Financial and Accounting Services for Your Property
One of our property management goals at FirstService Residential Maryland is to maintain your association’s financial stability.
With our successful record of providing effective fiscal management to countless associations throughout Maryland, you can rest assured that your association’s finances are in expert hands – managed to the same standards of quality, service and attention to detail that have made us the property management leader.
Our highly qualified financial and accounting professionals provide comprehensive services to help your association plan for capital improvements, avoid cash flow headaches and anticipate and prepare for market changes. Our detailed checks and balances system provides added confidence that all of your financial and budgetary transactions are handled accurately and competently at all times.
For Added Peace of Mind, We Provide the Following Assurances and Services:
- Comprehensive financial packages are delivered in a timely manner – and always in time for your Board meetings
- All of your association’s financial information is available to authorized users 24/7, from any location, through a secure, password-protected program
- Your assigned accountant is available to your Board and Treasurer to answer questions and conduct periodic financial reviews
- Multiple payment options are available to help reduce delinquencies and improve cash flow
- CPA access is provided as needed, helping to reduce your association’s auditing fees As part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV) we are held to the highest standards of transparency, security and accountability and subject to Sarbanes-Oxley requirements
Financial Reports
Our accounting professionals provide timely and accurate reporting of all of your associations’ financial matters helps your Board remain within budget. They prepare your balance sheet, income and expense statements, manage your accounts payable and receivables, general ledger, deposit and check history. In addition, they prepare a comprehensive monthly financial status report for your Board, including current-month, year-to-date and comparisons-to-budget data to keep you updated at all times.
Budget Preparation
Ensuring maintenance fees reflect the economic reality of your association’s needs, while taking into account the need to maintain or improve your community’s overall aesthetics, is a sensitive balance requiring the fiscal diligence and expertise of our financial team. To achieve this, team members prepare draft budgets for Board review, incorporating all anticipated increases and providing a 12 month history of actual expenses incurred, as well as historical expenses for comparison.
Annual Audit & Tax Preparation
Our financial and accounting professionals prepare all documents necessary for annual third-party CPA audits and tax preparation. We also provide access to our advanced FSRConnect software platform to all Board-hired attorneys and CPAs, enabling them to review relevant files, invoices and documents to reduce your association’s preparation costs.
Our association accounting services include:
- Monthly financial statement package (statements also available online)
- Preparation of balance sheets, income statements, bank reconciliations, support schedules
- Processing of payments via a licensed and insured lockbox facility
- Board members can review and sign checks online
- Annual budget preparation and processing
- Flexible banking options and fidelity bonds
- Multiple payment options: check, ACH/direct debit, credit card, e-check, etc.
- Electronic scanning of vendor invoices and computerized check preparation
- Year-end financial packages provided online for independent auditors
- CPA-supervised dedicated accounting team
- Turnkey collections services
Learn more about how FirstService Residential Maryland’s unique value-added financial and accounting services can benefit your association