So you know you need a contingency plan. But where do you start?

Step #1

Your first port of call is to contact your accountant.

Together, you can set up systems so should something ever happen, there is a simple solution to implement changes.

Have you considered the following?

  • Will your partner be able to afford the mortgage?
  • Will the kids be able to stay in private school?
  • Are you insured enough to cover all of the above if you are suddenly on one wage?

Step #2

Next, contact a lawyer.

It’s time to create your Power of Attorney if you don’t have it already. Your Power of Attorney will outline your wishes such as whether you want the business to be sold or retained.

Step #3

So now it is time to document document document!

While it sounds overwhelming, we promise it’s really easy to start. You can then always update as you go.

The best way to start is to set up processes and procedures. This will help everyone who is left behind if the unimaginable happens.

Two years ago, Jerome implemented software in our office called Teamwork which has some really cool features.

One is our support ticketing system which helps to keep track of all your emails. The other is spaces, where we keep detailed notes on our individual client processes. No two clients are the same. What works for one will not work for the other. Each person in our office has a space they can write their own notes. Likewise, our clients also have a space where we outline their individual processes.

If something were to happen to anyone in our office, any staff member could jump in at a moment’s notice. It’s all there in black and white.

To start, think about the below processes in your agency.

General bookkeeping client processes

  • Reconciliation – who reconciles the accounts?
  • Wages – who approves and who pays from the bank?
  • Creditors – who approves, and who pays from the bank?
  • Director – who is Interim Director, the ASIC contact and the Accountant?

General Trust Account client processes

  • Who will be the licensee in charge?
  • Who will authorise payments at the bank?
  • Who will sign all agency agreements?
  • Will the business be sold?
  • Who will take over the business?

These are just some of the things you need to think about for your ‘hit by a bus plan’.

Remember, each Roll should be documented and have a workflow.

If you need help with your workflows, now is the time to get it in order. Our workflow training can assist you to document your workflow and processes. Get in touch with the team to discuss how we can help set up your ‘hit by a bus plan’.

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.