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 >>
Time to Get Your Ducks in a Row As we have all been caught up in everything COVID, End of Financial Year has well indeed crept right up on us. In response, this month's theme is EOFY and audits in preparation for the month ahead. As before you know it, June 30 will be knocking on the door and demanding ... 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 >>
We have a list of wonderful clients who are sales only agencies. No rent rolls. On top of that, some only have a handful of transactions a year. So with this in mind, we often get asked 2 questions: 'Do I really need trust accounting software?' 'How often do I need to reconcile?' The answer to question #1 is simple. ... read more >>
The Time When You Don't Want to be #1 Each year we see trends come and go in the world of Trust Accounting. One month, it may be issues with cloud-based software migrations or reconciliations. The next, it may be keeping up with compliance or an increased prevalence of internal fraud. The regular theme for the month just gone was ... read more >>
Banish Internal Fraud from your Office With the advances that technology provides, unfortunately with it comes the possibility of online fraud. Online trust account fraud can occur both by someone outside of the organisation without access to the trust account, and internally. As much as we would like to think this will never happen, the reality is that it does. ... read more >>
Get Ahead this Audit Season Audit season is on our doorstep. For many states, audit season falls between the 1st July through to the 30th September. For those who have moved to cloud-based software since your last audit, you may be confused as to what your auditor may be expecting to see. With cloud-based software, there are many processes you ... read more >>
How My Mums Advice Is Scarily Applicable to Trust Accounting May is the month for Mums. So in light all things mothers, we thought we’d ask our staff what annoying things their Mums used to say when they were growing up. Susan was quick to respond with ‘Don’t pull faces or the wind will change’. Well we guess she took ... read more >>
How to KonMarie Your Trust Account at EOFY Are you obsessed like us and an avid follower of the #konmarie method of tidying up? If so, then you’ll have probably watched Marie Kondo’s series in full on Netflix – Tidying Up with Marie Kondo. For those of you not on the tidying movement (for the uninitiated you should really give ... read more >>
