Expert Financial Management and Accounting Services

At FirstService Residential New York, ensuring your property’s financial stability is one of our highest priorities. Thanks to our successful two decade track record of managing the financial affairs of countless buildings throughout New York City, you can rest assured that your fiscal matters are in expert hands – managed with the same high levels of quality, service and attention to detail that have made us the industry leader.

Professional and Competent Handling of your Financial Matters

FirstService Residential New York’s experienced financial management and accounting professionals provide comprehensive services tailored to your needs to help avoid cash flow surprises, plan for capital improvements and anticipate and prepare for market changes. We utilize a meticulous checks and balances system for added assurance that all fiscal transactions are handled professionally and competently, with every budget transaction remaining uncompromisingly accurate.

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
  • Financial information is available to authorized users 24/7, from any location, through a secure, password-protected program
  • Multiple payment options are available to help reduce delinquencies and improve cash flow
  • CPA access to facilitate audit work is provided as needed
  • Your assigned financial manager is available to your Board and Treasurer to answer questions and conduct periodic financial reviews
  • 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

Timely and Accurate Financial Reports

Timely and accurate reporting of all of your property’s financial matters facilitates the successful management of your building – and helps your Board stay on budget.  Our financial management professionals prepare your balance sheet, income and expense statements, manage your accounts payable and receivable, general ledger, deposit and check history. They also prepare a comprehensive monthly financial status report for your Board, including current-month, year-to-date and comparisons-to-budget data, to keep you abreast of your building’s financial status at all times.

Effective Cash Management Through Budget Preparation

Ensuring maintenance fees reflect the economic reality of your building’s needs, while taking into account the need to maintain or improve your building’s overall aesthetics, is a sensitive balance requiring the fiscal diligence and expertise of our financial team.  As part of this process, the team prepares draft budgets for Board review, incorporating any anticipated increases to services, and providing a 12 month history of actual expenses incurred, as well as historical expenses for comparison.

Annual Audit & Tax Preparation

Our financial management professionals prepare all documents necessary for annual third-party CPA audits and tax preparation. 

Our financial management services include:

  • Monthly financial statement package
  • Preparation of balance sheets, income statements, bank reconciliations, 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, e-check and credit card (for participating buildings)
  • Electronic scanning of vendor invoices and computerized check preparation
  • Annual budget preparation and processing
  • Financial packages provided for independent auditors
  • CPA-supervised dedicated financial management team
  • Turnkey collections services

Learn more about how FirstService Residential New York’s unique value-added financial and accounting services can benefit your property.

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