Maintaining a detailed, up-to-date bookkeeping system is a vital component to any business’s success, but particularly for those in the Real Estate profession. Property managers have numerous responsibilities and do not always have the time and specialized experience to attend to their company’s diverse bookkeeping needs. Real Estate bookkeepers and property managers must work together in order to ensure a smooth, organized system to track money and manage expenses and revenue. Property managers would benefit greatly from acquiring professional bookkeeping services, allowing them to focus on other responsibilities and maximize profit.
Property Manager Tasks
Commercial property managers are required to perform various duties, including all of the tasks that are required in the management of a large property. These include:
- Work-in-progress schedule
- Bank reconciliation for the capital improvements transactions
- Copy of the monthly bank statement for the capital improvements account
- Cash flow projection for the remaining improvements
Property Manager Responsibilities
Maintenance and mechanics may comprise a substantial part of the day-to-day functions of a commercial property manager, dealing with tenant complaints and hiring private contractors to maintain the property. Full-service property management generally includes all or most of the following responsibilities:
- acting as the first point of contact for tenants, building workers and maintenance contractors
- maintaining professional relationships with an accountant, insurance agent and attorney if necessary
- advertising & marketing
- showing available space and leasing the property
- interior and exterior maintenance
- collecting rent and fees from tenants and coordinating contracts,
A Real Estate Bookkeeping Professional Can Help!
A professional Real Estate Bookkeeper will assist in the day-to-day finances as well as many other administrative duties. They help create, maintain and follow a budget for both short term and long term goals (i.e. capital improvements) and administrative tasks like reporting and record retention that might include:
- income statements
- annual reports
- apartment rent roll
- occupancy reports
- historical records
- file backups of online systems
- issue purchase orders
- pay invoices
- purchase supplies
- general accounting and banking needs
If a Real Estate company owns multiple properties and has many employees, a property manager might find themselves directing other employees in property management and bookkeeping. The property manager is more likely to find themselves engaged in a wider variety of tasks, unable to keep up with their extensive bookkeeping needs.
Some Real Estate Companies like using the services of an outsourced bookkeeping company to help keep a handle on critical accounting needs. Outsourcing your bookkeeping services with MM Accounting and CFO Solutions of New York will be extremely beneficial to keeping your finances up to date. Whether you are a large or small Real Estate business, MM Accounting and CFO Solutions’s can provide professional bookkeeping assistance tailored to your individual company. Are you a property manager looking for professional accounting advice? Call us today to see how we can assist you with your bookkeeping needs!