 years industry experience. Don’t trust just anyone with your trust accounting, trust End of Month Angels and get back to what you do best – growing your business