We have well and truly ticked over into the new financial year (especially if the state of our office chocolate stash is anything to go by).

So now let’s turn our attention to some topics and issues that may arise with your Trust Account and tips for a cracking start to the new financial year.

Post EOFY Tips and Tricks

  1. Know your ledger

    Due to the recent ATO data matching program, you will likely field some questions from owners as they navigate their way through the changes to EOFY statements.

    Check out our recent blog on EOFY Statements about how to deal with this and explain the differences to your Landlords.

  2. Book your audit

    Now is the time to get ahead and book in that audit sooner rather than later.

    Check out our blog on how to avoid audit breaches post EOFY for some handy tips.

    If you are looking for a recommendation, we cannot recommend Simeoni highly enough – the best in the business – give them a call!

  3. Train or upskill your staff

    Your staff are a key asset to your business. They create the first and lasting impression of your business to your clients. So make it count.

    Retrain where necessary. Upskill staff who are keen and willing to learn.

    Create new challenges and opportunities so your staff feel valued and see a pathway to growth. Make retaining good staff your priority for this financial year with our handy tips.

  4. Lodge unclaimed/unknown monies

    Dealing with unknown or unclaimed Trust money is going to crop up. Unclaimed trust funds can cause some serious unwanted headaches and financial penalties. Check out our tips on how to process unclaimed Trust money.

  5. Convert 100% to the Cloud

    These days there is absolutely zero reason to still rely on paper. There should legitimately not be a single ream of paper in your entire office. By now, everything related to your business should be up there in the Cloud.

    With digitisation the norm, agencies are now flooded with choice when it comes to choosing an app for basically every function of your business.

    Inspection Express is the #1 app for entry and routine inspections, paperless condition reports and virtual tours with more and more apps becoming available.

    Although we are huge advocates for the Cloud, always remember to keep digital backups of your files. ALWAYS.

  6. Start the year as you intend to finish!

    Organised. Efficient. Productive.

    Get your systems in place and your office will function smoothly and efficiently. That way you can focus on growing your business.

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