Barefoot's full trust accounting system is the most flexible and powerful tool in the vacation rental management industry. Over the last 20 years, we have tested our system with over 100 million dollars worth of transactions. We are also North Carolina Real Estate Commission certified.
A well run trust accounting system means that you will always know where your money is and if your exit strategy is to sell you company, you will have all the information you need at your fingertips.
Simply put, trust accounting means that you are managing other people's money, so you are entrusted hold money against future services rendered.
Trust accounting also means that money paid in is fully allocated to be paid out, whether to your operating account (commissions and fees), to the owner, to other vendors (taxes, cleaners, insurance partners, etc) and sometimes to guests and other agents (non- exclusive bookings or third party wholesalers).
Trust accounting is critical to any successful vacation rental management company.
When new clients are onboarded, we go through a rigorous documentation, testing and implementation process. Each client will so that they have insight into where money is including understanding owner/property accounts, advanced payments, vendor payables, and taxes. We build out a complete payable system that includes payments by checks and ACH. Reports in Barefoot will help you understand your liability, revenue pace, and reconciliation.
Our accounting support team audits during the implementation process and evaluates each client’s unique situation and provides recommendations from getting from no or existing trust accounting to Barefoot trust accounting. Once you’re actively using the system we provide as much guidance as you need to make sure that your trust accounting is working for you.
When considering software, remember that trust accounting is the most important aspect of any solution.
"Hutchins Canning & Co, has seen a lot of PM software in its 35+ years operating in a resort community on the coast of North Carolina, where regulations are some of the strictest in the industry. Barefoot Agent 4.0 has some of the most robust trust reporting we’ve seen yet. We give their (property) Trial Balance Report two thumbs up!”