HOA, Condo and Townhome Accounting
The Accounting Department here at Qualified Property Management performs some of the most vital functions in relation to your homeowner, condominium, luxury high rise, co-operative, property owner, time share resort condominiums or master planned community association.
With hundreds of years of combined, strong accounting backgrounds, our Accounting Department personnel are sure to shine for your Association. The Accounting Department is further broken down into:
Working closely with the assigned LCAM, bookkeeper and the Treasurer of the Association, the A/P department ensures that all approved Association invoices are paid in a timely fashion, avoiding any late fees or penalties on behalf of the community.
The A/R department is responsible for receiving and posting all assessments and payments that pertain to your Association. As with the A/P Department, the A/R members work closely with the other accounting personnel, the assigned manager and the Board, filtering all of the month's information into a comprehensive financial report.
Working closely with the assigned manager, the other members of the accounting department and the Board of Directors, the bookkeepers assigned to your account are responsible for generating the monthly financial reports for your community.
The bookkeepers also assist in the Association Budget Preparation, tracking Association CDs and Loans, Special Assessments and work closely with the Association's CPA on yearly tax preparations and audits.
Monthly Financial Reporting
Performed on a modified accrual basis, our monthly financial reports are truly our claim to fame. The bookkeepers in the accounting department are provided with a calendar of Board of Director meeting dates, ensuring that your financials are completed prior to your meeting, allowing the Board the time to review and understand the information given to them.
Filtering all of the information from the various accounting departments, the monthly financial reports are compiled into a Managers Report, which also contains information regarding call logs, violations and day to day operations of the Association.
To see a sample of our Manager's Report and Monthly Financials click HERE.
The operating budget sets the rules to the financial game for your community. Through our years of experience in our industry and strong accounting practices, QPM can assist your Board of Directors in drafting a concise, fiscally sound Budget for the following year. Here at our facility we can project the Budget onto a large screen for all members to see and then use the input from the Board, manager and assigned bookkeeper to produce a strong draft budget.
The foundation of your financial needs is your current budget. Your assigned Bookkeeper will work with your Manager to review your past budget and research and revise your Reserve accounts towards presenting the first draft of a new budget each fall. This will bring the accounts up to date and show the real financial picture of your association. This process is mandatory in order to ensure expense control.
The above services are a part of the professional services a Qualified Property Management community client can rely on in Hillsborough, Pinellas, Pasco, Hernando and Citrus Counties in Florida.