Data entry is an area we see a huge variance in standards between agencies.

Some are good – yet some are very, very bad.

Let’s be honest, like ironing our clothes for the following work week – data entry sits at the rock bottom of our to-do list.

Why is it so important to have consistency within an agency?

Just as it’s advisable to rock up to work looking like you haven’t spent the last 3 months at home in your pyjamas, it is important to have good data entry practices.

5 reasons to be exact.

  1. Standardising data entry creates consistency throughout the agency
  2. Clearly identifies income and expenses for a Landlord
  3. Can be a main point of difference when it comes to agent selection by the client
  4. The accountant processes the information on the statement to determine deductible expenses
  5. It just bloody looks nice on the Owners statement (not to be underestimated)

Picture this

Back in 2003, Director Jane was a Property Manager working for a large group of 6 offices spanning all throughout Western Sydney with a portfolio of over 2,000 properties. Poor data entry was a ‘finable’ offence. Yep, you read that right.

Who imposed such fines you ask?

The Department Head.

You see, back then, Commissions were pooled per office.

Poor data entry (aka – not following a standard template set by head office) meant $50 came out of the office’s commission pool. This meant you were not only letting yourself down, but the take-home commission of your fellow workmates.

Three guesses who wouldn’t be up for employee of the month that month?

Fast forward to today

We’re not so drastic at EOM Angels. (Yet if someone nicks another’s portion of office cake then that’s another story)

But we do believe in having high standards of data entry. Being data entry geeks (and all having OCD when it comes to data), we love seeing consistency throughout our clients’ databases.

How can this be implemented in your agency?

It’s never too early, or too late, to change your invoice entry process.

Document this in your Policy and Procedure manual and distribute it among your team.

Here are our suggestions for best practice data entry.

Best practice data entry

Council & Municipal Rates

  • Council Rates – 1st Instalment
  • Council Rates – 2nd Instalment
  • Council Rates – 3rd Instalment
  • Council Rates – 4th Instalment

Water Rates & Water Usage

  • Water Rates 01/01/202x – 31/03/202x
  • Water Rates 01/04/202x – 30/06/202x
  • Water Rates 01/07/202x – 30/09/202x
  • Water Rates 01/10/202x – 31/12/202x

Water Usage (Tenant charges)

  • Water Usage 01/01/202x – 31/03/202x
  • Water Usage 01/04/202x – 30/06/202x
  • Water Usage 01/07/202x – 30/09/202x
  • Water Usage 01/10/202x – 31/12/202x

Strata/Body Corporate Levies

  • Strata Levies 01/01/202x – 31/03/202x
  • Strata Levies 01/04/202x – 30/06/202x
  • Strata Levies 01/07/202x – 30/09/202x
  • Strata Levies 01/10/202x – 31/12/202x

Not all strata levies will reflect these periods, but the period should always be entered to make it easy for referencing.

If the bill is for Special levies then the description will be Special Levy – followed by the reason.

For example: “Special Levy – Ramification Works”

Insurance Policies

It’s important to enter the type and period of cover so that it’s easily identifiable for the client.

Landlord Insurance 01/01/2021 – 31/12/2021

Other Creditor Invoices

Enter as much detail as possible in the detail line.

For example, enter a plumbing invoice as: “Onsite Call Out to Investigate HW Leak”. as opposed to “Plumbing”.

Some other general descriptions

  • Pool Maintenance XX/XX/XXXX
  • Lawn & Garden Maintenance XX/XX/XXXX
  • Smoke Alarm Compliance
  • Carpet Cleaning
  • Cleaning Service
  • Common Area Cleaning (Can be used when works completed cover multiple areas)

As you can see, our descriptions use title case as it looks professional on the Owners statement, similar to report writing.

Each agency is going to be different, depending on your State or Territory, your trust accounting software capabilities and your clients.

If you would like to know more about our invoice entry services, don’t hesitate to get in contact with our team and discuss how we can alleviate this process for you.

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.