If there is one thing you must absolutely have right in 2022, it is choosing the right Trust Accounting software.

If you read that and your blood runs cold, then this article is for you.

Where do you start?

We have previously compiled 10 questions to ask your new Trust Accounting software provider to make sure it ticks all the boxes.

You need to make sure your new provider has all the required Trust Accounting features you need to make your general day-to-day a breeze.

Most current platforms will have these features below, but it is always best to double-check and tick them off one by one.

Trust Account Software Must-Haves

  1. Landlord and tenant portals

    For Landlords, it allows them to view statements, financial activity, pending bills and relevant property information.

    For tenants, they can download copies of rent receipts, log maintenance requests and view their tenancy history.

  2. Built-in inspection app

    Thanks to COVID, Property Managers had to pivot in the way they conducted inspections – enter built-in inspection apps.

    Inspection apps such as Inspection Express, allow you to plan and book your inspections in a matter of seconds. Send correspondence to tenants via email or SMS and book maintenance requests on site. The app includes preformatted reports that can be populated and sent in a matter of minutes, immediately after the inspection.

    Blow your Landlords away with real-time inspection information when it happens – not days or weeks later!

  3. Cloud-based systems and backup

    Server systems have pretty much all but extinguished themselves over the years. Cloud-based systems are the new norm.

  4. Document management

    Easily store copies of notices, rent increases, leases, management agreements and other crucial documents against each individual property, making it easy to locate important files at a glance.

  5. Invoice scanning/barcode reader

    Scan your invoices and the software reads the information from the barcode including property address, amount and biller, saving huge amounts of data entry time. No more scanning invoices for hours on end – hoorah!

  6. Import transactions files

    Receipt your daily bank transactions by importing payment files to your software from the bank. Receipting is complete within minutes and reconciling is a breeze.

  7. Journal function

    Sometimes mistakes happen, and having the ability to journal funds is a handy function. Journaling funds can not only be used to fix errors but to transfer funds between accounts. For example, owners transferring funds between multiple properties.

  8. SMS function

    SMS functionality allows you to message your clients directly. You can save records against the property and it makes arrears management much simpler.

  9. Quick and easy EOM

    End of Month should take less than 30 minutes from start to finish including processing disbursements, sending statements, uploading payment files to the bank and rolling over the system. If your current system doesn’t allow you to complete EOM in this timeframe – then there is a problem.

Along with being able to access all of these important features, one of the great benefits of cloud-based software is the ability to minimise paper within your office. If you aren’t already, make going paperless your goal for 2022.

Choosing the best cloud-based software provider that provides all the bells and whistles and going paperless – makes for a fabulous 2022 and beyond.

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 25 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.