Does your accounting software have everything your brokerage needs?
Real estate accounting software can make it easy to monitor cash flow, track commissions, pay agents, get paid, and more. However, if your accounting software lacks top features, it can be frustrating and difficult to manage your accounting with tech.
By looking for real estate accounting software with must-have features, you can ensure your accounting software maximizes profitability and productivity. We’ll cover everything you need to know about the top features you should look for in accounting software. Let’s take a look at the first must-have feature – tracking cash flow.
The first must-have feature real estate accounting software should have to maximize profitability is tracking your cash flow.
Tracking assets, keeping records, managing accounts, and knowing where money is moving at any point is crucial to good accounting and growing your brokerage. However, manually keeping track of cash flow, assets, records, and more can be time-consuming and challenging for your team. Instead of focusing on high-value tasks (like managing more transactions), your team has to manually track and monitor accounting data.
With the right back office software, your team can monitor cash flow quickly and easily. This software can automatically track and store cash flow data. Plus, with this software, your team can generate custom cash flow reports in minutes. Between custom reports and a cash flow dashboard, the right back office software makes it a breeze to monitor your brokerage cash flow.
Cash flow monitoring is an essential feature your accounting software should have to maximize profitability. With cash flow monitoring, your team can save time while keeping an eye on assets, records, accounts, and more.
Another essential feature your accounting software should have is wide integration with third-party accounting tech.
While the right accounting software should meet most of your accounting needs, you’ll likely still need to use third-party tools at some point. If your accounting software doesn’t have wide integration, your team will have to give up tools that work well for them. And, if you need to do franchise reporting, a lack of integration means your team will need to compile the reports manually – wasting time.
Real estate account software with wide integration makes it easy to use third-party tools that work for your brokerage. With third-party integration, your accounting software can automatically transfer data to and pull data from software tools like QuickBooks and franchise reporting systems – saving your team hundreds of hours in data transfer a year.
Third-party integration is a must-have feature of your accounting software because it empowers your team to use tools that work for them – while reducing the time your team spends on data entry and transfer.
Along with wide integration, your accounting software should also have commission tracking.
Quickly and accurately paying commissions is essential to agent recruitment, retention, and satisfaction. However, manually managing commissions can make it difficult to pay agents correctly or on time. This manual management means your team has to find data, enter it, calculate commissions, and transfer this data to payment systems – which can create a long and error-prone commission process.
The right accounting software can make commission tracking a breeze. This software can automatically track commissions for every agent, pull data to calculate commissions, and send this data to your payment processing software. With these commission tracking features, your team can pay agents quickly and accurately with less work.
Your brokerage accounting software should be able to track commissions to keep agents happy and free your team up to focus on growing your brokerage.
In addition to commission tracking, your accounting software can help you maximize profitability with agent billing.
Billing agents for expenses can be time-consuming. Your team has to track all agent expenses, create invoices, send invoices, collect payment methods, and more to bill agents. With agent billing being so much work, it can seem hardly worth it. But, if your team doesn’t bill agents for expenses like marketing or operating costs, you’re leaving money on the table.
With the right accounting software, you can simplify agent billing. This software can automatically track all expenses for each agent. And, the right accounting software makes it easy to draft custom invoices and send them to one or more agents. Plus, this software can store agent payment methods to automatically collect payments – boosting your revenue.
Accounting software should include agent billing to streamline the billing process and maximize your revenue.
Lastly, your accounting software should have next-day ACH payments to streamline and speed up agent payments.
Manually paying agents can be a time suck for your team. With manual agent payments, your team has to manually calculate payments, write checks, and either mail or track down agents to hand them checks. This whole process can take hours every week. And, manual agent payments are slow – leading to unhappy and less productive agents.
The right accounting software can dramatically speed up agent payments with next-day ACH payments. With next-day ACH payments, your team deposits payments directly into agent bank accounts in as little as one day. This eliminates much of the manual agent payment work while speeding up payments to boost agent satisfaction and retention.
With next-day ACH payments, your accounting software can reduce your team’s workload, improve agent satisfaction, and allow your team to focus on tasks to grow your brokerage.
Real estate accounting software is essential to managing brokerage finances and making smart financial decisions. However, without top features, your accounting software will struggle to meet your needs and maximize profitability.
To find the best real estate accounting software for your brokerage, you should ensure it has top features like cash flow monitoring, third party tool integration, commission tracking, agent billing, and next-day ACH payments. With these top features, it will be a breeze to maximize profitability with your accounting software.
If you’re looking for the best accounting software, Brokermint is the way to go. Brokermint’s accounting module makes it easy to monitor cash flow, track commissions, and manage agent billing. Plus, Brokermint’s complete back office platform has wide third-party integration. And, Brokermint’s accounting module has built-in next-day ACH payments.
Along with accounting, Brokermint has four other back office modules – transaction management, commission automation, agent management, and reporting and analytics. Brokermint’s complete, cloud-based back office platform has everything you need to streamline and modernize your back office.
Book your Brokermint demo today to see how you can maximize profitability with the right accounting software.
Schedule a demo and see your back office with Brokermint.