How to KonMarie Your Trust Account at EOFY Are you obsessed like us and an avid follower of the #konmarie method of tidying up? If so, then you’ll have probably watched Marie Kondo’s series in full on Netflix – Tidying Up with Marie Kondo. For those of you not on the tidying movement (for the uninitiated you should really give it a go), Marie is a Japanese-born organising consultant. She helps people declutter their homes by following simple methods and ‘sparking joy’ through the satisfaction of organisation in the home. The premise being that everything has its own place. So this got us to thinking.... Can you imagine how clean Marie’s trust account would be if she had one? Which got us to further thinking.... could we apply these same principles to trust accounting? The answer is yes! Trust accounting software can accumulate a lot of clutter over time. It can be bought on by a change of staff, change of software or simply overlooking the clutter whilst we are busy with the daily processing and running ... read more >>
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So far Vanessa Fairweather has created 118 blog entries.
In our previous blog, we discussed the beauty of checklists and how they can save us from making a mountain mistake out of a molehill. The creation of a simple checklist can quickly and efficiently take your agency from one that makes countless small errors to one that runs seamlessly. So at this point you have your agency checklists in full swing. After our last blog, you will have your Pre-End of Month Checklist for your Cloud-Based Software also in place. You are probably wondering how you ever did business without it. So now we move to our next checklist... New Management Checklist for Your Cloud Based Software Owners full names entered (as per agency agreement) Owners contact information including email address Select preferred method of communication for statements (if none is selected they will not receive any monthly statement) Confirm disbursement frequency and enter into software Enter agency fees (letting fee, statement fee, management fee) Enter bank details Enter full property address Create tenancy with full names (As per lease agreement) Confirm starting rent and period, ... read more >>
Last month we attended the EAC seminar where we heard numerous stories about complaints made to Fair Trading. Interestingly, of all the agencies that were visited by Fair Trading could have been avoided. How? With the use of internal processes and checklists. Yep, it's that simple. With the Easter holidays upon us, Licensees may be looking to take a well-deserved break away from the office and delegate some of their role to other internal staff. The handing over and taking of holidays will be a whole lot easier on everyone with some internal processes and checklists in place. The Beauty of Checklists Oh how we love a checklist! Unfortunately some of our biggest stuff-ups can be because we have intermittently lost concentration and made a slip up. That is where checklists can save the day. They ensure consistency and reduce failure rates. They eliminate our requirement to remember every single detail. Now who wouldn't want that? Even the most trained professionals forget simple steps in a process that they do all the time. All it takes is ... read more >>
Unfortunately, Sales and Property Management often work as though that are polar opposites. Magnets resisting the push and pull of one another. It is sad that this is the case in many agencies across Australia. In my time within Property Management, the tension was so thick you could often cut it with a knife. And a good chef's knife at that, not just a small butter knife. In reality, these two departments should be working side-by-side, in complete cohesion. And for many reasons at that. It not only creates a more harmonious working environment for everyone, but also greater commissions. Who doesn't want that? So, all hope is not lost. It is achievable. We have listed our top 7 ways it can be done! How to Find Property Management and Sales Cohesion Conduct monthly meetings with both sales and property management together. Conducting team meetings with both departments will help to create a more unified front and have all members feeling a part of the team. This way, both departments have an insight into what the other ... read more >>
Trust Accounting and Bookkeeping are very different entities. Yet despite being in different worlds, it is important that bookkeeping and trust accounting operate in succinct harmony. Some agencies may have one staff member managing the trust account and reconciling the general account. This is completely acceptable. Other agencies may keep the roles completely separate. Also acceptable. What is important is the way they communicate with one another. The beauty of cloud-based trust accounting software is that they can talk to accounting packages such as Xero. They can quickly and easily report on the agencies income via an API key. This technology is not new. It has been around for some time. However, the key point is, if the data is not entered correctly on the trust accounting side, it will create havoc on the bookkeeping side. Enter chaos. Strive for Harmony Both the trust accounting and bookkeeping departments must work in harmony. Working in unison will ensure the staff members record transactions correctly on both sides and meet regulatory standards. As both trust accountants and bookkeepers, we ... read more >>
Single Touch Payroll (STP for short) is on its way. It will hit our shores on the 1st July 2019. STP has been slowly introduced since 1st July 2018 for those businesses with 20 employees or more. It is now extending to all businesses with 19 employees or else as compulsory come July 1st this year. What Does This Mean For Employers? STP changes the way employers report their employees' tax and super to the ATO. The introduction of Single Touch Payroll means all employers who have anywhere from 1-19 employees will need to register. With the use of accounting software with STP, employees' super and tax information is sent to the ATO every time an employer runs their payroll. The ATO will receive the information directly through the STP or through a third party (depending on the set-up of your software provider). Xero will offer an option for payroll only at $10 a month. For those micro employers of 4 employees or less, there will be other alternatives available such as allowing your registered BAS agent ... read more >>
If you are a regular reader of our blogs (like we know you all are!) you would have heard us banging on on over the last year (and the year before that) about the upcoming NSW licensing reforms for the Real Estate Industry. In case you missed it, here is a brief update: 2018 TRUST ACCOUNTING REFORMS – WHAT TO EXPECT NEW PROPERTY LICENSING TRAINING REQUIREMENTS – PREPARE FOR THE CHANGES AHEAD OPENING A NEW TRUST ACCOUNT – PREPARING FOR CHANGES AHEAD THE FUTURE OF THE PROPERTY SERVICES INDUSTRY – WE REVEAL THE GOOD, THE BAD & THE UGLY We told you we had prepped you right?! Yes, we are still waiting. Just like you, we are eagerly awaiting the implementation of the changes. Fair Trading have announced that the changes are not far off. An exact date is yet to be confirmed but we have been advised that it will happen at the latter end of this year. Why Is There Change Afoot? We know that change can be scary. However, the main reason for the ... read more >>
Well, we all wish we were sitting on a gold mine. Whether it be a lost lotto ticket or a perhaps a buried wad of cash in our backyard. Chances are, we are likely to not ever come across either. However, you very well could be sitting on a very tidy gold mine in the shape of a rent roll sale. Thinking of selling your rent roll? Lately you may have had thoughts about a potential rent roll sale. There are many reasons why agents sell their rent roll. A potential rent roll sale could stem from any variety of issues including: A downturn in the sales market - looking to cash in when sales are slow. Staffing issues - where you just don't have the staff to cover the role any longer. Retirement, illness or divorce - see Point #2. Business partners split - which requires a reshuffle of the business - also see Point #2. The need for a fresh start - sometimes don't we all? Do any of the above sound familiar? If so, ... read more >>
The Appeal of Rent Rolls There’s no doubt rent rolls are hot property in Sydney at the moment. The Inner West and North Shore areas are leading the charge as favourites where we have heard reports of agents paying in excess of $4.50. Rent rolls are a stable source of income if managed correctly. They are highly sought after by agents looking to expand their Property Management departments. We have also seen lots of silent investors looking for alternative options to invest their money in a well running rent roll. Whilst we hear from our clients that many banks are tightening their reigns and making lending extremely difficult, we are seeing many smaller rent rolls come onto the market. Agents are consequently snapping them up with their existing available cash flow. So why smaller rent rolls? Some agents may be selling a portion of their portfolio where they have ‘out of area’ properties. Other agents are simply looking to offload that part of their business and focus on other areas. Whatever the case, they are hitting the ... read more >>
Woah is it the end of the year already?! 2018 went very quickly and what a year it was. No doubt the highlight of this year was Jerome and I welcoming our son Marley into the world in April. He has been a constant source of joy for us and he’s settled into our life very quickly. Although Tracy officially sacked me and forced me to go on maternity leave for 4 months, I was working behind the scenes at night to help keep the team running. Marley came to the office with us from just 3 weeks old and became the mini Trust Accountant. I have to really thank Jerome for holding everything together during the early months where we were ‘one man down'. As they say it takes a village to raise a child, well this is definitely true. All of the girls in the office are the best aunties we could ever ask for. This year we had the addition of several new team members. We welcomed Jo our Trust Angel in April, our ... read more >>