Newest Accounting Updates
Accounting Update: September 10, 2022
There has been a lot of confusion about a suspicious email some homeowner’s received yesterday evening. It mentions a payment sent from Live the Gulf Coast (See Example Below). This email IS NOT a spam email. In our newsletter this month, we mentioned that we are partnering with an Accounting Firm(Thuro Accounting) that specializes in optimizing Vacation Rental company’s trust accounting books(most of their clients have 200+ Homes on their program).
One of the benefits of using Thuro accounting is their ability to assist in our End of Month process that gets you, the owner, paid faster and will increase quality control.
We were slated to “Go Live” with Thuro’s new payout system starting next month(your September payment) Unfortunately, when connecting the two systems yesterday(Sept 9, 2022), they automatically merged the software’s pre-maturely.
DEPOSITING YOUR PAYMENT HOW TO:
A) Don’t mark this email as SPAM.
B) Click “View Deposit Options”
A) Select Instant or Manual Bank Verification
B) You will be prompted to verify your bank account either with Instant or Manual Verification.
If you are having trouble finding the payment enrollment email that Live the Gulf Coast has sent, please have them search for firstname.lastname@example.org in their email. This will help them locate the payment enrollment email.
Once you attach your bank account, you will receive your ACH payment. After this initial setup and ACH payment, you, the owner, will not need to enter banking information again unless you need to change your bank account.
Accounting Update: September 9, 2022
We have some exciting new updates in our accounting department that will ensure you are paid faster, statements are easier to read, and your books are adhering to the strictest trust-based accounting principles.
As we continue to grow, our table of advisors has grown as well. As of June 2022, we have partnered with an industry-leading accounting firm that will help take us to the next level. Not only have they managed companies 10x our size, but their knowledge of our software allows us to spend time doing what we do best: facilitating vacations and managing your home. All while our accounting team keeps an eye on all of the financial moving parts.
Based on feedback from our Owner’s and our new accounting team, we have made some changes to monthly statements to get you paid FASTER!
Here’s our updated End of Month Schedule:
- All Work Orders: Recorded and posted by 30th of each accounting period(month)
- Preliminary Statements Reviewed/Approved by Property Managers: On the 1st of the following month
- Preliminary Statements sent to Owners: 2nd of the following month
- Owner Review Period: 2 business days from receipt of statement
- Final Statement will be sent after the 2 day Review Period
- Pay Owners: 5th or no later than the 8th of the Month (if it falls on a Thursday, Weekend or Holiday)
- Owners receive Payment: Starting on the 8th, but no later than the 15th (depending on each owner’s individual bank)
We have tested this with a few of our properties and will be making this our official Accounting Process beginning Sept. of 2022.
Lastly, our latest changes in owner’s statements have been a big hit over the last few months. They are easier to follow, clearer YTD information, and extra detail added for each work order.
Here is an example of the newest format:
If you have any questions, please contact your dedicated property manager for additional details about your specific home.