To all management committee (MC) ,
Many a times, when a new Managing Agent (MA) is appointed, the accounts will be managed and input by the accounts department of the MA.
If for any reasons the MA is to be replaced, the handover of accounts will be carried out and the new MA will have to record all SP info and balances and all vendors info and balances and the general ledgers etc into the new accounting system.
This goes on and asumming over a 5 year span, can easily changed 3 MA. You will be ended up the record of each SP is scattered in 3 different reports and each former MA holds a different part of your MCST history.
Handing over of the books and records (ledgers, aging listing, bank recon) is always a pain from MA to MA.
How about another scenerio like this…
You subscribed to Realtimme Cloud Accounting MCST software. The data is residing in our cloud(data centre). We manage and backup the transactions everyday. You manage the user id and password.
Once you decided to change your MA, after all the accounts handover, you can retain the id but change the password. Example id remains as email@example.com but change the password.
Your new MA accounts department can continue from where the previous MA accounts stops and there is no more the need to re-enter the SP info and GL balances b/f etc.
This is like you change the driver of the car, without the need to move the belongings to the new car.
FAQ: What happened if we decided not to use Realtimme MCST?
Answer : You have 2 options, namely 1. We charge SGD100 a year for storage space, for your accounts to continue to access or print reports only,
2. Print out all ledgers into pdf , export all SP and GL into excel and hand it over to the new MA
In conclusion, we are in the opinion that the data should be in control by the MC.
Contact us for more information via our sales WhatsApp +65 8148 8824 for more information.
Writer : Choo Hong Peng,
Chartered Accountant, Singapore
Email : firstname.lastname@example.org
Dated : 30/06/2022