Every year around this time, we think about how to position Barefoot in the vacation rental management software market for the upcoming year. With all the changes in software ownership, new entries, and sunsetting of systems, there is a lot of tumult in the market.
Let’s cut through the noise. At the end of the day, the heart of any true vacation rental management system is delivering real trust accounting. Tested by millions of transactions, Barefoot’s trust accounting has been proven to work consistently, which as many of you know, is no small feat.
With the most feature-rich trust accounting system* in the industry, Barefoot provides flexibility in how you build out your unique business rules combined with the best practices required by the certification process and the most stringent requirements outlined by the North Carolina Real Estate Commission. We have the largest average client size in the industry for a reason.
The benefits of implementing trust accounting help you in the following ways:
Generate efficiencies and budgeting activities in all operational areas through focusing on accounting transparency.
Provide a natural barrier-to-market entry for new, less-responsible vacation rental management companies. Trust accounting requirements include a steep learning curve that is too challenging for fly-by-night operators.
If your exit strategy is to sell, our trust accounting makes you a well-prepared candidate with your accounting in order.
Position yourself as an asset manager for your owners. One significant piece of this is making sure that your owner’s money is protected, correct, and readily available. Trust accounting ensures this.
Become an experienced manager of an established, solid business with guest services that in turn benefits guests to the highest degree
When new clients come on board, we go through a rigorous documentation, testing, and implementation process to give them insight into where their money is, including understanding owner/ property accounts, advanced payments, vendor payables, and taxes. We build out a complete system that includes various payment methods and an automated clearing house. Reports in Barefoot will help you understand your liability, revenue pace, and reconciliation.
Our accounting support team audits during the implementation process, evaluates each client’s unique situation, and provides recommendations ranging from using no trust accounting, your existing customized trust accounting, or 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 your overall solution to ensure the highest level of protection for your owners, your guests, and your business.