New Management Checklist for Cloud-Based Software


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 >>

New Management Checklist for Cloud-Based Software2019-04-30T03:19:48+00:00

Pre-End of Month Checklist for Your Cloud-Based Software


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 >>

Pre-End of Month Checklist for Your Cloud-Based Software2019-04-30T03:20:11+00:00

Single Touch Payroll is Coming


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 >>

Single Touch Payroll is Coming2019-03-28T06:24:44+00:00

Choosing the Right Time to Switch to Cloud Accounting


Waiting til the Party Season is Over The start of the New Year is renowned for assessing your current situation - whether it be electricity, insurance, private health, marriage (kidding) - and upgrading or switching to a better deal. New year, new a start and all that. For some services, the New year is a great time to make a switch. Yet for others, like switching your trust accounting software to the cloud, it pays to wait one month longer til the silly season (and party season) is over. Waiting until the holiday season is over for any major accounting software migrations will have you as zen as our friend here. Let's discuss how and why. A lot of companies are making the move from old server-based systems to the cloud. The cloud offers a much more beneficial, time efficient, cost effective alternative to clunky server-based systems. Yet timing is most definitely everything and you want to ensure you get it right the first time. As such, we highly recommend holding off your migration to the cloud ... read more >>

Choosing the Right Time to Switch to Cloud Accounting2019-03-28T06:24:46+00:00

Staying Compliant When Moving To The Cloud 


I've Gone Live.... Now What? Last month we took you through the steps to successfully migrate your software in-house before the July 1st deadline. So at this point, you have successfully migrated your old software on a system-based server to a cloud-based server. Success! As an added bonus, you have maintained all your hair and not extracted a Coles week's supply of chocolate (or wine...). But now what? We often get asked the same common questions from clients who have migrated their software internally. They are (drumroll...): How long do I need to keep my old database open for? How long do I need to keep paying two subscription fess? You will find that a majority of external companies will cut off your access to your old software almost immediately after you have cancelled your subscription. No love lost there. On the plus side, you can request 'read-only' access to the information. Legally this is your data. You are able to access it if requested by an auditor or relevant governing body. So What Do You Need ... read more >>

Staying Compliant When Moving To The Cloud 2019-03-28T06:24:48+00:00

Inhouse Software Migration Checklist


Your Software Migration Checklist to meet the July 1st Deadline Switching to a cloud-based server before this financial year? July 1st is the 'go live' deadline to make the switch from old system-based servers to cloud based solutions. Our migrations team have been tirelessly working around the clock this month to ensure we meet the 1st July ‘go live’ deadline. For those agencies managing the process in-house, we have created a software migration checklist to help manage the process. For the lucky ones... If you are lucky enough to have chosen a cloud solution that has a ‘migration tool’, you are in luck. It will simply copy across the data from your existing software to your new software. Unfortunately, not all cloud solutions have this migration tool. Reason being the data from the server based program is not built for extracting the data. So you are left to manually key in data. All is not lost though! Here at Angel HQ, we live by the motto: “Key It, Don’t Convert It”.  You'll benefit from starting fresh with ... read more >>

Inhouse Software Migration Checklist2019-03-28T06:24:48+00:00

The 10 Top Trust Accounting Software Features of the 21st Century


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 ... read more >>

The 10 Top Trust Accounting Software Features of the 21st Century2019-03-28T06:24:48+00:00

Are Server-Based Bookkeeping Systems Dead?


Just as the real estate industry is undergoing a shift towards cloud-based solutions, the accounting industry is also progressing onwards and upwards since the introduction of Xero back in 2007. It's time to say goodbye to server-based bookkeeping systems. Our bookkeeper Wonderwoman and Office Manager Tracy is both Xero certified and a registered BAS agent. This month, she gives us her insights as to why Xero is the perfect solution for Real Estate agencies looking to streamline their accounting processes from 1st July 2018. Top 8 Reasons Why Xero is the Leader in Online Accounting Systems Firstly, most trust accounting software packages talk to Xero.  This is particularly useful for agencies and their income and reimbursement reporting. Xero also allows for better tracking as transactions are pushed across to Xero for monthly income and expenses. This includes Property Management fees, agent management fees, advertising and agent reimbursements. Staff can enter their own leave requests directly into Xero for Director approval. They can also download their own payslips. Easy to track employee working hours as staff can enter ... read more >>

Are Server-Based Bookkeeping Systems Dead?2019-03-28T06:24:49+00:00

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

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