As a Management Rights owner, Trust Accounting is at the core of your business. Therefore having a software solution which can provide accurate real-time data & automated reporting is essential to on-going compliance & legislative adherence.
However, for many business owners, transitioning to an automated system or from one platform to another can be a daunting process.
Across our experience within the Management Rights industry, we've seen first-hand the various solutions available, and have developed a strong understanding of how to help manage the transition to a digital platform with limited disruption to your business.
If you're considering a transition to a new Trust Accounting software, we've covered some helpful tips to consider - helping make the change a littler simpler:
Before Switching Your Software Platform
There are a variety of Trust Account software packages available including REI Master, Console, PropertyMe, RMS, EzyRez, and HiRUM - therefore research is key when making a final decision.
When deciding which platform best meets the needs of your business/complex, consider the number of units under management, complexity of the management systems, the training & services provided, and the overall cost.
Additionally, ensure the software package, whether a cloud-based or desktop-based product, will best meet your needs.
What to do ahead of the software transition?
Once you have decided on the best appropriate platform for you and your complex, it is important to undertake some simple pre-planning before conducting the transition to a new package.
- Give your database a "clean"
A change of software solution can be an ideal time to 'clean-up' the information being recorded in your current platform. By 'spring cleaning', you ensure current & accurate information is being merged across to your new solution - helping you to find information quicker and without hassle once fully integrated.
Additionally, by reviewing your existing database, your new platforms' reporting functions will produce clear reports and insights into the exact number of properties you manage, creditors, etc.
- Close Off End of Month
Complete your End of Month and disburse the Trust Account funds. Pay all your owners, creditors, and management fees as close to a zero balance as possible.
- Print All Reports from the Old System
It is important to keep printed hard-copies of all your standard End of Month reports - including EOFY Statements, Cashbook, Trial Balance, Reconciliation, and Ledgers.
This will allow you to review the information that has to be input into the new platform - ensuring the merge is free from error or duplication.
- Print Owner, Tenant, and Creditor Ledger Reports
Again, it is important to keep printed hard-copies of all the reports listed in the old software platform.
As with the above, this will allow you to review the information that has been input into the new software package - ensuring accuracy and free from error.
Following the Transition to a New Software Platform
Once the transition to a new platform is complete, it is important to ensure income rates, unit owners' details, deposits, fees, and GST are all correctly merged and set-up in the system.
It may also be beneficial to keep your existing product active for a short period following the switch. This will provide you with the ability to cross-check details, and a strong back-up of information - should there be any need.
For More Information
For more information on transitioning your Trust Account software or how Archer Gowland can be of assistance with your on-going compliance or Trust Account auditing - please contact Smiljan Jankovic - Director & Management Rights Specialist on (07) 3002 2699.