Many notaries are tired of managing their work through spreadsheets and are turning to accounting software applications designed specifically for this niche industry.
There are many notary accounting software options to choose from. How do you know which one is right for you?
Before looking at any notary accounting products, it is important that you assess your current accounting process or software by asking the following questions:
What is working well?
What is not working well? Why?
What can be automated?
With the answers to the questions in mind, research the capabilities of notary accounting software in five key areas.
Integrations
Notary accounting software that integrates with other applications, especially industry-specific signing and title company platforms will save you a lot of time. Ideally, the software will have preconfigured integration. If they do not, look for the ability to connect with connectors like Zapier or directly via the platform’s API.
Automated Invoicing
Many notary accounting software apps claim to have automated invoicing, but “automated invoicing” can mean many different things.
In the notary industry, there are hundreds of companies that hire independent notaries to lead their customers through the signing process. Most companies have different invoicing requirements from their notaries. It can be very challenging for notaries to keep track of all the different invoice requirements.
VenBooks offers a proprietary solution with smart invoicing. This automated process of sending invoices leverages machine learning and peer reporting to ensure that invoices are used and formatted to meet the requirements of the hiring company receiving them.
Expense Tracking
A common feature among most notary accounting software applications is the ability to track expenses. It is important to have a single place where all of your expenses can be tracked so you can generate accurate reports for analysis and tax purposes.
VenBooks utilizes a unique approach by subdividing expense categories into two groups – those that are updated on a per order basis (i.e. Mileage Expense) and those that are general to the notary’s business (i.e. E&O Insurance Expense). With real estate signing orders as the core source of income for notary signing agents, this makes tracking order related expenses easier and more efficient.
Reporting
As an independent business owner, you want to know if your business is profitable or not. The notary accounting software you choose should allow you to easily generate reports, such as a Profit and Loss Statement (P&L).
The ability to generate different financial reports will help you manage your business wisely and make filing your taxes a much easier process.
Customer Service
Features and functionality are great, but what happens when you have an issue or need help?
Customer service is what separates good companies from great ones.
Choose a notary accounting software that makes managing your business easier and has a team of people that cares about their customers.
A lot of companies talk a big game when it comes to serving their customers, but few back it up with action.
Final Thoughts
Choosing the right notary accounting software is an important decision and should be made with great care.
There are many great solutions to choose from that are reasonably priced and will save you a lot of time and energy.
One thing is for sure, if you are still managing your notary business with spreadsheets – STOP! There are too many good software solutions that will take care of this for you so you can focus on doing what you do best – getting documents signed and growing your business!