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How to choose the right trust accounting software

With the demographic of Real Estate Agents, Property Managers and Trust Accountants ever-changing, many offices are looking to update their trust accounting software.

There is a lot to consider when reviewing all of the options and, while we won’t be comparing the different products available, we want to help you with an outline of the items to consider before making your decision.

Firstly, the new trust account software will not be an exact copy of your current, so you need to look at what the pros and cons are. What are the existing elements or key tasks performed that you couldn’t live without?

What else should you consider?

Is the software Cloud or Server based?

Clients are expecting quicker answers and updated information at their fingertips, with cloud software you can access the database anywhere any time. Server based software requires space in your office for the server technology and restricts access without use of a VPN.

Is it user friendly?

Make sure when considering the new software that it is user friendly and intuitive. A better user experience will enable you to use the software more. If you aren’t the person that is using the software every day, it might be a good idea to get your team involved in the decision.

What training is on offer?

Most new software has quick and easy videos with step by step tips, but other training options are available? Does the new software come with training and how is this delivered moving forward?

Do the reports give you the info you want?

Think about what reporting features you are using in your current software? Is there a similar options, or maybe an improved version? Make sure you check if the reports are included, an add on feature and if they can be modified?

Does it help streamline your processes?

Is the new software going to streamline these processes for you or make it lengthier? What automation features does it offer? Of course, all new trust accounting software should be compliant with your states legislation; however it is always good to check!

What are the benefits for your client?

Remember, it’s not just about you! If you are thinking about moving software what added bonuses is this going to give your owners and tenants? Make sure you look into these benefits and the impact they will have on your clients. One comes to mind – ownership statements – do they make it easier for your owner to understand?

Moving software is definitely not an impulse decision, and it’s important you do your own research. There will be an impact on your whole business. So, when looking at the options remember to keep in mind the above tips and work out what’s right for you and your business.

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Janine Kennedy

Phone: 02 8355 4999 Mobile: 0401 743 011 Email: janine@realplus.com.au

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