Accounting is an important aspect of property management. Our accounting team has many years of experience dealing specifically with the financial issues of homeowners and condominium associations.
Our state of the art computer system enables First Choice Property Management Group to provide real time access for approved Directors to the Association’s financials. We perform all of the accounting services in-house, which results in a high degree of accuracy and up to date information for our clients. Our Accounting Department can help Associations with the Following:
- Bank Reconciliation & Check Registers
- Fee Collection Reports & Delinquencies
- Filing of Official Records, Reports and Documents
- Monthly Balance Sheets and Income Statements Including Variance to Budget
- Monthly Supporting Financial Records
- Budget Preparation and Disbursement
- Prepare and Issue Maintenance Coupons
- Owner Account Reports
- Reserve Fund Investments
- Establish the operating bank accounts of the Association in the name of the Association. The reserve bank accounts can remain with the current banking institution.
- Set up the billing and collection system for the maintenance on an annual basis and any special assessments when needed.
- Prepare a detailed set of account records which are accessible for review by the Board of Directors. All accounting records must be in compliance with generally accepted accounting principles.
- Prepare a monthly financial statement by the 15th of each month including a balance sheet and income statement including variance to budget, check register and prepaid report.
- Review the financial position of the Association on a monthly basis including the current budget and make recommendations to the Board of Directors
- Review the accounts receivable and payable of the Association and make recommendations for any immediate action needed
- Pay all bills and any other financial obligations of the Association on a weekly basis with a procedure and specifications approved by the Board of Directors
- Receive and deposit all funds payable to the Association in the Association’s account on a daily basis
- Set up and enforce an approved policy for collecting delinquent accounts and issue appropriate letters
- Forward delinquent accounts to attorneys as authorized and maintain payment histories and records
- Prepare a proposed annual budget for the review of the Board of Directors
- Recommend to the Board of Directors an amount to be set aside as a reserve for replacement based on a reserve study for the various components e.g. roof, painting, paving.
- Provide assistance in the investment of reserve funds to maximize earnings
- Preparation of annual compilation and tax return
- Maintain payroll and issue W2’s and 1099’s
- Prepare the annual coupons and distribute to each owner