The accounting information system that my real estate brokerage uses is a great system.
Compared to the one we had previously. This current system which is Paperless Pipeline
is a transaction management system. Transaction can be created in a minute, financial
reports generated, instant statements, generate commissions, compliance, disbursement
instructions, and a lot more. It stores data from every real estate transaction and allows
the ease of maintaining a client database. Each agent has access to enter information, see
all their transactions at a glance to include closed and archived files (stored up to 8 years).
This system is easy to navigate and upload documents. It has an audit-ready feature that
has changed the game if we need docs and information in a hurry or to pass to our CPA.
There are checks and balances integrated into the system along with project manager
access. The PM are allowed to access all transactions to verify that the correct documents
and information are uploaded/entered before any disbursements are made. Tax
documents can be generated such at 1099-MISC and 1099 NEC forms to close out the
year.
If I were the account manager for the brokerage, there is nothing I would like to change
for the system. The reason for the change to this system was the lack of ability to
integrate and share data to other systems such as QuickBooks or Top Producer. Also, the
old system had loopholes and documents were missed and there was not a sufficient
checks and balance in order to complete an authorization to payout or disburse funds. If I
could change something, it would be the mindset of the agents to input the data needed to
create the transaction in a timely manner (not last minute) and expect a payday
immediately.
Paperless Pipeline. Retrieved January 22, 2023.
https://www.paperlesspipeline.com/real-estate-brokerage-management-software
Romney, M. B., Steinbart, P. J., Summers, S. L., & Wood, D. A. (2020). Accounting
Information Systems (15th ed.). Pearson Education (US)
