Fortunes Are Made

in a Down Market.

It’s The Perfect Time to Think About Doing Things Differently.

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Fortunes Are Made in a Down Market: It’s The Perfect Time to Think About Doing Things Differently.

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Fortunes Are Made in a Down Market:

It’s The Perfect Time to Think About Doing This Differently.

Fighting Words?
In the Boxing world, there is a saying that when your opponent hits you, you have two choices. The first is to crumble under the pressure and pain or- to hit them back even harder than they hit you. If they continue to attack, then so will you– with more force each time until eventually, YOU are the victor.

This was a banner year for the title industry, with strong transaction volumes, new efficiency-boosting technology, and healthy margins.

Then it stopped.

With transaction volumes plummeting due to rising interest rates, many title agencies are struggling to stay afloat. It’s tough out there, but it’s not time to give up just yet. Now is the time to fight for your business and defend your place in the market. Will you be a wet noodle or a fighter?

There are two main ways to fight back:
Lower costs. When sales volume decreases, so do revenue– requiring cuts in business costs to preserve profit levels.

Grow revenue. There are many ways for businesses to improve their top line, even if they are facing lower volumes.

Now is the perfect time to let adversity inspire your creativity and come up with new ways of doing things!

When the tide turned and interest rates rose, many people in our industry lost a lot of money. The employees who helped to create that wealth are now suffering because their bosses didn’t share the profits fairly. Is this fair?

Firing somebody is a huge decision for any manager or owner, so please think carefully before taking such a step.

Although it may seem like the easier solution at the moment, firing employees should always be an absolute last resort. Firing somebody doesn’t just cause emotional damage to that person- it could also ruin their entire life by preventing them from being able to support themselves or pay their bills. Not only is there the personal devastation to think about, but this decision will also come back and haunt you when your business starts growing again and you have to hire people once more. The same talent pool you previously discarded will remember how poorly you treated them during difficult times, making it harder for you to find good workers down the line.

 

 

Rynoh’s Virtual Close Software:
What It Is and How It Can Benefit Your Business

After years of preaching about their “family” culture, some title firms are quick to drop employees when times get tough. But do those making the decisions consider how it will affect the lives of people who devoted their energy and careers furthering company vision? Are bosses sharing in the pain or does tokenism show through corporate actions? Loyalty should matter.

Empathy is a two-way street. Layoffs are something that many title leaders struggle with, as they know the implications it could have on people’s lives. However, they also understand that sometimes sacrifices must be made in order to keep the business afloat. This can be a very emotionally trying time for everyone involved and says a lot about the company culture. It takes much more than just firing someone impulsively without any prior thought or notice.

Although layoffs are a fast way to cut costs, they should not be the first order of business. Prudence dictates that hitting back by exploring other cost-reduction options should be done first.

Costs can also be lowered with a reconciliation workflow and strategy. When we analyze a title company, one of the first things we look for is how a company is balancing automation and manual business processes. Some processes can be automated while others require manual, but efficiency is the main ingredient. At Rynoh, we strive to help accounting teams close faster and with less risk by managing their reconciliations efficiently. We offer transparency, accuracy, and accountability in our centralized solution from start to finish. Our process begins by helping you set the strategy and then gives you the flexibility to decide how best to carry out the reconciliation workflow while still being able track its progress every step of the way.

 

Is Your Relationship with Technology a Solution
to Burnout or a Source of Stress?

Assessing Accounting Technology Systems vs. Solutions

Rynoh Reconciliation Management is the perfect tool for those who want to integrate all their finance and back software together in order to create a sound reconciliation strategy. By having everything under one ‘umbrella,’ your team will be more flexible and organized, saving you time and energy in the long run. Rynoh automatically reconciles your bank, clearing, credit card, intercompany and other accounts transactions by matching thousands of them. This saves a lot time for your team members as they don’t have to do it manually. You can also set up automatic amortization schedules for prepaid accounts with Rynoh. It is also possible to integrate Rynoh with spreadsheets if you think that some reconciliations are best done manually outside the software.

Daily reconciliations are the best way to keep your finances balanced. Some reconciling items are fully understood and just need to be corrected in the general ledger. Others are unknown and require further investigation. Rynoh’s Software tracks timing or unknown errors and ensures that all reconciling items are recorded, tracked, and managed in one place. This gives reviewers greater visibility into the age and materiality of each reconciling item, as well as a documented audit trail of resolution.

With our software, users can view the reconciliation status of every account in one place. The software also includes balance comparisons, preparers, reviewers, and sign-off dates. Controls are in place to prevent materiality threshold breaches and give users the ability lock reconciliations so they cannot be altered. Rynoh Live reconciliation software automates the process of reconciling by sending notifications when a reconciliation is due, ready for review, or an unexpected out-of-balance condition is detected.

 

The Definitive Guide to Effective Close Management:
Best Practices For The Month-End Close

Curious About Rynoh Reconciliation Solutions?

We know 2023 may come with some tough decisions, but using utilizing technology to cut cost and increase productivity is a great way to empower your people for the future. Title agencies need to figure out what they need to do quickly and this type of strategy provides and short and long-term solution.

Also, remember that businesses need to keep flowing and it might as well be your company that benefits instead of someone else’s. While some layoffs may be inevitable, excellent employees are still out there. Therefore, it’s important to consider new strategies, reevaluate your business processes, and expand in different directions. This will help you maintain a competitive edge and win more contracts. We would be happy to assist you in this process.

When others are bogged down by the negative impacts of current events, you have the opportunity to take advantage of their lack of creativity by being outwardly focused and generating new solutions. Some of these changes will bring rewards for many years into the future.

A down market is where fortunes are made! Start your path to success with Rynoh.

 

Success Stories

Learn How Rynoh Can Help You & Your Team.

★★★★★

“Working for a title company with over 100 employees, and usually 8 different bank accounts at any given time I couldn’t imagine doing bank reconciliations without RynohLive. It makes my daily account balancing quick and easy, and allows for me to detect any errors (or possible fraud) as quick as possible. I would be lost without my RYNOH morning reports!”

Justin Luke
Escrow Administrator, Northwest Title
★★★★★

Rynoh saves me hours of time each month because mistakes can be identified the next business day and not 30 days later when we are working on the monthly reconciliations. Our underwriter is also able to access our accounts through Rynoh and this is incredibly helpful for our yearly audit. We don’t have to spend any time pulling bank records for them! It’s also a lot easier to monitor stale-dated checks through Rynoh since it updates daily with what has cleared. We love Rynoh!

Christy SmithFunding, Madison Settlement Services
★★★★★

Rynoh has eased the process of reconciling our accounts tremendously. In this new year, we have been in the process of switching banks for our escrow account. I cannot say enough how much Rynoh has helped in this process. Rynoh will review both accounts, and notify me when any deposits/checks/wires are deposited in the wrong account, and keeps me from having to search multiple bank accounts for the one transaction. It saves me so much time on a daily basis.

Abby ButlerProcessor, Southeast Title & Escrow, LLC

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