TIMING IS EVERYTHING
Having the right trust accounting software is going to make your life a whole lot easier. If you are having difficulties with your current provider, it is well worth the effort doing some research and making the switch. Like changing banks or insurance providers, changing trust accounting software is probably at the bottom of your ‘things I’m excited about’ list, but come July 1, you’ll be happy you did.
WHEN IS A GOOD TIME TO MAKE THE SWITCH?
The end of the financial year is fast approaching. In fact, it’s just 73 days away – eeekkk! So, if you are thinking about making the switch to a new trust accounting software provider, start doing your research now. Moving over to a fresh new system come July 1st will mean clean financial records for the new financial year and more streamlined statements for your clients. Plus, everyone likes a clean slate come July 1st.
If you are unsure where to start or want to make sure you are armed with everything you need to know, be sure to read our previous post on 10 questions to ask when considering a new trust accounting software provider. Ask questions and make sure you are 100% happy with their credibility, service and certifications – as it will save costly penalties down the track.
RESEARCH IS KEY
When considering your new provider, we have two main issues that crop up regularly – that of cloud-based vs server software and provider compliance.
CLOUD OR SERVER BASED?
Once again, the choice is up to you. We have previously discussed the Best Solutions for your Trust Accounting outlining the pros and cons of cloud-based and server-based systems including functionality, backup, accessibility, speed and cost. Both do the job, both have their positives and negatives and it is really a choice of personal preference.
THE BIG QUESTION IS – ARE THEY COMPLIANT?
It is essential to ensure your new trust account software is compliant with your states legislation. In the past some providers have failed to keep up-to-date with changes in state regulations and have paid the price. Don’t be one of them!
A recent article in Residential Property Manager (RPM) discusses some of the trouble clients can unintentionally expose themselves to through utilising uncertified trust account software providers. If in doubt, seek assistance from your auditor to ensure you are 100% confident. It’s always worth double-checking.
To arm our clients with the knowledge to choose the right software, we have outlined 8 checks to ensure software compliancy on a previous blog. Take a look and ensure each point is checked off with your new software.
So, the clock is ticking. Just 73 days left til July 1st! Use those 73 days well and arm yourself with information, get researching and make the switch!
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~ 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 19 years industry experience. Don’t trust just anyone with your trust accounting. Trust End of Month Angels and get back to what you do best – growing your business.