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How To Avoid Trust Accounting Mistakes of Epic Proportions


The day our Director transferred $100,000 instead of $1,000…and how you can avoid the same mistake. Before you think, no - that can’t be right! Think again. Yes these mistakes can, and do happen (even to the best of us). Major mistakes can happen in the blink of an eye – whether from a momentary lapse in concentration or simple administrative error. The good news is there are steps you can take to avoid such potentially costly and timely mistakes. So let’s backtrack to that fateful day and we can all learn a valuable lesson from an experience that Jane would rather forget! Setting the scene... Ever the worker bee, Jane set to processing mid month payments on the 15th April. Several BPAY creditors required payment, including a strata levy for $1,000. In a minor, (yet major) error, Jane entered $100,000 when processing the payment at the bank. With no limit on BPAY transfers and enough funds in the account, BPAY happily accepted the large transfer. As we all know, BPAY transfers are instant, so the moment ... read more >>

How To Avoid Trust Accounting Mistakes of Epic Proportions2019-03-28T06:24:53+00:00

5 Reasons Not to Outsource Your Trust Accounting Overseas


As a business owner, it is natural to look for ways to increase your bottom line and reduce costs. In our last blog on 8 Ways to Reduce Costs for Start-Up Real Estate Agencies we discussed various ways start-up agencies can minimise costs. This included shopping around on items like software, insurance and considering a virtual office as opposed to bricks and mortar. When it comes to minimising costs, the one place you don’t want to skimp is outsourcing your trust accounting. We’ve outlined our top 5 reasons why you should keep your trust accounting local as opposed to outsourcing overseas. REAL TIME COMMUNICATION WITHOUT TIME DIFFERENCES There will be times you need to contact your trust accountant on the spot. Outsourcing overseas means time differences that can play havoc with your deadlines. Working with a local agency means no delayed response. Any emergencies that arise can be dealt with on the spot rather than communicating via email. Information can be lost in translation and interpretations of instructions misunderstood. There may also be matters that cannot be relayed via email and require ... read more >>

5 Reasons Not to Outsource Your Trust Accounting Overseas2019-03-28T06:24:53+00:00

8 Ways to Reduce Costs for Start-Up Real Estate Agenices


Australia thrives on small business. It is what makes our country go round. So the reality of the number of small business that fail to succeed is definitely a cause for concern. According to the Australian Bureau of Statistics, more than 60% of small businesses cease operating within the first three years of opening their doors. How Can You Reduce Costs for Your Start-Up Real Estate? We see the answer to this question lies in planning. You can have the best business idea in the world, yet without a solid business, financial and marketing plan, you are setting yourself up to be a statistic. The reality is that running a real estate agency is an expensive business. There are a lot of upfront and ongoing costs to manage. We have seen many agencies cease to operate in their first year – and it came down to poor planning. We have outlined some high cost areas and suitable alternatives to consider when starting out. Remember, you can start small and grow big. Living within your means is a ... read more >>

8 Ways to Reduce Costs for Start-Up Real Estate Agenices2019-03-28T06:24:54+00:00

5 Tips For Working on Holidays for Trust Accountants


Working like a boss on holidays. Working and holiday are generally two words that should never go together in the same sentence. Unfortunately, as many Real Estate agency owners know, finding that right work/life balance can often prove difficult. As discussed in our earlier months blog 'Being a Licensee & Taking Holidays', good planning and modern technology make working remotely a breeze. Many of you are aware that Jerome and I headed off to Hawaii for a recent holiday. As delightful as it was to have a break from the office, we continued to manage some of our regular duties from our bungalow. If you're going to work on holidays then it may as well be in style right? What does this have to do with trust accounting you may ask? Well, in our travels and through our own trial and error, we found some nifty hints and tips we’d like to share for those heading overseas and looking for some inside advice on what to do (and what not to do) when overseas in regards to managing your trust accounts. Here ... read more >>

5 Tips For Working on Holidays for Trust Accountants2019-03-28T06:24:54+00:00

Being a Licensee & Taking Holidays


Being Licensee & holidays...Is it really possible? Being a Licensee or Officer in Effective Control and taking a long-awaited holiday may seem like two terms that just don’t go together. If you are a Licensees who hasn’t seen the inside of your travel luggage for a good 5, 10 or perhaps even 15 years, then you are not alone. But it is time to change. Being Licensee brings with it ownership, and with that comes the sense of not being able to ‘let go’. Like a first-time mother leaving their newborn baby to a babysitter, sometimes you have to learn how to cut those ties and let others take the reins for just a little while. If you don’t, the concept of ‘holidays’ will be a distant memory, along with your suntan. It is possible. Here's how: As much as it may sometimes drive us mad, technology is our saving grace. With the introduction of cloud-based trust accounting systems, it has never been easier to stay in touch with your business if the need arises. With so ... read more >>

Being a Licensee & Taking Holidays2019-03-28T06:24:54+00:00

The 10 Most Avoidable Trust Accounting Mistakes


Are You Guilty of These Trust Accounting Mistakes? We understand in life, mistakes happen. Like leaving an open tin of milo in the house unsupervised or leaving your washing out on a rainy day. Yep – those are passable mistakes. Unfortunately, the mistakes we see on a daily basis with agents and their trust accounts are not on this list. They are on the ‘Should never happen’ list. And yet, time and time again we see these same errors happening in agencies wherever we go. To make sure you don’t fall victim to these common doings, we’ve listed the top 10 ‘AVOIDABLE’ trust accounting mistakes. NOT BACKING UP DAILY We write about backing up daily on perhaps… yes, a daily basis. Why? Because this is by far and foremost the most common and avoidable mistake agencies make. By not backing up daily, you are exposing yourself to a giant loss of precious data – it could be weeks or even month’s worth. Minimum regulations state once a month – but we disagree on that one. Getting into ... read more >>

The 10 Most Avoidable Trust Accounting Mistakes2019-03-28T06:24:54+00:00

5 Ways To Avoid Losing Your Trust Accountant in 2017


Retaining good people is essential in business. No matter how good you are or your product or service may be, without key personnel, they are worth nada. Which brings us to the topic of staff retention. Your first thoughts on staff retention strategies may drift initially to your key sales staff. Those who bring in the bread and butter to the agency. Those who make the big sales and bring home the bacon. Yes, these people are 100% important to the success of your agency. But so too are the people who work behind the scenes to ensure agency funds are distributed correctly and accounted for. These are the people who work day in and day out often without recognition and fanfare. They are your trust accountants. Now don’t get us wrong, we are a little biased towards the love and respect paid to trust accountants. Because to us, they are an integral component of your agency. Without them you wouldn’t get paid and you wouldn’t operate. And we think that’s pretty important. We have previously mentioned ... read more >>

5 Ways To Avoid Losing Your Trust Accountant in 20172019-03-28T06:24:56+00:00

10 Common Trust Account Breaches


No matter how well you prepare for it, when you receive your first breach from your auditor, it may very well come as a shock. We want to help before any potential meltdowns occur. So we have compiled a list if you have been found in breach from your auditor. It highlights the top 10 list of the most common breaches from last years audit. THE 10 MOST COMMON BREACHES Using non-compliant software Using software that is not compliant such as Xero, Quicken, Quickbooks and MYOB can result in a hefty $1,100 fine in NSW. At the start of the financial year, double check your software is compliant to avoid this simple, yet costly error. Not banking your trust money in time Creating good habits from the outset will ensure you don’t run into any lazy errors – such as holding on to your trust money for too long. Bank your trust money regularly and on time. Failure to reconcile within the prescribed period Same goes as above, set yourself regular monthly deadlines to avoid a pileup ... read more >>

10 Common Trust Account Breaches2019-03-28T06:24:59+00:00