It’s the New Year and a fresh start!
But wait… there’s a whole year of accounting to deal with. While reflection is a great tool for learning and growth, cleaning up the mess from the previous year doesn’t contribute to new year goals.
Real Estate accounting season kicks off in January with 1099 preparation, T4a preparation and Franchise reconciliations.
There aren’t a lot of accounting fans, which is why it often falls off the radar and the majority of us are playing catch up in January. Rather than getting a new business year off to a good start we focus on a year’s worth of reconciliations and review.
Let’s change that!
Technology Stack
The New Year is a great time to think about making changes to your Real Estate Brokerage’s workflow and technology stack. 2019 is the year to upgrade your operations so you can enjoy mobility, offer visibility to your Agents and get your house in order.
Converting to a new platform can seem like a daunting task but in our opinion, there is no better time to review your technology stack and make changes then when you’re reviewing and reconciling data.
In 2019, your systems should be talking to each other. The concept of data entry is dying and the freedom and availability of online systems is a must. Your systems need to be mobile and integrate in order for you to be competitive in today’s market. Whether your focus this year is selling, recruiting, or retaining your Agents, your technology stack needs to keep you out of the weeds and focused on your goals.
Making the Switch
You might think that it’s difficult to switch accounting softwares if it’s not the end of the year. Agent annual earnings and fee structures often reset January 1st, making the transition at the end of the year the simplest. However, migrations are becoming easy with advanced technology, so early and mid-year conversions aren’t painful. January 1st has passed but the opportunities haven’t.
We can help! Loft47 will beautifully import all Agent records, fee structures, supplier lists, GL accounts, post earnings and fees generated up to your conversion date. Agents year-to-date information will always be accurate and ready for 1099 reporting and T4a reporting.
Benefits of Loft47 Over Traditional Legacy Systems
The ease of switching is just one benefit to utilizing modern, intelligent, web and mobile friendly software. Here are some other notable pluses:
- Loft47 is completely cloud-based and mobile responsive so it runs on any device, including tablets and smartphones.
- Loft47 uses Xero as the accounting backend, which accommodates bank and credit card feeds to reduce bank reconciliation time by approximately 75%.
- Loft47 includes logins for all Agents, including visibility to deals, production and commission paid information. Plus, self-serve 1099s and T4As.
- Loft47 does not charge for additional offices under the same Tax ID, nor does Loft47 charge any per-user login fee.
- Unlike any other product available on the market, Loft47 also offers each Agent full automated accounting in addition to accommodating the needs of the Brokerage. As well, Loft47 reduces the Brokerage’s monthly fee according to the number of Agents that sign up to Agent47 for their own accounting data feed.
- Loft47 integrates with transaction management platforms like DocuSign, Dotloop, and Skyslope to alleviate the time you spend closing your transactions.
This year, get a fresh start to the New Year by transitioning from your current back office software to Loft47’s modern choice and simplify commission payouts in 2019!
We are always available to discuss Brokerage solutions, as well as general workflow efficiency.