There are questions you should ask of your cloud-based property management software—ones that might not be answered by the specs sheet or product description.
The big one is, ‘Does this software comply with the trust accounting laws of my State or Territory?’ If the answer is ‘I’m not sure’, that probably means it isn’t. And that’s a problem.
How do I know if my property management software is compliant with trust accounting laws in my State?
Do you know which trust laws your agency must comply with? Do you know the best practices for real estate trust accounts? Given that trust laws vary between States and Territories, it’s no small feat for property management software to comply with all laws. Consequently, it’s possible that some Property Management software isn’t compliant. To make sure your agency is in the clear, no matter your location, we took some extra steps with Console Cloud.
Console worked with the Office of Fair Trading (Queensland), and qualified trust accounting auditors in each state to design Console Cloud. Together, we came up with the Console Cloud Trust Accounting System and its ledgers, journals, receipting and reports. It’s a system that meets all auditing requirements, across all States and Territories in Australia. Now, all features in Console Cloud can measure up to trust laws around the country.
We’ve also designed a couple of features to make sure you’re extra audit-ready. All our reports and statements are built to show the figures auditors need to see. We’ve also made sure the report exports in the format they need, to save everyone time. And better still, there’s also a function to take care of spot-audits. Console Cloud’s reporting functions allow you to prepare the files you need for the auditor on the spot.
And we’re proud of the result. Console Cloud is cloud-based Property Management software that goes above and beyond compliance benchmarks in Australia. That means its got your back, no matter which State you’re in. Hooray!
Each new feature must pass our compliance tests
Since new features and enhancements are released on a near daily basis, we are continually reviewing Cloud’s compliance with trust laws. And when trust laws change? We comprehensively review how these affect the product. If we need to make a change to stay on top of these laws, we make it.
But where is the certificate to show it? Currently, there is no certification available to Property Management software to confirm compliance. Therefore, it’s up to the consumer to do their homework.