EAAB Audit Compliance Made Easy
As you may of you already know, it is a requirement that every registered estate agent and Estate Agency firm must obtain a current Fidelity Fund Certificate (FFC) to be granted a licence to practice in lettings and sales.
To gain an FFC, every Estate Agency firm is required to submit their audit reports for the trust and business accounts to the EAAB annually, within a four months of an estate agent’s financial year end.
In order to be audit compliant, proper controls should be in place for all trust money held in the trust accounts; as well as, funds being transferred from the Agents Trust Account to their Business Account need to be carefully computed and verified so as to avoid situations where the Trust Account is in a “deficit”. This means that specialised trust management software becomes vital in ensuring that you remain fully complaint with these regulations.
USING PROPERTY MANAGEMENT SOFTWARE TO MANAGE YOUR OWN ACCOUNTS WHILE REMAINING FULLY COMPLAINT
The latest developments in specialised software are now allowing agents to effectively manage their Trust, Deposit and Business accounts without the need for expensive services. Trust management software empowers agents to feel confident that their trust accounts are optimally managed and documented while still remaining in full control of their own accounts.
WHAT SHOULD YOU LOOK OUT FOR WHEN CHOOSING THE RIGHT SOFTWARE SOLUTION:
Control and Ownership: Will you remain the owner of your trust account and are there enough checks and balances in place to ensure that you are still fully complaint?
Trust, Deposit and Business Cashbooks: Can you easily manage and audit all your cashbooks in one
system?
Affordability: Will you still remain profitable while making use of the service or software?
Access to Information: Are your documents and data available online and is it easily accessible and secure?
Lease and Property Management: Does it have the proper reporting and management tools for the
daily management of your leases such as repairs and inspections, leases expiring, tenants in arrears and agent fee splits?
Listings: Are you able to easily list your Rentals and Sales properties for optimum brand exposure?
Ease of Use: Is the program intuitive and easy to understand?
User Hierarchy: Are there user restrictions available?
Support and Training: Is there continued training and proper software support?
HOW CAN YOU ACHIEVE THIS?
The PropWorx Admin and Accounting Management software has been written with the advice of Auditors, Accountants and Attorneys, and has a complete Trust to Business Control function. Reports, bulk correspondence and a state of the art payment system are amongst many of its features. It will save you time and money by helping you anticipate problems as well as reduce errors and long tedious transactions.
Think carefully about how your business works. If your passion is seeing your business thrive, then partner up with this quality and trusted property management solution, to ensure you run an efficient and profitable operation.
Learn more how PropWorx can Help you become EAAB compliant
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