Managing advisor payments can be complex due to the numerous date filters associated with each reservation. With 11 dynamic date filters—including booking date, departure date, return date, statement date, settlement date, and advisor pay date—it’s easy to see how discrepancies and questions arise.
For instance, consider this scenario: An agency runs a report on the first of the month to determine advisor payments. The supplier processes the agency’s payment on the second, and by the third, the advisor reviews the reservation, now reflecting as paid and settled. However, when the advisor receives their payment on the fifth, the reservation in question is not included. Such situations naturally lead to confusion and inquiries.
Another common challenge is outstanding or held reservations, where commissions are delayed due to various issues. Advisor Reconciliations address these concerns by simplifying reporting and data interpretation for both management and advisors.
The Advisor Reconciliation Process
Advisor Reconciliation is a streamlined procedure enabling management to track what has been paid to the agency and, consequently, what is due to the advisor. The process includes:
- Running a routine check to identify payments due.
- Reviewing a summary of each item with the option to drill down into details.
- Making necessary adjustments and saving changes.
- Finalizing the reconciliation, which marks the reservation with an "advisor reconciliation date."
Efficient Statement Generation
Advisor Statements can be generated based on a specified date range, providing both management and advisors with a clear, concise overview of payment details. This functionality ensures transparency and efficiency in commission tracking.
Seamless Integration with Tres
One of the key advantages of Tres, compared to older systems like ClientBase and Trams Back Office, is its unified platform. Advisors can effortlessly view details of pending commissions, payments received, and outstanding amounts, eliminating the inefficiencies of separate systems.
Comprehensive Commission Analysis
Tres allows for detailed commission analysis in several ways:
- Projected Commissions: Identifying commissions due to the agency based on booked reservations.
- Pending Reconciliation: Tracking payments received but not yet reconciled, and thus, amounts pending for advisors.
- Historical Payments: Reviewing details of commissions paid in prior periods.
Streamlined Reconciliation Process
The reconciliation step is quick and intuitive—management can either review individual transactions or use the "Reconcile All" function for efficiency. The process provides instant visibility into payment details, with built-in options for review and modification as needed.
By leveraging Advisor Reconciliations, agencies can enhance payment accuracy, streamline workflows, and improve transparency, ultimately benefiting both management and advisors.
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