If you’re a director of a property management company, then you know that financial management is an important part of the process.
We understand this and have been helping property management company directors with their finances for over 20 years. We produce monthly financials including income statements to give Board members a regular snapshot of the companies performance. We also collect service charges from development members, maintain management company accounts, pay creditors on approved invoices, and liaise with auditors on annual accounts.
Our standard services include:
1) To prepare an estimate in respect of annual service charges in accordance with section 18 of the Multi-Unit Developments Act 2011, for consideration by the Client.
2) Annually to calculate the service charges for each unit based on the budget adopted by the Client and the apportionment detailed in the leases.
3) Annually to issue each unit owner with a statement of demand for service charges together with a copy of the approved budget and the calculations used to arrive at the charge payable by each unit owner (including a breakdown of amount due for current financial year and any arrears balance brought forward from prior years).
4) To advise the Client on the establishment of a sinking fund in accordance with section 19 of the Multi-Unit Developments Act 2011.
5) Annually to apportion the amount of contribution, payable by each unit owner, in accordance with section 19 of the Multi-Unit Development Act 2011 and regulations made thereunder.
6) To collect on an ongoing basis service charges and sinking fund contributions approved by the Client.
7) To administer the issuing of reminders for service charges and sinking fund payments as directed by the Client.
8) To administer the imposition of penalties for late payments per agreed policy.
9) To answer queries from unit owners on service charges and sinking fund contributions.
10) To prepare a report when requested for the Client directors on overdue accounts.
11) To arrange for the collection of arrears, from whenever they arise, as directed by the Client.
12) To provide receipts for payments received.
13) To provide, on request by a unit owner, the annual statement of unit owner’s services charges payments and sinking fund contributions.
14) To administer the Client’s finances in accordance with the provisions of the Property Services (Regulation) Act 2011 and regulations made thereunder.
15) To provide reports on all income and expenditure for the Client on a regular basis.
16) To reconcile bank statements.
17) To pay invoices for goods and services in accordance with the approved service charge.
18) Prepare cheques, for signature by a Director of the Client, on foot of invoiced goods and services.
19) Annually prepare and provide the relevant accounting records for the Client’s accountants and auditors.
20) Respond to accountants and auditors on questions arising from the preparation and audit of the Client’s accounts.
Let us help your business grow by taking care of all your financial needs! Contact us today to learn more about how we can get started together!