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 ... read more >>
Today we bring you two issues we are seeing crop up frequently in trust accounting forums and discussions relating to bulk Bpay and overseas transactions. We see clients discussing the limitations of their trust accounting software when it comes to processing Bpay in bulk and paying into overseas bank accounts. We set the record straight. Bulk Bpay We'll only say ... read more >>
Cashflow tight? Same goes for many other agencies and businesses across Australia at the moment. We are bringing you our top 6 cash flow tips to help you through when the going is a little tough. We all have them. The best way to get through them is to prepare and take stock of your expenses. Apart of course from ... read more >>
It's migration season. Not just for the whales up the east coast, but for your software. Agents across Australia are looking to take the digital step and migrate their old software over to cloud-based technology. We are surely but steadily ridding the trust accounting industry of old, clunky and out-dated software. Agents are realising the benefit and life-changing advantages of ... read more >>
We are officially in the lead up to the End of Financial Year (drumroll). This trust accounting EOFY leadup has been unlike any other we have seen in our lifetime. With the impact of COVID still too fresh, throwing EOFY into the mix might be enough to tip some over the edge. So we want to step in and help ... read more >>
When Going Paperless is the Norm Anyone who has the pleasure to sit my trust account training hears me speak of how I ran a paperless office in 2007. Yep, imagine that - a paperless office way back with 2007 technology. How did she do it?! Well, I tell a small lie. It wasn’t completely paperless. It was almost paperless ... read more >>
As we discussed in our latest blog, people in business make mistakes. From the rookies through to those who have been in the industry for over 10, or even 20 years, can still make monumental errors. Yet, it never ceases to amaze the extent of the trust accounting mistakes we see on a daily basis. So it prompted us to ... read more >>
Trust Breach. Fair Trading. Two simple phrases that are enough to send most agents into a panicked frenzy. Yet, similarly, like calls from the ATO, there is a rhyme and reason. Fair Trading has the purpose to ensure that agents are doing the right thing. That members of the public are not being disadvantaged financially as a result of a ... read more >>
Please Explain... This year, more than ever, we are seeing Fair Trading follow through on agents with qualified audits with a polite, 'please explain'. At the EOMA office, we come across common receipting errors which are at the heart of these qualified audits. One of the biggest and most frequent receipting error, is the timing between receiving and the receipting ... read more >>
What is a dishonoured rent payment? A dishonoured rent payment occurs when a rental payment made by the tenant bounces in the trust account. As a result, it is shown on the debit column of the bank statement. So when this happens, what do you do? We detail the best practice solution you can implement when a dishonoured tenant rent ... read more >>
