TOP 5 REASONS TO OUTSOURCE YOUR CLIENT ACCOUNTING
As a dedicated letting agent, or estate agent with a lettings portfolio, you already have a lot on your plate managing properties, dealing with tenants, and handling day-to-day operations. Not to mention sourcing new business and meeting with potential clients, which can take up a significant portion of your time. One crucial aspect that you cannot afford to neglect is client accounting.
As a professional agent, you are responsible for managing client funds in a way that is compliant with industry regulations; that’s why many agents are turning to client accounting service providers (CASP’s) to handle this aspect of their business
In this article we’ll explore the benefits of outsourcing client accounting to a CASP as we highlight the top 5 reasons why you should consider this option.
1. Expertise and Experience
Client accounting can be complicated and time-consuming. It requires a high level of accuracy and attention to detail to ensure that your clients’ funds are managed properly. CASPs are dedicated professionals with expertise in managing client money for letting and estate agents. They have the necessary knowledge and training to ensure that your clients’ funds are managed according to industry standards and regulations. A CASP will handle all aspects of client accounting, from paying landlords and settling contractor invoices to registering deposits and reconciling accounts.
2. Compliance and Risk Management
Compliance is a critical aspect of client accounting. Agents are required to comply with various legal regulations when managing client funds. Failure to comply can result in serious consequences, including fines and legal action. By outsourcing your client accounting to a CASP, you can ensure that you are compliant with all industry regulations and guidelines. CASPs have a thorough understanding of the regulatory environment and can manage your clients’ funds in a way that minimises risk By outsourcing your client accounting to a CASP, you can rest assured that your records are accurate and up-to-date, giving you peace of mind and allowing you to focus on your core business.
3. Time and Cost Saving
Outsourcing your client accounting can help you reduce costs by eliminating the need to hire and train additional staff or invest in expensive accounting software. A CASP can provide you with a cost-effective solution that meets your specific needs, saving you money on overheads and allowing you to increase your profitability. This will free up your time and resources, allowing you to focus on other aspects of your business.
You also don’t have to worry about sickness, holidays or staff leaving!
4. Enhanced client satisfaction
Letting agents who outsource their client accounting to a CASP are able to provide better customer service to their landlords.
By delegating this aspect of their business to a dedicated client accounting specialist, agents can ensure that their landlords are paid on time and that their landlords’ financial transactions are handled with greater accuracy, transparency and efficiency. The agent can then focus on tenant management and property maintenance, resulting in a more streamlined and professional service overall and hopefully leading to long-term relationships and repeat business.
Imagine.. not having to take your laptop on holiday to make sure your landlords are paid!
As your business grows, managing client accounting in-house can become more challenging. You may need to hire additional staff, invest in new software, or upgrade your infrastructure. By outsourcing this function to a CASP, you can scale your business without worrying about these challenges. A CASP can handle all aspects of client accounting, regardless of the size of your business.
What makes The Letting Partnership your CASP of Choice
We are an award-winning specialist CASP providing outsourced client accounting services and support to UK agents.
We do everything that you would expect from a regular CASP, but what makes us stand out is that we are powered by people – not technology. Unlike using an ‘automated’ piece of software, you can leave processing the rent and paying the landlords to us.
Our Member Agents are assigned their own account manager who works on their existing software, so there is no need for change or upheaval. Their account manager is on hand to help with any queries that arise and is fully conversant with their software.
It’s like having an additional member of staff on the team – but one that doesn’t go sick or take leave!
Imagine.. not having to take your laptop on holiday to make sure the rents are paid!
We can open designated ring-fenced client accounts on behalf of our Member Agents, and and we are one of the few CASPs accepted by CMP providers. We are also Propertymark Industry Suppliers.
If you are experiencing problems opening or keeping your client account or are considering outsourcing your client accounting then give us a call on 01903 477900 or send us a message.
For more help on understanding your options check out this article.
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