At Think Cloud Solutions, we don't like the word "outsourcing" when it comes to handling your trust accounting. Instead, we prefer the term "caretakers." Whoever you appoint to manage your trust accounting is someone who is taking care of the foundations of your business: your rent roll.
Understanding the Importance
Whether someone in your team manages your trust accounting, or you appoint a team like ours, you should see it as a "caretaking" role. So many agency principals we meet can’t read a trial balance or a bank reconciliation. Why is your biggest asset your least important one? Why are you giving this asset to a Property Manager, who might leave? Creating your asset for retirement should be a priority. Ensure that whoever looks after your trust accounting is a "caretaker."
Beyond Outsourcing: Comprehensive Trust Accounting
Think Cloud Solutions offer outsourced trust accounting services that are so much more than just outsourcing. Trust accounting involves the meticulous management of the finances associated with collecting rent from tenants, holding that money in a statutory trust account, and disbursing it to landlords after deducting any paid invoices and service fees. This process is crucial to the financial health and compliance of your real estate business.
The Caretaking Approach
We advocate for deleting the word "outsourcing" because we view ourselves as integral caretakers of your trust account. We believe that whoever you appoint to manage your trust accounting should be seen as part of your team, taking care of the business’s foundations. This caretaking approach ensures that your trust accounting is handled with the utmost diligence and personal investment.
Why Your Trust Account Matters
Many agency principals and business owners do not fully understand how to read a trial balance or a bank reconciliation. This lack of understanding can lead to the neglect of one of the most vital aspects of their business.
When this is your biggest asset, why on earth are you not prioritising it?
Ensuring Stability and Continuity
Why entrust the responsibility of managing your trust account to a property manager who might not stay with you for their entire career? Property managers typically work for a few years before moving on, leaving your crucial trust accounting processes vulnerable. If you are serious about building a robust business, a substantial rent roll, and a significant property management department, then you are essentially building an asset for your retirement. It is essential to have a reliable and experienced caretaker for this asset.
The Scope of Property Management Accounting
Property management accounting involves various critical processes, such as daily receipting, mid and end-of-month processing, daily bank reconciliations, monthly reconciliation, and much more. At Think Cloud Solutions, we ensure these processes are handled efficiently and accurately. Our services allow you to maintain compliance with government regulations, reduce the workload for your team, and benefit from the expertise of experienced trust accountants.
Expert Insight on Property Management Accounting
As highlighted by MRI Software, "Property management accounting is the process of managing the finances for a property management company and its clients. This includes collecting rent payments, paying invoices, managing security deposits, and reconciling accounts." This comprehensive approach is precisely what Think Cloud Solutions offers, but with a personal touch that makes us more than just an outsourced service.
A Partnership for Success
Ultimately, whether you manage your trust accounting in-house or partner with a caretaking team like Think Cloud Solutions, it’s crucial to see it as caretaking. This mindset ensures that the responsibility is not merely ditched because it seems confusing, but rather prioritised as a vital component of your business. By working with us, we become part of your team, offering you the peace of mind that your trust accounting is in expert hands.
Contact Us
Contact us to discuss outsourcing your trust accounting. Visit our website at Think Cloud Solutions. Let's build your assets for the future together.
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