Monthly Accounting Service
Are you unhappy with the accounting services that you are currently receiving? Are you tired of receiving your financial packages late or needing to constantly request revisions? Do you feel that your association may not be receiving the attention it deserves? If that’s the case, let us experts handle the accounting.
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Whether your association is self-managed or managed by a management company, we can work with your property manager.
Aside from providing timely monthly financial packages with supporting schedules for each balance sheet account, we also provide the board with a list of suggestions and findings each month, an analysis of the variances, a pie-chart that explains how most of the association’s expenses are non-discretionary, as well as suggestions regarding cash management strategies, how to reach a healthy level of equity, reserve funding, internal controls, collection efforts, budget preparation, special assessments, and more.
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We offer several packages for you to choose from. Check which one is right for your association.
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All packages include unlimited meetings with a CPA to review the Association's finances.
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Our standard and deluxe packages streamline the invoice payment process by enabling the board to view and approve invoices from anywhere so that there is no interruption in paying vendors.
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For a customized pricing proposal, please email us the most recent monthly financial package so that we can review and set up a meeting to discuss the needs of the association.
Review and Oversight Package
This option is for associations that already have a bookkeeper or property manager who prepare the financial statements, collect and deposits the payments from owners, and pay the bills.
We would review the financial statements on a monthly or quarterly basis and provide feedback. For example, we may make suggestions regarding the proper recording of a special assessment, cleaning up old payables or outstanding checks, cash management, budgeting, etc. We would provide the board with a summary of items they should be aware of, including our assessment of the overall financial condition of the association, etc.
Optional add-on services at no additional cost to the association: Collection letters and legal letters mailed to delinquent unit owners, and estoppels provided to potential buyers.
Basic Package
Unlike the Review and Oversight package, we would be responsible for recording all adjustments to the financial statements and providing the board with a complete monthly financial package. The property manager or board member would record all payments from owners and record all payments of bills. We would convert the financials to accrual-basis and provide supporting schedules for each financial package.
Aside from providing timely monthly financial packages with supporting schedules for each balance sheet account, we also provide the board with a list of suggestions and findings each month, an analysis of the variances, a pie-chart that explains how most of the association’s expenses are non-discretionary, as well as suggestions regarding cash management strategies, how to reach a healthy level of equity, reserve funding, internal controls, collection efforts, budget preparation, special assessments, and more.
Optional add-on services at no additional cost to the association: Collection letters and legal letters mailed to delinquent unit owners, and estoppels provided to potential buyers.
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Standard Package
In addition to everything offered in the Basic Package, we would also implement and manage the accounts receivable and accounts payable processes.
We would set up a bank lockbox for the association, and we would record all payments deposited into the lockbox.
We would set up the accounts payable software with proper internal controls. The property manager would upload invoices to the software, we would review and approve the invoiced, and 2 designated board members would receive electronic notifications advising them that there are invoices for them to approve. After the 2nd board member approves an invoice, a check or ACH payment is sent to the vendor, and the payment and invoice are recorded in the financial statements.
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Optional add-on services at no additional cost to the association: Collection letters and legal letters mailed to delinquent unit owners, and estoppels provided to potential buyers.
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Deluxe Package
This package is similar to the Standard Package, but for large or complex associations. This may include multi-condos, associations with several hundred units, associations with multiple special assessments, etc.
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Optional add-on services at no additional cost to the association: Collection letters and legal letters mailed to delinquent unit owners, and estoppels provided to potential buyers.
