By The Numbers: Why an Accurate Ledger is the Key to a Successful Real Estate Practice
If you're like most solo and small firm attorneys who are practicing real estate law and performing closings, you know how critical it is that your numbers are accurate. When providing clients with real estate closing services, the numbers, paperwork and need to ensure the funds are accurately accounted for can mean the difference between a successful real estate practice and one that's struggling with accuracy. Without the right tools, avoiding the problems that can lead to a troublesome audit are very challenging.
Balancing your ledger is the final step in properly accounting for your closings and the variety of funds and payments that were executed. In fact, reconciling your accounts to be sure ALL the allocations are correct before you send funds to your trust account is a best practice and one that can save you time, money, and aggravation.
Best Ways to Balance Your Ledger
Real estate attorneys, paralegals and legal professionals don't have time to pore over various documents, confusing spreadsheets, or learn complicated financial software. What you need is real estate closing software that includes a built-in ledger option designed to work with the information you've already entered.
With automated software, like Easysoft Real Estate Software, you can stop using spreadsheets, and quickly, easily, and accurately reconcile your ledger - DIRECTLY within the software.
Don't risk errors that can be found during an audit or use paper ledgers that can put you at risk for having the wrong math and, possibly, overdrawing an account without realizing it.
With Easysoft Real Estate Software's Ledger Module, all transactions from the CD and HUD-1 forms are automatically itemized on the ledger - put your payments and deposits in once, when you start the closing, and all the numbers automatically populate onto the ledger.
Plus, the Ledger Module makes it easy to split or combine checks across multiple properties or multiple vendors. Print professional-looking checks so you don't have to waste time filling them out by hand. Itemized ledger reports let you see the whole financial picture and complexities and our closing software's ledger feature ensures that every check and deposit is accounted for.
Here's how easy it is to use the Easysoft Ledger Module.
Once you have all your itemized ledger details, you can
- Print checks for all payments - including, real estate brokers, attorneys, title companies, lenders, home buyers and sellers
- Split and combine checks
- Add transactions to the ledger
- Modify and edit transactions
- Print or view an entire transaction summary
- Export in multiple formats that can easily export to other popular bookkeeping/accounting products like, QuickBooks and TrustBooks
Additionally, Easysoft Real Estate Software integrates with Quickbooks and Rynoh. This is an extremely valuable feature for real estate paralegals, solo attorneys and other legal professionals who want to ensure accuracy in figures and have a reduction of errors during the closing process.
Once you change a number in your Quickbooks account, it will communicate back to Easysoft Real Estate Software. No guessing, no errors, and no manual data entry.