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Bank reconciliation simplified
Case Study

Bank reconciliation simplified

How one admin discovered the convenience of digital deposits

Russell Smith
July 19, 2022

Ashley Self has been using Earnnest to drastically improve and simplify her bank reconciliation process over the last year. As Market Center Administrator (MCA) for Keller Williams Realty Madison (Alabama), Self recognizes the benefits of digital payments to someone in her role. Compared to using checks for earnest money payments, “Earnnest is so much easier,” said Ashley.

Ashley explained the inefficiencies of reconciling her bank account when checks are used for deposits. “I have to open my bank, open the deposit, and click on each check individually.” Frequently, a check will be submitted without an address listed, so the process of reconciling that check requires a lot of additional digging for the MCA. That all adds up to a lot of time.

“If I didn’t have checks at all, my bank reconciliation process would be so much easier.”

The solution Ashley discovered to simplify the old way of doing things was Earnnest. Since implementing Earnnest’s digital earnest money deposits, Ashley finds the reconciliation process clearer and faster. “All the addresses are there in the Earnnest app with the balances.”

“I pull up my bank and I can reconcile super easily.”

Ashley began her work as an MCA in the state of Colorado where brokerages do not hold escrow. When she moved to Alabama and discovered her new brokerage held its own escrow, she began looking for ways to improve the process — especially looking for ways to eliminate paper checks. “I don’t understand why we’re using paper,” she remembers thinking.

The brokerage kept a physical box in the office for agents to drop off their clients’ earnest deposit checks. A handwritten note was added to the check to indicate whether it should be deposited immediately or held for a period of time. But Self kept noticing ways in which their paper process was limiting the brokerage and causing costly problems. “We would love to be able to get to the point where we don’t have these checks floating around the office,” said Self. The brokerage’s solution to checks, according to Self, is Earnnest.

“Earnnest is our answer! We need to do this — trust me!”

Before fully implementing her new technology, Ashley’s Team Leader wanted to hear from other KW Market Centers who were already using Earnnest to improve their earnest money collection process. Hearing their success stories quickly convinced them to try the platform. Once they added Earnnest, KW Realty Madison began to reap the rewards. The problem of delays, insufficient funds, and paper checks were eliminated for each transaction handled with Earnnest. The platform’s ability to keep transactions moving forward while also keeping everyone in the loop has been a huge benefit for KW Realty Madison, their agents, and especially their MCA.

Ready to go digital?

Download the app and connect your escrow holder. Once they're registered, you'll be ready to start requesting digital earnest money payments from homebuyers.

ABOUT THE AUTHOR
Russell Smith

Russell Smith is the Chief Revenue Officer at Earnnest. Russell has spent his entire career innovating within the real estate technology ecosystem, previously building high-growth teams, culture, and key business channels at HouseCanary, Trulia, RealScout, and National Tenant Network. Russell was named a HousingWire Rising Star in 2020.