The Importance of Trust Accounting
9/12/2019
Sponsored by Travel Net Solutions (TNS)
When looking at Vacation Rental Property Management Companies (VRMC), the heart of the operation can arguably be said that vacation rental trust accounting is the most important feature of a Property Management System (PMS). It can be tricky managing owner accounting advance deposits, security deposits, refunds and more. With that being said, trust accounting can set apart the established, trusted management companies’ vs the fly-by-night operations. Learn the values and benefits of implementing an integrated vacation rental trust accounting software in your property management company today.
Consolidation
Finding a PMS that offers vacation rental trust accounting will create one centralized location rather than jumping from one program to another. Maintaining accurate accounting will simplify the monthly and annual reporting for the operations side of a VRMC, vendors and housekeeping, as well as owner accounts. From owners to VRMC, maintaining accurate year-end accounting reports is important. Help alleviate several common errors such as double entries and performing double tasks by consolidating multiple software vendors into an all-in-one PMS.
Customizable Reports
Make sure your trust accounting offers you customizable reporting to view full and accurate insights that affect key business decisions. Reporting is important for not only guest payments and owner payout, but also vendors.
- Owner Revenue Reports
- Annual Tax Forms
- Advanced Deposits
- Trial Balance
- Payment Distribution
- Year End Owner Analysis
- Revenue by Unit
- Deposit Reconciliation
- Bank Statement Reconciliation
- 2-way ACH Reconciliation
- General Ledger
- Monthly / Weekly Statements, Annual Statements
Understand the flow of revenue within your chart of accounts with the aggregate display of your company’s financial well-being. By understanding your reporting system, this allows your VRMC to make informed decisions with the data that is easy to review and analyze.
Secure Payments
Confidently accept payments from guests with a secure infrastructure. TRACK integrates with top payment processors and gateways in the industry. In a world with technology advancing at a blistering pace, fraudulent activity is near impossible to avoid. When guests visit your rentals, an important service to provide is a safe payment method. From the first moment that a guest or owner interacts with your VRMC to the completion of their stay, having their privacy and security in mind is paramount. Offering a PCI compliant payment solution, combined with a PCI compliant software vendor that keeps Personal Identifiable Information (PII) as one of their top priorities will make the best VRMC’s prosper. Verify that your trust accounting system is PCI certified and follow GDPR standards.
More Direct Bookings
Who would guess that a vacation rental trust accounting software can lead to more direct bookings? When a guest feels protected with their financial information on a website, they are more likely to convert. Most guests would prefer to enter their card number into a direct website rather than a third party vendor or OTA.
When a guest books direct, you have the opportunity to capture their information to create a better guest experience. Once they submit their reservation, you now have the ability to communicate pre, during and post stay. Booking direct allows you to own the experience.
Conclusion
Implementing Vacation Rental Trust Accounting Software is a very important priority for your VRMC. Having an all-in-one integrated software will create efficiency with consolidation, room for less error, and increase customer service.