You have set the date for your migration over to cloud-based software. Before we pop the champagne and celebrate your move online, there is some housekeeping to do. Migration planning involves just that – planning. Planning to ensure a smooth transition and the ongoing success with your new platform. To help, we have compiled 5 ‘must-do’ items to factor into your migration planning checklist.
5 Point Migration Planning Checklist
If a tenant has a part payment on their ledger, attempt to have them pay the difference between the part paid and their rent. This will then ensure their rent is paid to a full period. Their ledger in the new software can now start with a fresh slate.
When a bond reference hasn’t been updated in your old Property Management/trust software, download a report from your bond authority. Then update the details in your new software. You can now process any bond claims easily moving forward. All staff members working in the agency will now have one centralised source of information about each and every tenancy.
Moving to a cloud-based software means taking advantage of email communications. Review all your contacts details in your current software and fill in any missing email contacts. Emails addresses stored in your email software will not migrate across to the new cloud software.
Reduce Funds Held in Trust
Review your trial balance from your existing software and accounts with funds held. Try disbursing the trust account balances to as close to $0 as possible. However, this doesn’t mean to yourself – to the person you’re holding money on behalf of. If you’re withholding funds from an Owner to pay bills, part-pay these bills if possible. This will enable you to migrate the Owners ledger with a NIL balance. If you’re holding onto tenant balances for any vacated tenants, try and obtain their bank details to refund these amounts pre-30th June.
As the old saying goes, if you fail to plan then you plan to fail. Training on a new software platform is an absolute must for all staff. Have your internal team sit training pre and post-migration. Training prior to migration will help staff navigate the new software on Day 1. It will prepare them to adapt to the new way of working in the new software system. Post-migration training will allow the opportunity to ask questions for any difficulties they come across post-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.