easyACCOUNTING was designed from the ground up as a comprehensive integrated product to meet the complete and unique needs of Real Estate brokerages in Canada. It wasn’t adapted from a foreign system or as a tacked on “module” to a generic product.
It is almost a forgone conclusion that any accounting package will do the standard bookkeeping tasks such as General Ledger, Accounts Payable and so on, but for a real estate brokerage, that isn’t enough.
Generic products such as QuickBooks and Peachtree have several features in common with easyACCOUNTING such as Accounts Payable and General Ledger, but they simply don’t have what it takes to properly and efficiently operate a real estate brokerage. Without the features that make easyACCOUNTING distinctive, many tasks required of a real estate brokerage must be handled manually.
Here is a brief overview of just a few of the functions needed by a real estate brokerage that a generic accounting package simply cannot do and would need to be done manually:
Trade Records and Trust
Trades are the heart and sole of a Real Estate brokerage. The process of recording “deals” is of tremendous importance and is the most complicated part of Real Estate accounting and management.
Unlike a traditional retail sale, the entire transaction isn’t completed with the signing of the contract. You have funds receivable from multiple sources, payable to multiple sources, commission trust funds, statutory trust funds, and up to three bank accounts. To make matters worse, all this does not happen at the same time, it may be days to months from the start of the deal until its conclusion.
Just some of the paper work easyACCOUNTING does for you:
- Trade record sheets for each agent
- Notification letters to the lawyer(s)
- Commission invoices to the lawyer or other broker
- Payroll cheques to agents
- Commission cheques to other brokers
Done manually, from the start to the conclusion of the deal, hours can be required. We have taken the most complex part of running a real estate brokerage and simplified it to the point that a virtually untrained operator can be keying in deals quickly.
Payroll is built in, not an extra cost add on module or subscription based web service.
Real estate companies are unique because they will frequently allow their staff to work overtime hours typing, etc. for their agents. One of the may features of administration payroll in easyACCOUNTING is that you may pay your staff for their overtime and charge back the cost to your agent in a single step.
Some offices as a service will place their agents personal assistants on their payroll, taking care of all the source deduction withholdings, tax remittance, and government documentation, and charging the agent back for all the expenses (including government taxes). easyACCOUNTING make this whole process effortless so that you may provide a valuable service to your top agents at little or no effort or expense.
Both employed and independent contactor agents can be handled on the same payroll. You have the option of paying your agents from your general or Commission Trust account.
As you know, commission split plans are as varied as the agents. You can have as many commission plans as needed, fixed rate, percentage or floating scale. GST/HST for independent contactors is calculated and tracked automatically.
More and more, agents have an outstanding account at the same time they are being paid commissions, with easyACCOUNTING, you have the option of automatically recovering these funds.
For a regular business, Accounts Payable funds move in only one direction - from the company to the supplier. In real estate, many payables are also receivables; for example a bill for a newspaper ad would be recoverable from one (or more) agents. With easyACCOUNTING, you need to enter the information only once and all the appropriate payable and receivable transactions are created for you.