For several decades, the FirstService Residential Texas team has been providing sound financial services to homeowner associations throughout the state. We are recognized for managing our clients’ financial and budget issues with professionalism and attention to detail that enhances their homeowner associations’ financial stability, along with the responsive service that has helped make us the Texas HOA management leader.
When you partner with our company, our CPA-supervised accounting and finance professionals provide your homeowners association with full-service financial services and specialized programs to help your association prepare for market fluctuations, ensure cash flow, plan for capital projects and improvements, and more. To ensure accuracy, our team utilizes a reliable checks and balances system, providing additional peace of mind.
Our financial services include:
- Timely financial packages, with documents prepared timely for Board meetings
- 24/7 availability of financial information through a secure password-protected program
- Multiple payment options to reduce homeowner delinquencies and facilitate cash flow
- Your team accountant is available to your Board and Treasurer to answer questions and conduct financial reviews
- CPA access provided as necessary 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 comply with Sarbanes-Oxley requirements
Timely and Accurate Financial Reporting
Our financial team delivers accurate and timely reports to keep your homeowners association updated at all times. These include comprehensive monthly financial status reports, balance sheets and income and expense statements. Team members also manage your homeowner association’s accounts payable and receivable, as well as all other required financial issues.
To help you assess adequate homeowners association fees and spend appropriately, our financial team prepares draft budgets for Board review, including anticipated increases, actual expenses over the past year and historical expense data for comparison purposes.
Annual Audit & Tax Preparation
Our teams accurately prepare all documents required for your annual third-party CPA tax preparation and audits. Additionally, when your homeowners association hires outside attorneys and CPAs, we lower your association’s preparation costs by enabling these professionals to access documents via our FirstService Residential Connect technology.
Our financial and accounting services include:
- Monthly financial statement package (statements also available online)
- Annual budget preparation and processing
- Payment processing via a licensed and insured lockbox facility
- Multiple payment options
- Flexible banking options and fidelity bonds
- Preparation of balance sheets, income statements, bank reconciliations, support schedules
- Electronic scanning of vendor invoices and computerized check preparation.
- Year-end financial packages provided online for independent auditors
- Turnkey collections services
Learn more about how FirstService Residential's value-added financial and accounting services can benefit your Texas homeowners association.
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