With landlords looking to your letting agency to shoulder the compliance (and admin) burden of client accounting, having a foolproof, reliable process is key. 

But navigating the ins-and-outs of handling client money can add hours of admin work to your agency – that is, if you do them manually.

Luckily, we’re here to help. 

Here are 4 everyday client accounting tasks that you can streamline with Street.co.uk to win back your agency’s time.

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1. Reconciliation 

At the top of our manual client accounting hit list is reconciliation. 

With experts recommending letting agents reconcile their accounts daily, doing this manually can very quickly become exhausting (and inaccurate). We all know it’s a necessary evil – to detect any errors, unusual transactions, or potential fraud, for example – but that doesn’t make manual reconciliation any less cumbersome. 

We know this is one of the biggest accounting headaches for letting agents – so why not let Street.co.uk do the hard work for you? With Street.co.uk, all you need to do is import your client and deposit account statements, and we’ll guide you through a quick mapping exercise. 

No more frustrating double entry, convoluted spreadsheets, or risk of costly errors. With Street.co.uk, daily reconciliation now becomes effortless and shaves hours from your to-do list. 

Once this is done, we’ll do the rest, leaving you to reinvest your time back into your business.

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2. Staying on top of NRL tax

If you’re working with a non-resident overseas landlord, it’s crucial that you deduct the right amount of tax from the landlord’s rental income, and pay this to HMRC.

Failing to pay NRL tax correctly carries serious penalties, with fines of up to £900 (plus daily interest) for late payments. For more serious cases of non-compliance, letting agents can even face prosecution for tax fraud. 

Amongst the day-to-day of a busy letting agency like yours, though, checking you’ve calculated the tax correctly (and paid it on time) can slip through the net.

So, how can automation help?

We’ve created Street.co.uk’s NRL Tax feature to calculate your NRL tax for you automatically, so you never have to worry about miscalculations or missed payments.

Now, agents using Street.co.uk will see 20% of a landlord’s rent set aside from the offset, and can make sure these payments are made to HMRC at the end of every quarter.

So, by using Street.co.uk to help automate your NRL tax payments, you can win back hours of your agency’s valuable time – and put away your calculator.

3. Keeping track of tenant payments

Another key task for letting agents is keeping track of tenancy’s payment history. When you’re juggling multiple tenancies, though, this can very easily become inefficient, and prone to human error.

‍Until now.‍

Street.co.uk’s tenant ledger feature makes this process seamless for letting agents by keeping everything all in one place. In Street.co.uk, we’ve made it easy for you to see important information like rent payments, invoices and late fees, so you and your agents can instantly understand a tenancy’s history at a glance.

With Street.co.uk’s Client Accounting workflow, you’ll never have to rifle through bank statements to check if that one payment went in again – once a rent payment lands in your bank account, simply confirm a full or partial payment, the account it was paid into, and how it was paid, all within Street CRM. 

Want to see which tenancy payments are coming up? We’ve got you covered. With Street.co.uk’s outstanding payments feature, you can quickly see all outstanding payments in one list – along with the associated address, due date and rent amount. 

With all the facts in front of you, it’s never been easier to keep on top of outstanding payments and work through them. Simple.‍

4. Payment allocation

As a busy agent handling multiple tenancies, you’ll know the struggle of keeping tabs on multiple incoming payments. With everything else on your to-do list, making sure the right payments go to the right people can mean having your head in a spreadsheet for longer than you might like.

When you manage your client accounting through Street.co.uk, allocating payments becomes pain-free, with: 

• Deductions - see a clear breakdown of all fees taken from a rental payment, including retained money, your management fee and invoices.

• Key details flagged - on each ledger, Street.co.uk will flag if a payment has been received early (so you can wait until the due date to allocate it), and a note if there’s an upcoming maintenance job (so you can withhold payments to fund it).

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• Inform landlords of their monthly income - when you’ve allocated money to an owner, you can preview a statement showing the total amount payable, and any deductions, before you send it to the landlord. 

With Street.co.uk, you (and your landlords) can enjoy total oversight over monthly rental payments, so everyone knows what to expect. All that’s left for you to do is import your payment files into your bank, and they’ll automatically be sent to the right people.

Bonus: easily keep landlords in the loop with mobile statements

So, you’ve digitised your reconciliation, your tax, your tenant payments and your allocation. You’ve trimmed hours off your to-do list, and have more time to win new landlords, and expand your portfolio.

With Street.co.uk, though, the time savings don’t have to stop there. 

Ever spent hours sending (or re-sending) your landlords’ rental statements? With Street.co.uk’s Landlord App, you can take efficiency one step further by letting landlords self-serve and access their rental statements from anywhere, at any time.

Now your landlords can retrieve statements, and check their rental income on the go, all within the app – saving you from time-consuming back-and-forth.

Let Street.co.uk streamline your client accounting, so you can focus on supercharging your agency 

We’ve levelled up traditional Client Accounting with time-saving automations to help agencies like yours increase your capacity – without sacrificing service quality. 

When you simplify your bookkeeping with Street.co.uk, you can say goodbye to the headache of manual client accounting tasks like reconciliation, keeping track of tenant ledgers, payment allocation and NRL tax. Save hours of time, reduce the risk of human error, and enjoy the boost to your business.

‍Want to learn more about Street.co.uk’s Client Accounting features? Book a demo or speak to a member of our team if you’re an existing Street.co.uk client.