Have suggestions for products that you’d like to see reviewed by our real estate technology expert? Email Craig Rowe.AcctFusion is web-based and mobile-ready accounting software for real estate brokerages.
Platforms: Browser; mobile-responsive Ideal for: Single or multioffice brokerages; teamsTop selling points Comparable, more affordable than popular competitors Easy deal import from popular transaction managers Deep reporting features Team capabilities Granular, simple commission management Top concerns
Only that it’s a year old and that it’s probably best run by office managers or hands-on brokers.What you should know
In terms of investments in technology for 2020, brokers should think about the need to manage business as much as they think about catering to those who generate it.
Sure, many do, but they can do a better job of it with the clean, precise financial control of software like AcctFusion.
For someone who gets the shakes when an Excel spreadsheet is open somewhere on a computer in the same room, this is the second accounting system that I’ve enjoyed seeing this year.
Loft47 was the other system, but it tightly integrates with partners to manage the numeric nuts and bolts, whereas AcctFusion is all-in-one.
The software is for end-to-end accounting, meaning this is all you need to lord over your brokerage’s financials like an alpha wolf does its pack, from the cost of branded coasters to juggling 25 different commission structures.
Transaction data can be manually input, in probably less than a minute, with an address, commission details, dates and escrow specifics. Or, deal information is extracted from dotloop or Skyslope, making it even easier.
Other transaction details will pull from data entered at account setup, including commission structures, fees and limits, which are saved in perpetuity per agent, per team, throughout their tenure with the brokerage. Each can be adjusted as needed, too.
Users can also establish at setup when or why a commission structure will change, so it’s done automatically at each milestone. Essentially, there’s a good deal of automation once everything is up and running.
Agent rosters can be imported, as well, and teams can manage their own accounting with AcctFusion, basically working as a “quasi-brokerage” within the system. Agents’ 1099s can be auto-completed and submitted for offices with fewer than 250 agents.
In keeping with the theme of ensuring an authentic accounting climate, AcctFusion tackles all aspects of the business, from cash flow and income statements, to forecasting, and profits and losses.
It recognizes and makes tangible the idea that accounting is an expertise as much as it is a mere facet of business. AcctFusion wants real estate accounting to support business on the same level of an enterprise CRM or custom website.
It would be easy to miss the thoughtful user experience amidst the intricate, penny-by-penny oversight AcctFusion provides, but doing so would be to miss what makes it an effective way to manage business. There’s plenty of automation and prominent, “quick-view” data cards.
Still, it is all about numbers and math, so there are screens that can visually overwhelm the number-phobic. I expect that with more time in the market, AcctFusion will tighten up the visuals on some of its feature interfaces.
Helping streamline payouts and reimbursements is a proprietary e-check system for rapid, secure and easily traced distribution of funds. This is a particularly nice touch, a feature that again supports AcctFusion’s commitment to being an all-in-one financial oversight solution and prevents brokers from having to set up a third-party solution for such services.
Lastly, the responsive features adjust instantly to device type. Although I wouldn’t expect most brokers to be conducting robust accounting on a smartphone, it’s a nice touch for quick updates and report reviews. Tablet use makes a good deal of sense.
AcctFusion starts at $109 per month for one to 10 agents, costs $202 per month for up to 25, and $288 per month for 50 agents. Prices continue to adjust according to the number of agents.
It’s my opinion no one likes accounting, even accountants. But if it’s somehow your lot in real estate life, at least there are new and exciting ways to embrace it.
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.
Have a technology product you would like to discuss? Email Craig Rowe
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