CommissionTrac Takes Over Your Back Office With Virtual Bookkeepers
- Commercial Real Estate
- CREtech Blog
Nobody said that accounting for commissions was fun, but the CommissionTrac platform takes away the tedium involved in the bookkeeping process. It instantly captures, accounts for and reports on any type of commission related to your business. It streamlines your back office accounting operations and commission management, without chaining you to Excel.
CommissionTrac provides simple workflows and accounting journal entry automation, keeping the story on track after the deal closes. It also integrates seamlessly with QuickBooks and other general ledger accounting systems. Virtual bookkeepers do your data entry and manage the platform for you — simply log in to see your dashboard or run reports. You can access it from anywhere, with any device.
How it works: You simply send your paperwork to CommissionTrac; your dedicated virtual bookkeeper creates a voucher, and performs your invoicing, deposits, commission distributions and general ledger reports. All types of transactions can be added into the voucher. If you use QuickBooks, summary reports can be designed by category so that your own general ledger always balances perfectly with CommissionTrac.
Its vouchers capture all new deal information in one place, at one time. This avoids mistakes, miscommunication, and double data entry. Whether it’s a sale, lease, renewal, fee only, or other transaction, the voucher adjusts itself to only show the fields of those specific types of transactions.
The vouchers can show related details, like the agents on each deal, and how they are sharing the commission. It can also understand which split plans to use, calculate pre-split deductions and outside agent referrals. Also detailed: property addresses and features, rent roll, commission schedule and renewal options, comments and any necessary attachments, and where the invoice should go. The fields are customizable so that the platform can be tailored to each specific deal.
Use this one platform to create receivables/payables entries, generate and track branded invoices, and deposit checks. It can also track draw plans and agent expenses, and charge reversals.
In addition to a management dashboard, it can generate financial and brokerage reports, including cash receipts and agent earnings by date range, aged receivables, and lease expiration reports. It can also allow admins to create Excel and PDF downloads of all deal data, vouchers, and payables/receivables ledgers.
Agents are kept in the loop with optional email notifications for invoices or commissions being deposited. This way, they know exactly when the money will appear in their account. Agents can also run their own reports and see their split plan progress, among other details.
CommissionTrac’s accounting automation is designed to save you time, reduce the tedium of manual data entry, and get everyone paid faster.
Click here to find out more about CommissionTrac.