Earlier this month we bought you our Top 5 Trust Account Reporting Requirements for End of Month.

Now, it’s time to tackle the same for general record-keeping.

Monthly reporting requirements queries are some of the most common questions and searches we see in our industry.

Even the most seasoned of Agents and Licensees need a refresher sometimes.

Ain’t no shame in that!

So let’s look at our top 5 for general record-keeping and what you need to look out for.

Top 5 General Record-Keeping Reporting Requirements

  1. Check your security

    We all know how rampant cyber criminals are these days. It is a job unto itself to keep your financial information secure.

    If you are unsure, triple-check again and again.

    There is no room for error. Ensure all financial information is kept and securely held.

  2. Implement a system

    Ensure a system is in place to manage bills and invoices.

    This will help ensure bills are paid on time and no duplicates are paid.

    If several staff are involved in this aspect of the business, ensure they all know and abide by the system.

  3. Put time aside

    Dedicate time at the beginning of each month to ensure complete and accurate reports are held for the previous month just closed.

    Your proceeding End of Month will thank you for it.

  4. Put more time aside!

    Yes, that’s right – more admin time!

    Dedicate time again each month to review each new management. Go through it with a fine toothcomb.

    Ensure proper managing agency agreements are held with complete instructions and everything is where it should be.

  5. Back up!

    Double-check your electronic records are backed up in accordance with the Property, Stock and Business Agents Regulation 2014.

    If you need more information on backing up and what we recommend, check out our huge range of previous blogs on the importance of backing up and software tips.

    Remember, sales agents are not exempt from accurate and complete record-keeping.

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.