Do you have an efficient accounting process that helps your brokerage grow?
Accurate accounting is crucial to understanding your brokerage health. However, good accounting can be time-consuming and tedious, making it hard for your team to be productive and grow your brokerage.
By streamlining your accounting, you can increase your team’s productivity and the number of transactions they can manage. We’ll cover everything you need to know to streamline your brokerage accounting to boost productivity. To start, let’s take a look at the first way to streamline your brokerage accounting – tracking everything in one place.
The first way to streamline brokerage accounting to increase productivity is to track all of your accounting data in one place.
To manage brokerage accounting, your team needs data about cash flow, expenses, agent billing, transactions, and more. If you have separate point solutions or low-tech methods (like spreadsheets) to manage this data, your team will have to waste tens of hours a week just on finding data. This lowers productivity and brokerage growth.
With the right back office software, you can streamline your accounting process by consolidating your back office technology into one platform. This complete platform allows your team to manage your entire back office (like transaction management, commissions, and accounting) in one place. That way, your team doesn’t have to waste time hunting for the right data.
By tracking your accounting data in one place, you can reduce the time your team spends on finding data – increasing productivity and brokerage growth.
Another way to streamline your brokerage accounting and boost productivity is to automate tedious accounting tasks.
Manually managing accounting means your team has to spend a lot of time on menial tasks, like data entry, billing, creating statements, sending reminders, transferring data, and more. With your team spending so much time on these low-value tasks, they have little time to focus on anything else – lowering their productivity.
The right back office software can automate these low-level tasks for your team. This software can automatically transfer data, perform calculations, generate statements, send bills, remind agents to pay, and more. By automating these tasks, your team has more time to focus on brokerage growth activities – like managing more transactions.
With automation, back office software can streamline your accounting by reducing your team’s manual workload – increasing productivity to boost growth.
Along with automation, back office software can increase productivity by making custom reporting easy.
Your brokerage has its own unique needs. Yet, many accounting solutions only have pre-built reports (like cash flow, expenses, and billing). If you need another accounting report that’s specific to your brokerage (like franchise or commission reporting), your team will have to manually create it. This can take up hours or days per report – decreasing your team’s productivity.
With the right back office software, custom reports are a breeze. The right back office software should have custom reporting capabilities that require only a few clicks for your team to generate the exact type of report needed. This saves your team hours, days, or weeks – increasing productivity and allowing them to focus on growing your brokerage.
By having custom reporting capabilities, the right back office software can save your team a lot of time – boosting productivity and brokerage growth.
Lastly, the right back office software can help you streamline your accounting to boost productivity by having wide integration.
Even with a complete back office platform, your team may still need to use third-party tools (like QuickBooks). If your back office solution doesn’t have wide integration, your team will be stuck manually entering and transferring data. This can add hours of work to your team’s plate each week, which decreases productivity.
To streamline accounting, you need a back office platform with wide integration. With good integration, your back office platform can create a seamless data flow with your third-party tools. That way, your team doesn’t have to manually enter and transfer accounting data. Instead, this software can do it for them – helping your team take back their time and be more productive.
With wide integration, back office software can streamline your accounting process and boost productivity by creating a single source of truth across all your accounting tech. Your team can spend less time on data entry and transfer, and more time on what matters – growing your brokerage.
Good accounting is key to understanding your brokerage’s financial health, finding opportunities to improve, and knowing how to grow your brokerage. But, manual accounting can be incredibly time-consuming for your team. With your team spending so much time on menial accounting tasks, they have less time to grow your brokerage.
Streamlining your accounting process with back office software can free up time and help your team be more productive. By tracking accounting data in one place, automating accounting tasks, creating custom reports, and having good integration, the right back office software can improve your accounting process and increase productivity.
If you’re looking for the best back office software to streamline your accounting, Brokermint is the way to go. Brokermint’s complete back office platform allows you to track all accounting data in one place. Plus, Brokermint’s wide integration, automation, and custom reporting have everything you need to improve accounting and boost productivity.
Along with accounting, Brokermint has four other core modules – transaction management, commission automation, agent management, and reporting/analytics. With these five modules, you’ll have everything you need to modernize and streamline your back office.
Book your Brokermint demo today to see how you can streamline your brokerage accounting to boost productivity.
Schedule a demo and see your back office with Brokermint.
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