FirstService Residential CEO David Diestel discusses how we support board members with community lifestyle and hospitality programs, financial services, sustainability, resiliency, and more.
Whether you are on the board of a homeowner’s association, co-op, condominium, master planned community, or luxury high-rise, we understand that you have a vision for your community. Our unmatched local expertise and world-class resources allow us to provide exceptional service to our communities.
We at FirstService Residential take the financial stability of our communities very seriously. With us, you can be sure that your community's finances are in expert hands and will receive top-tier service just as you have come to expect.
Do property managers do accounting?
While most property managers are responsible for accounting tasks such as rent collection, invoicing, and preparing financial reports, they must also rely on certain vendors for extensive accounting reports or end-of-year budgets. Therefore, having access to a financial company that can work closely with owners or investors to ensure that the property is achieving its financial goals is imperative for any community.
Handling Your Property Management Accounting Professionally
Your community association can count on our team of experts for comprehensive property management accounting services that are tailored to your needs. We help you manage cash flow, plan capital improvements and anticipate market fluctuations with a strong understanding of the financial world in which we live today!
We use a meticulous checks-and-balances system to ensure that all fiscal matters and budget transactions are managed professionally and competently at all times. In addition, as part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV), we are required to adhere to the highest standards of transparency, security, and accountability. We are also subject to Sarbanes-Oxley financial control requirements.
Some of the Financial Management Services We Offer
- Monthly financial statement package (statements also available online)
- Preparation of balance sheets, income statements, bank reconciliations, and support schedules
- Processing of payments via a licensed and insured lockbox facility
- Flexible banking options and fidelity bonds
- Multiple payment options (check, ACH/direct debit, credit card, e-check, etc.)
- Electronic scanning of vendor invoices
- Computerized check preparation and signing capabilities
- Annual budget preparation and processing
- Year-end financial packages provided online for independent auditors
- Turnkey collections services
Learn more about how FirstService Residential’s unique property management accounting services can benefit your community association.
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