Today, Qualia announced its newest feature designed to help title & escrow companies efficiently complete reconciliations and mitigate the risk of fraud: the Audit Readiness Dashboard. Included with the Qualia Reconciliation Service, the Audit Readiness Dashboard gives Qualia users real-time visibility into the health of their escrow accounts.
ALTA best practice pillar 2 states that all escrow accounts should be reconciled on at least a daily basis, and recommends that agents “…reconcile the Escrow Trust Account activities in the bank’s records to the activities in the Escrow Trust Account books, identifying and investigating any discrepancies.”
By consistently following ALTA best practices to reconcile escrow accounts daily and monthly and utilizing technology like the Audit Readiness Dashboard, title & escrow companies can reduce their exposure to real estate fraud (such as business email compromise and wire fraud).
How it works
With the new Audit Readiness Dashboard, title & escrow agents are able to centrally view all exceptions, uncleared items, and non-zero orders for each of their bank accounts in real-time.
This enables agents to collaborate seamlessly with their Qualia Reconciliation Specialist. Together, they can use the dashboard to more easily complete daily reconciliations without the need to dig through pages of reports or email chains.
With the Audit Readiness Dashboard, Qualia users are able to:
- View audit red flags in real time, such as file shortages and stale overages
- Use hyperlinks to jump to the relevant file and take immediate action to research and resolve accounting items
- Attach notes on accounting items, assign tasks to team members, and track activity
- Communicate with their Qualia Reconciliation Specialist in-app, instead of over email
Real-time updates and fast issue resolution
When an action is taken in the accounting section of Qualia, updates to those accounting items are reflected in the Audit Readiness Dashboard without delay. For example, Qualia users can click a hyperlink to a file with a negative balance in the non-zero orders section of the dashboard and jump immediately to that file to research and resolve the issue. When Qualia users navigate back to the dashboard, they’ll see the change they made to the file reflected immediately.
Easy collaboration with team members
With the ability to leave notes on exceptions, uncleared items, and non-zero orders, Qualia users can quickly follow up on tasks with team members and track changes, even when someone is out of office.
Activity tracking
Qualia users have the ability to view a detailed Activity log. The Activity log shows what actions have been taken to research and resolve accounting items, as well as which user took those actions, creating a detailed audit trail.
In-app alerts and messaging with Qualia Reconciliation Specialists
When a daily reconciliation has been completed or any new message is sent by a Reconciliation Specialist, Qualia alerts subscribed users via the Inbox feature.
Experience and speed that makes a difference
Qualia Reconciliation Service is managed by a team of escrow accountants averaging 9 years of accounting experience. These expert Reconciliation Specialists research and manage daily exceptions on a Qualia user’s behalf, all to the highest of ALTA best practice standards. In addition, they conduct an end-of-month three-way reconciliation, ready for the Qualia user’s review and finalization.
The Audit Readiness Dashboard is included as part of Qualia Reconciliation Service. To learn more about how Qualia Reconciliation Service can help you reconcile up to 3x faster, schedule time to speak with a Qualia Services expert today.
