You've taken the biggest step and gone out on your own. Freed yourself from working for the man! Now the buck stops with you! Up until this point, there may have been a lot of champagne bottles being cracked and joyous vibes. Which is great. Don't get us wrong. We are here representing as the (not so Debbie-Downer) to remind ... read more >>
Generally, like life, Trust Accounting follows a set of key principles. Like starting school for instance. Wear your uniform. Tie your shoes. Don't eat your fellow classmates' lunch. Trust Accounting is the same. It follows a set of key principles to ensure everyone stays in their lane and does not get a detention (aka an audit breach). Sheesh the similarities ... read more >>
Over the years we have shared numerous blogs about choosing the right Trust Accounting software. We cover the 'must-haves' to assist you in choosing the right software package, from tenant portals to document management and built-in inspection apps. Yet, alas we still receive accounts in Xero, Quickbooks and MYOB. Note to self - these general software accounting systems are not ... read more >>
Nowadays, everyone in business is looking for ways to get ahead and stay ahead. It's a tough financial climate. So any business move needs to be a wise and well-planned one. Outsourcing the management of your real estate Trust Account in Australia can be a sure-fire strategic move for agencies looking to improve efficiency and compliance. Why trudge day, after ... read more >>
Easter is coming! And so it is Fringe Benefits Tax time. (Insert applause). We know. It's not half as exciting, is it? Yet it is all just as important as unwrapping those golden chocolate eggs on Easter Sunday. We'll leave those visions with you but for now, back to FBT. What is Fringe Benefits Tax? Fringe Benefits Tax, known as ... read more >>
When managing the sale of a property there are some handy do's and don'ts to ensure the process is smooth with no costly hiccups. By following the below steps, you are in the best position for the settlement to go through without a fuss, and on time. Keeping everyone in the process happy. And paid! Breakdown items Provide a clear ... read more >>
Over and over, we see a lot of clients revoking months and reversing payments. Not only does this cause havoc, it causes you more stress! It’s simple. One way to fix it. Just don't. So what should you do? Reach out and ask for help before trying to fix it yourself. We all know there is that temptation to jump ... read more >>
What's that phrase we are taught by our parents as kids? You learn from your mistakes. In some cases, not! We continue to see the same mistakes pop up year after year. So we bring you our top 6 mistakes for 2023. It's just those same mistakes over and over! Top 6 Trust Accounting Mistakes for 2023 Revoking Don't ever ... read more >>
We all know those people who like to eat their ice cream cones from the bottom up. Note to self - do not hang out or be influenced by these people. They are odd. Same goes for your ledgers and banking. Do not do your process in reverse. You'll just end up with ice cream all over your shirt. So ... read more >>
Earlier this month we discussed unpresented payments and how to avoid them. This week we go one step further with best practice when dealing with unpresented cheques. The use of cheques has been declining in Australia and many other countries due to the increasing popularity of online banking. According to 9news.com.au cheques will be completely phased out in Australia by ... read more >>
