Are you tired of drowning in paperwork and struggling to keep track of trust accounting for your real estate business? As a real estate agent, you know how important it is to stay on top of your finances, especially when dealing with money that isn't your own. The good news is, trust accounting software can help simplify and streamline the process, leaving you with more time to focus on what really matters - closing deals!
But with so many options on the market, choosing the right trust accounting software can be overwhelming, which is why we’re going to break it down for you. In this article, we've compiled a list of the top five features to look for in real estate software to make trust accounting a breeze. From tracking transactions to automatic reconciliations, we'll guide you through the process of identifying the key features that set the game-changing software options apart from the mediocre ones.
Pick The Right Accounting Software For Your Industry
Different business models need very different accounting software, so it’s best to opt for a trust accounting feature that’s designed specifically for real estate and business sales. These purpose-built accounting platforms can cater to commercial and residential leasing, and some even come included as part of a more comprehensive customer relationship management (CRM) platform.
Keep It Simple And Forget Third-Party Accounting
Embracing a CRM that’s made just for real estate agents, and which also allows you to keep track of trust accounts and ledgers directly within the platform, will help save you time, hassle, and money. It eliminates the need for third-party trust accounting software, and allows you to manage all your trust accounts from one single platform.
One of the key benefits of having a trust accounting system built directly into your CRM, is that it allows you to easily keep track of all money coming in and out of your trust accounts for each sales contract and/or tenancy. You can disperse funds with the click of a button, reducing the risk of errors and improving your efficiency. Plus, because all the information is stored in one place, you'll have a clear record of all transactions, making it easier to reconcile your trust accounts.
Ensure Compliance And Easy Access To Archived Reports
Reconciling trust accounts is an essential task that can be time-consuming, but it's crucial for ensuring compliance with regulations and avoiding legal issues.
A good built-in trust accounting system will allow you to reconcile your trust accounts quickly and easily, and permanently store archived reconciliation reports in a way that allows them to be accessed easily, and at any time, in case of an audit.
Ideally, you want trust accounting software that offers extensive reporting and auditing facilities. If you have easy access to everything you need for trust accounting, it will be simple to stay compliant with regulations, and ensure your finances are managed effectively.
Check For Hidden Fees And Automatic Tracking
Look for a trust accounting feature that has been fine-tuned to make record-keeping and reporting a breeze, without it costing you a fortune. You want to be able to set up unlimited trust accounts and ledgers without any restrictions or extra fees. You will also want a system that can automatically track transactions across sales contracts and leases, eliminating the need for manual data entry and reducing the risk of errors.
Look For Built-In Invoicing
The last feature we want to suggest for your trust accounting system, is built-in invoicing. This feature will ensure you can keep track of payments and pay invoices directly from your trust accounts, reducing the need for manual data entry and ultimately streamlining your workflow.
Plus, because everything is stored in one place, you'll have a clear record of all payments and invoices, making it easier to manage your finances.
Feature Of The Week: Trust Accounting Software
A comprehensive CRM with a built-in trust accounting system is an essential tool for any real estate agent. It simplifies the process of managing trust accounts, eliminates the need for third-party software, and improves efficiency and compliance with regulations.
And MantisProperty's ultimate CRM for real estate agents and business brokers does all this, and more.
Their fully functioning trust accounting system is built into their CRM, and is a game-changing piece of software for any agent serious about streamlining their accounting processes.
MantisProperty's trust accounting software means you can easily keep track of all money coming in and out of trust accounts, reconcile trust accounts quickly and easily, and access archived reconciliation reports in case of an audit. Plus, with built-in invoicing and extensive reporting and auditing facilities, you'll have everything you need to manage your finances effectively.
If you’re ready to step up your agency’s accounting game, take a look at MantisProperty's solution today: https://www.mantisproperty.com.au/trustaccounting.aspx