It’s migration season. Not just for the whales up the east coast, but for your software. Agents across Australia are looking to take the digital step and migrate their old software over to cloud-based technology. We are surely but steadily ridding the trust accounting industry of old, clunky and out-dated software. Agents are realising the benefit and life-changing advantages of cloud-based systems. Hoorah!

Why do I need to migrate to cloud-based technology?

We understand that as humans we can tend to avoid change. Especially when we feel as though it will upset our existing systems. We get it. But it is a matter of short-term pain, long-term gain. And the short-term pain isn’t even that bad. Especially with our help.

Here’s the excellent news. A cloud-based software system is going to make your life easier. Who doesn’t want that! So embrace it! Don’t be afraid of change – as making the transition to the cloud will literally change your life. Well, at the least the way you do business. Which will free up buckets of time to spend doing the things you love.

The main component of the cloud-based software change is in the way you manage your receipting and internal procedures, Making the transition to the cloud now will sure you are ready to hit the new financial year with up-to-date software and systems and streamlined processes.

3 reasons to adopt a new receipting process

  1. Cut your receipting time in half = leaving you more time for generating new business
  2. Less unidentified deposits = making  your auditor happy
  3. Reduce arrears = money allocated correctly

How does the cloud reduce my receipting time?

Afraid that the cloud might over-promise and under-deliver? Fear not. It all comes down to the simple importing process.

Importing bank files saves time because you’re not manually entering your data. The bank imports are a direct match to the transaction that’s on your statement. This process ensures the transaction date is correct and the figures exactly match your bank statement. This means fewer reconciliation issues and errors that would otherwise put a stain on your EOFY audit.

Ready to initiate the migration?

Are you planning on migrating on the 1st July 2020? If so, codes can be entered in advance. You can use your software to mail merge and advise clients of the change. See, already it is making your life easier!

What reference codes should I implement?

It’s really up to each individual agency to come up with your own standardised format. However, once agreed, document this in your policy and procedure manual so that everyone follows the same process.

We recommend not using surnames or property addresses. Why?

  1. There is too much room for error in receipting to the wrong property or wrong person.
  2. You may have a scenario of one tenant living in one property, then moves into a different property. The deposit gets applied to the old property because the tenant’s ‘name’ reference was used.
  3. Co-tenants may deposit monies on behalf of other tenants which won’t come up in a software search.

Adopting your cloud software existing codes is a perfect solution. Depending on which software platform you use, you can provide the tenant with their record ID, folio code or implement your own system. Be sure to use a unique system that can’t be issued twice to avoid any potential duplication problems.

Now start the cloud-based technology migration!

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