The year 2023 was a difficult one for the housing market. It started with a continuation of negative trends from the end of 2022 and turned into the least affordable year on record for home buying. Seasonal trends buckled. The spring homebuying season never happened, housing inventory remained historically low throughout the year, and sales plummeted.

A few things are certain heading into 2024, businesses will need innovation, adaptation, and some good old-fashioned grit to power through the year.  But here’s the thing: None of this is possible without the appropriate workflows and processes.

What was good enough last year or before the pandemic is no longer sufficient. Today’s settlement agencies must keep up with an avalanche of data from all directions. The leadership team depends on the entire organization, from the front lines (processors/escrow officers) to the back office (funding/disbursing teams), for insights to build value and adapt to the rapid-fire changes in today’s volatile operations environment. You need the right numbers now, not tomorrow, and certainly not next week, to help guide your organization across a minefield of risk.

This means finance and accounting teams must be nimbler. They need to spend less time sifting through data sources and more time providing the right input to make critical business decisions

This is where automation comes in. It has become invaluable in streamlining accounting processes to save title agents time and money.

Automation not only saves time but also reduces human error. With the abundance of data in escrow transactions, manual processing can lead to inaccurate or delayed accounting. By automating tasks such as reconciliations and data entry, title agents can ensure accurate and timely financial reporting. It also allows for easier tracking of multiple transactions simultaneously. With the ability to set up automated workflows, title agents can easily monitor the progress of each transaction and identify any potential roadblocks.

🖥️ Ready For a Test Drive? Schedule a demo today!

Smell Like A Big Waste Of Time & Money?

For small businesses and corporate enterprises alike, financial data is still spread across several platforms — your ERP, cloud storage, Excel spreadsheets, Google Sheets, and perhaps even a variety of other random places.

Human talent is essential to quality control and communication. Removing them from the equation isn’t possible — or prudent. But having an automated, cloud-based system that aggregates and reconciles data from all sources saves your team hundreds of hours of searching. It also ensures that everyone in your organization works from the same dashboard. That efficiency means you can scale without increasing headcount.

Fossil Versus Future: A Comparison

Escrow accounting processes can loosely be compared to a journey from fossilized techniques into a future powered by automation. Traditional manual operations (the “fossils”) are akin to navigating unchartered territory with an outdated map, often leading to delays, inaccuracies, and inefficiencies. These archaic methods rely heavily on human intervention, making them prone to errors and inconsistencies. They are time-consuming, labor-intensive, and need more agility to adapt to today’s dynamic business environment.

On the other hand, the future of escrow accounting lies in automation. Unlike its predecessor, automation significantly reduces the likelihood of errors by minimizing human involvement in routine tasks. It enables real-time tracking, analysis, and reconciliation of multiple transactions, ensuring timely and accurate financial reporting. Its capacity for data aggregation across various platforms allows for seamless integration and consistency in data management. Adopting automated systems in escrow accounting is like upgrading to a detailed, constantly updating GPS, guiding businesses through the complexities of financial management with ease and precision.

Are You a Fossil or Future-Ready?

Fossil Checklist | Time For a Change

  • Multiple systems and sources
  • Emails and messages with attachments
  • Days and days and days (and nights) of labor
  • Frustrated employees

Future Checklist | On The Path to Success

  • All data in one place
  • One communication dashboard
  • The time freed up to invest in growth
  • Talent acquisition and retention

If It Ain’t Broke, Why Fix It?

Let’s be honest: Most people hate change. However, you may not realize how many hours your current systems and processes consume. Add to that the chance of errors arising from multiple data sources that don’t talk to each other. Every undetected error exposes your organization to risk.

Your accounting and finance team is probably used to doing things a certain way. Plus, purchasing, implementing, and learning a new product can be stressful and frustrating. On the flip side, imagine a month-end close without the guesswork — no constant back-and-forth, no uncertainty over its status, and no late nights spent gathering information from multiple sources or departments. Those activities ultimately take a toll on job satisfaction. And with the ongoing talent crunch for accountants, you can’t afford to lose your best team members.

Imagine shaving days off the close. Getting accurate numbers to the accounting directors, auditors, and even your Board of Directors faster is imperative today when lost time means lost opportunities and increased risk.

Imagine a system that leverages automation and AI to get the work done faster and more accurately with an easy and intuitive learning curve. You’ll never go back to the old error-prone manual processes.

Attract and Retain The Best Talent When You Have a System That Makes People’s Lives Easier and Their Jobs Simpler.

Is Your Business Suffering From Any of These Game Changers? If so, it’s time for a change.

🖥️ Contact Rynoh today and learn how our automated escrow and financial management software can help your business. Rynoh integrates with escrow accounting software and online banking systems to provide the industry’s gold standard in escrow & financial security software solutions. Rynoh offers continuous end-to-end accounting auditing, daily reconciliation, transaction monitoring, anti-fraud algorithms, and built-in automated reporting. Schedule a demo today!