Introducing Clearing

In today's fast-paced world of real estate investors, the rental financial management of properties can often feel like navigating through a haunting environment. Well, it's time to buckle up and prepare for takeoff because we are about to streamline the Short-Term Rental financial management of your properties.

We're excited to unveil the most innovative, all-inclusive financial property management solution for the Short-Term Rental industry. Our FinTech solution is explicitly crafted for trailblazing Short-Term Rental business hosts, property managers, and visionary real estate investors in the Short-Term Rental space. Our state-of-the-art platform aims to declutter your trust accounting, automate transaction management, track income, and offer invaluable insights into your cash flow.

Clearing is a complete trust accounting and automated bookkeeping solution tailored for Short-Term Rental operators to close their books faster than ever before. Property managers use Clearing to track their cash flow from multiple sources, efficiently manage their expenses, generate financial reports and owner statements, and pay homeowners & vendors.

What is a Short-Term Rental property

Short-Term Rental management refers to the practice of renting out accommodations, such as apartments, houses, or rooms, for a relatively short period of time. These Short-Term Rentals are typically offered overnight, weekly, or monthly, with fixed income, making them suitable for backpackers, tourists, or any individuals in need of temporary accommodation.

Short-term vacation rentals provide renters with a more home-like experience. Unlike hotels, they typically have home-like accommodations like kitchens, living spaces, and other amenities. Sometimes, the traveler can have a chance to have a local immersive experience since the vacation or Short-Term Rental property is within a residential neighbourhood rather than a tourist area.

Our Mission?

Help property managers close their books faster than ever and take permanent vacation from managing property finances.

As a property manager or real estate investor in Short-Term Rentals, or the long term tenant rental market, you're no stranger to the labyrinth of complexities and the arduous nature of handling the financial aspects of your business. The overwhelming volume of transactions, the dire need for precisely categorized bookkeeping, and the intricate maze of trust accounting are sure to bring you headaches. These stumbling blocks often lead to inefficiencies, errors, overlooked opportunities for financial maximization, and a barrier to focusing on your business's growth.

How Clearing Propels Your Success?

Clearing empowers you with an all-in-one property financial management solution built to:

• Streamline financial processes, eliminate manual bookkeeping, save time, and reduce errors.
• Gain real-time visibility into your cash flow and financial performance, enabling informed decisions.
• Easily set up your trust accounting workflow to collect & move funds
• Pay bills, homeowners, or any other bank accounts, via ACH.
• Automate transaction management, reducing errors and saving valuable time.
• Optimize revenue and expenses for maximized profitability and return on investment.
• Foster transparency and strong relationships through efficient collaboration with your bookkeeper, accountant, employees & homeowners.
• Make data-driven decisions with advanced analytics and reporting tools.
• Seamlessly integrate with key platforms in the Short-Term Rental ecosystem

Say goodbye to cumbersome spreadsheets, disjointed systems, and tedious reconciliation processes. Our comprehensive platform infuses automation, efficiency, and invaluable insights into your business, unlocking the full potential of your financial operations.

Simplified trust accounting

Collect payouts from any third party (i.e. Stripe or Airbnb) into a main balance for your vacation rental property or vacation rental business itself. Transactions and cash flow in and out of this balance are automatically categorized and allocated to balances for each individual unit. This source of funds can then be utilized to pay homeowners, cover bills, and ultimately, transfer commission to your existing bank account.

Automated bookkeeping

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Wave farewell to manual bookkeeping procedures and the tiresome task of tracking income, expenses, utility bills, and other transactions. Clearing categorizes and allocates transactions by unit for you, ensuring precision and ease in maintaining your financial records.

Pay Vendors and Homeowners

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Enhance your business relationships and boost efficiency by easily managing and distributing payments directly from the Clearing platform, at scale. Utilize one-time payments or bundle all payments into one mass payment processing workflow.

Homeowner and Bookkeeper Access

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Collaborate efficiently by  providing controlled access to various stakeholders (i.e. rental property owners, bookkeepers, or employees) fostering transparency, and streamlining communication.

Unified View of Your Short-Term Rental Properties Financial Data

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Enjoy a unified view of your financial data, with real-time transaction syncing from multiple sources (i.e. bank accounts, credit cards, or payment processors), eliminating the need for manual data entry and hours spent in multiple spreadsheets.

Custom tagging and categorization

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Create custom tags and categories tailored to your business needs.

Clearing’s intelligent system learns and adapts to your preferences and patterns, ensuring accurate and consistent categorization, giving you time back for the things that matter - like focusing on growing your business while delivering a great guest experience.

Owner Statements for Short-Term Rental Financial Management

‍An owner statement is a financial document provided to homeowners on a recurring basis which shows the revenues and expenses throughout a defined time period. They can be automated by the Clearing platform and created for each of your owners at scale. This statement outlines the financial transactions related to the Short-Term Rental property itself, summarizing the income generated and the expenses incurred during a specific period. It serves as a record of the financial performance and is typically sent to the owner periodically, as defined by your contractual agreement.

The owner statement for Short-Term Rental properties typically includes the following information:

Rental Income:

This section details the total rental income received from guests who have stayed at the property during the specified period. It includes information about individual bookings, including check-in and check-out dates, guest names, and the amount paid.

Service Fees:

If the property is managed by a platform (like Airbnb), they may charge service fees for their services. These fees, which are usually a percentage of the rental income, are subtracted from the total rental payment to determine the net income.

Expenses:

Managing expenses related to the property's operation and maintenance are listed in this section. Common expenses may include cleaning fees, maintenance costs, utility bills, and any other costs associated with hosting guests. 

Taxes:

Depending on local regulations, taxes such as occupancy tax or sales tax may need to be collected and remitted by the property manager and/or owner. These transactions will detail any taxes collected and document any taxes paid on behalf of the owner.

Net Income:

The net income is the final amount the property owner will receive after deducting fees, expenses, and taxes from the rental income. It represents the amount the property owner will receive from the  Short-Term Rental’s activity.

Reservation Details:

Some owner statements include additional details about individual reservations, such as the guest's contact information, booking source, and any special requests or notes.

Clearing will also provide an analytic dashboard to empower the property manager to make data-driven decisions and optimize their entire portfolio or financial strategy.

Integrations with Online Travel Agencies (OTAs), Property Management Software and Financial Institutions

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‍Integrating online travel agencies (OTAs) and/or property management solutions (PMS) with Clearing offers several advantages for property owners, managers, and Short-Term Rental hosts. This integration allows for seamless management of bookings, reservations, and other property financial information across different platforms.

Here are some of the key advantages of utilizing these integrations:

Vacation Rentals Increased Exposure and Bookings:

OTAs like Airbnb, Booking.com, and Vrbo have a massive user base actively searching for accommodations. Integrating with these platforms exposes your rental property to a larger audience, increasing the chances of receiving more bookings and reservations.

Efficient Booking Management:

Integrating OTAs with a PMS centralizes booking management. You can view and manage all reservations from various platforms within a single interface, reducing the risk of overbooking and simplifying the coordination of check-ins and check-outs.

Real-Time Availability Updates:

When an OTA is integrated with a PMS, availability calendars are automatically synchronized and guest screening is performed seamlessly. This prevents the possibility of double bookings on a rental property by ensuring that only available dates are shown to potential guests across all platforms.

Automated Pricing and Rate Management:

Some PMSs offer dynamic pricing tools that adjust rates based on factors like demand, seasonality, and local events. Integrating with OTAs enables automatic updating of pricing information across platforms, ensuring consistency and optimal revenue generation.

Time Savings:

Manually updating property details, availability, and rates on multiple OTAs can be time-consuming and error-prone. Integration streamlines these processes, saving time and reducing the risk of mistakes.

Content Consistency:

When property details, photos, and descriptions are managed through a PMS and integrated with OTAs, you can ensure consistent and up-to-date content across all platforms, enhancing the overall guest experience.

Streamlined Communication:

Integrated systems can facilitate communication with guests by automatically sending confirmations, check-in instructions, and other important information. This helps improve the guest experience and reduces the need for manual communication.

Data Centralization:

Integration allows you to collect and analyze data from multiple sources in one place. This data can provide insights into booking trends, guest preferences, and other factors that can inform your business strategies.

Multi-Channel Marketing:

Integrating with OTAs provides an additional channel for marketing your property. The exposure gained from these platforms can complement your other marketing efforts.

Scale and Growth:

As your Short-Term Rental business grows, managing multiple properties across various OTAs becomes more complex. Integration with a PMS streamlines these operations and makes scaling your business more manageable.

Achieve better control and visibility of your vacation rental management company across multiple platforms and tools through our seamless integrations with OTAs, vacation rental platforms, and accounting software.

By centralizing all transactions in Clearing and integrating with OTAs and/or Property Management Software, Clearing can be utilized to help you stay organized, simplify tax preparations, track income, and ensure accurate financial reporting.

Ready for takeoff?

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Begin your journey to streamlined financial operations for your Short-Term Rentals and embark on a permanent vacation from managing your entire portfolio’s accounting and bookkeeping

The integration of vacation rental platforms and financial technology like Clearing offers a transformative solution for modern property owners, managers, and hosts. By seamlessly connecting these essential components, a new level of efficiency, visibility, and control in the vacation rental industry is achieved, shaping the future of the hospitality industry..

Simultaneously, integrating financial software with these PMS and OTA integrations introduces a layer of convenience and security. The automation of payment, expense tracking, and tax management ensures accurate financial reporting while reduces the administrative burden on property owners and managers. This harmonious synergy between financial systems and PMS fosters prudent financial decision-making and scalability, driving business growth and profitability.

In the dynamic landscape of rental property management, the integration of these crucial elements to manage Short-Term Rental finances isn't just a feature; it's strategically imperative. It empowers all Short-Term Rental property owners to focus less on finances and more on what truly matters—delivering exceptional guest experiences and achieving sustainable success in an ever-evolving industry.

Visit our website today to learn more about Clearing, or skip the research and book a demo now!

We’d love to show you how we can help! 😃

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Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC. All company names are trademarks or registered trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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