Running a fraud-proof and audit-ready title & escrow company remains a challenge as the industry grapples with increased phishing attacks and other security incidents. The financial implications of these incidents have resulted in more than $12.5 billion in losses from real estate wire fraud since 2013.
Since the beginning, Qualia has been equipped out of the box with fully operational accounting, reconciliations, fraud protection, and smart balancing features. These features enable seamless accounting processes that help protect businesses from security incidents.
Since our initial accounting feature launch, our team has gathered additional insights from users across the country. Our users told us of their need for tools that would enable stronger and more proactive relationships with partners including underwriters.
Today, we are excited to announce this new set of features, designed to help title & escrow teams further prevent fraud, limit losses through escrow, and remain audit-ready.
Qualia’s new accounting tools
- SAFER Daily Update: The Significant Audit Findings Executive Reports (SAFER) Daily Update is a new accounting report package that provides title & escrow agents and reconciliation teams all the necessary information needed to spot accounting and escrow red flags. With the Daily Update, your team can spot red flags like uncleared credits, negative file balances, dormant & remaining funds, and lienable outstanding items.
- Invoicing: Your team can generate an invoice directly from within the documents section of the platform. Invoices can be modified, voided, and sent to partners involved in a closing securely through the Qualia title & escrow platform.
- Order Accounting: Users can balance an individual file by collecting the accounting ledger, receipts, and disbursements all in one place.
With this announcement, Qualia’s newly-integrated SAFER Daily Update, Invoicing, and Order Accounting now make Qualia the only title and escrow software with accounting & escrow reporting built directly into the platform at no additional cost and requiring no third party integrations.
If you’re interested in learning more, reach out to your Qualia Specialist today to see a full demo of how these features can help keep your company fraud-proof and audit-ready.