Is your commission and expense tracking process frustrating?
Tracking commissions and expenses accurately is crucial to understanding the financial health of your brokerage. However, keeping track of so many moving parts can be difficult and time-consuming for your team. And, manual commission/expense tracking is error prone – taking more of your team’s time away from high-value tasks.
To make commission and expense tracking easy, you need real estate accounting software. With the right accounting software, your team can breeze through commission and expense tracking. Wondering how? We’ll cover everything you need to know to streamline your tracking process. To start, let’s take a look at the first step – consolidate your back office.
The first way to make commission and expense tracking easy with real estate accounting software is by consolidating your back office.
To track commissions and expenses, your back office team needs data from transaction management, commissions, agent management, and more. If you don’t have a complete back office platform, your team has to manually hunt through all of your tech tools to find the data they need. This is time-consuming and tedious for your team.
Accounting software that’s part of a complete back office platform can eliminate the need to search for data in many different tech systems. With a complete back office platform, your team has everything they need in one software solution. Your team can quickly and easily find the data they need to track commissions and expenses because they only have to check one place.
By consolidating your back office data, accounting software that’s part of a back office platform makes commission and expense tracking easier.
Automating data entry is another way real estate accounting software can make commission and expense tracking easy.
Once your team finds the data they need to track commissions/expenses, they need to manually enter it into a spreadsheet. Entering so much data is not only time-consuming but also has a high chance of error. If your team makes tracking errors, you won’t have a complete picture of your brokerage’s financial health – making it hard to make smart business decisions.
With the right accounting software, your team can automate data entry. Accounting software equipped with automation can automatically find the data that needs to be tracked and compile it into a report or easy-to-understand dashboard. This gives you an accurate picture of your brokerage’s financials. And, it frees your team up to focus on growing your brokerage.
Along with automating data entry, customized tracking is another way to make commission and expense tracking a breeze.
Your brokerage has its own unique commission and expense structure. However, many real estate accounting software solutions only allow you to track commissions and expenses a certain way. If the pre-built commission and expense tracking doesn’t work for your brokerage, your back office team has to do it manually – which is harder and more time-consuming.
Instead of making do with inflexible commission and expense tracking, you need accounting software that lets you customize your tracking. With the right accounting software, your team can create custom reports and dashboard views that track commissions and expenses your way.
Customized commission and expense tracking reduce manual work for your team – making the whole process easier and faster.
In addition to customized tracking, accounting software can make commission and expense tracking easier by integrating with external accounting tools.
Even with a complete back office platform, you might need to use outside accounting tools (like QuickBooks). However, many back office platforms have limited integration. If your team wants to transfer data between your back office and QuickBooks, they have to do it manually – wasting time and reducing accuracy.
With the right accounting software, you can automatically transfer data to third-party tech tools. Accounting software with wide integration allows data to flow from your back office to your other tech tools. That way, your team can simply click a few buttons to get the data they need where they need it – instead of having to manually transfer it.
By having wide integration, accounting software makes it easy for your team to track commissions and expenses with whatever tools work best.
With ACH payments, your team can further simplify commission and expense tracking.
After tracking commissions, your team needs to pay agents. Prompt agent payments keep your top performers happy and productive. However, paying agents can be difficult for your team with manual methods. Paper checks can be a lot of work to create and get to agents. And, they’re often slow – resulting in unhappy agents.
Accounting software with next-day ACH payments makes paying agents a breeze. After calculating and tracking commissions, the accounting software can automatically deposit agent payments into their accounts. With less work, your team can pay agents quickly – leading to higher agent satisfaction.
Commission and expense tracking helps you understand your brokerage’s financial health. Only with an accurate and complete picture of your finances can you make the best business decisions for your brokerage. However, manually tracking commissions and expenses can be time-consuming for your team and error-prone – leaving you without the crucial info you need.
To make commission and expense tracking easy, you need the right real estate accounting software. This accounting software should be part of a complete back office platform, have automation, customize tracking, integrate widely, and use ACH payments.
With the right accounting software, your team can breeze through commission and expense tracking – while providing the insights you need to grow your brokerage.
Looking for accounting software to make commission and expense tracking easy? Brokermint is the way to go. As a complete back office platform, Brokermint consolidates your back office to enable seamless data flow. Plus, Brokermint has powerful automation to eliminate data entry and wide integration. In Brokermint’s accounting module, your team can customize tracking and use next-day ACH payments to pay out commissions.
Along with accounting, Brokermint has four other back office modules – transaction management, commission automation, agent management, and reporting and analytics. With Brokermint’s complete back office platform, you’ll have everything you need to streamline and modernize your back office.
Book your Brokermint demo today to see how accounting software can make your commission and expense tracking a breeze.
Schedule a demo and see your back office with Brokermint.