We have deep expertise in the real estate sector across different parts of the real estate value chain. We work with real estate agents, property management companies, integrated real estate developers, low income housing developers, condominium associations and investors and provide a range of accounting, financial analysis, marketing support, maintenance support and research services. We have worked with single family residential, multi-family residential, low income housing, commercial, retail, condominiums, student housing and assisted living centers. In accounting services, we deliver the entire range of tenant accounting, accounts payable and general ledger accounting services. We also have rich experience in month end/ quarter end/ year end management and investor reporting, preparation of operating and financial dashboards, simple valuation services, and financial analysis services. A detailed list of our services for the real estate and property management industry is listed below.
- Setting up of leases in-to accounting or leasing software including the following
- setting up billing parameters like rent, other charges (including common areas’ expense estimates)
- setting up of late fees (including multiple types of late fees) and lease start and expiry dates
- entry of lease options such as termination, renewal, expansion, and right of first refusal and the right of first offer
- Monthly tenant rent processing
- Generation and remote printing of rent statements
- Monthly rent collection processing
- Application of late fees for delayed payments(delinquencies)
- Generation of relevant tenant communication (template driven letters)
- Updating tenant records for Move-Ins, Move-Outs and Expiries
- Tracking utility consumption and calculating bill-backs
- Analysis of tenant ledger reports to identify discrepancies
- Generation of reports such as Late Fee, Move-In, Move-Outs, Termination/Expiry
- Entry of accounts payables invoices into the work-flow/accounting software with coding and allocation of expenses to properties
- Well defined solutions for both paper-based (manual) and electronic invoice approval process at the client end
- Tracking of expenses at multi-levels- project, entity, building, and tenant
- Handling overheads related bills such as utilities
- Tracking of receipt of utility bills for different properties
- Maintaining records of meter readings of utilities to track pass-through usage against rules laid out in leases
- Allocation of expenses across different entities or properties
- Online utility payments through service provider website
- Prompt payment of utility bills through service provider websites to avoid termination notices and late fees
- Handling utility bill backs during move-ins and move-outs
- Handling insurance expenses
- Tracking insurance premiums due-dates and amounts
- Accounting of different insurance policies such as-Homeowners, Auto, Flood and General Liability-Rent loss, Boiler and Machinery and Property-Workers Compensation, Disability, and D&O
- Tracking prepaid premium amounts and booking journal entries
- Processing inter-company(entity) transactions including cash-transfers
- Entry of checks or wire for printing in US after receiving approvals
- Entry of manual checks (hand-written checks)
- Generation of relevant disbursement reports
- Complete review of different payables batches-vendor wise, account wise and entity-wise(property-wise)
- 1099 Processing- process 1099’s for vendors and reconcile received 1099’s
- Tracking security deposits of different tenants
- Handling move-ins, move-outs, renewals and expiry of leases before rent-run
- Process and analyze monthly rents and print(to remote computer) invoices and customer statements
- Bill properties for management fees and other charges from operating entities
- take deposit sheets and input cash receipts against relevant invoices or process customer checks in a lock-box solution
- generate relevant deposit and receivables reports
- Receivables management
- email and call-based follow-up (only on selective cases)
- reconcile cash to general ledger, including bank reconciliations
- reconcile inter-company transactions and process payment from properties to operating entities
- merchant account and credit card reconciliations (if applicable)
- impound reconciliation
- Book month end accruals (insurance, real estate taxes, accrued payables)
- Calculate management fees for different properties based on net cash receipts
- Review coding to general ledger accounts and make corrections
- Prepare/track fixed assets for property including to the unit(apartment) level
- Prepare cash projections for the next month
- Prepare monthly property control reports on both a cash and accrual basis
- Maintain financial schedules like depreciation, amortization as per company requirements according to US GAAP
- Compare operating results to monthly budgets and prepare variance reports
- Generate Monthly Operating Reports (MORs) pertaining to current positions in tenant information, assets, liabilities and general ledger accounts
- Prepare customized reports to meet varied reporting requirements of clients
- Prepare budgets for commercial and residential properties for day to day operations of the properties
- Site based budgeting based on three parameters such as costs for tenant services, repairs costs & maintenance staffing costs
- Considering property managers role in budget formation and administration
- Cash flow forecasting for refinancing of mortgage from new lenders
- Understand client needs and suggest appropriate software to meet increased business scale and changing business requirements
- Transitioning multi-software accounting environments to single/dual software accounting environments to drive efficiency and reduce costs
- Switching over all the previous software data to new software without any glitch
- Generate new tenant leads through regular vacant unit postings on lead generation/advertising platforms such as Craiglists
- Call back leads within 30 minutes of online lead generations thereby driving conversions
- Use of social media sites like Pinterest and Facebook to connect with prospective tenants proactively and comprehensively
- Regular tenant feedback/follow-up calls to check on maintenance team’s response to maintenance requests, unit development activities etc
- Exit interviews of tenants to get feedback/ reasons of leaving property
- Web based market research to track market rents in similar properties
- Tax liability pass through calculations as per portfolio management/ investor shares
- Property level profitability dashboard comparison across properties
- Financial property wise projections for refinancing of loan on property
- Complete portfolio cash flow projections for raising of funds from institutions
- Monthly dashboard reporting to keep an eagle eye on vacancy, rental collection, and expense factors
- Debt repayment and closure tracking to manage cash flow for the properties
- Prepare monthly/quarterly/annual tenant reconciliations for Common Area Maintenance (CAM)
- Maintenance work order creation & daily work order tracking to ensure prompt response to work orders from maintenance team
- Prepare reconciliations for real estate taxes and insurance escalations
- Prepare reconciliations for trust accounts
- Book journal entries for acquisition and disposition of properties
- Assist in preparation of the annual operating budget
- Assist in preparation of real estate tax returns
Accounts Payable Management
Accounts Receivable Management
-Master rent roll
-Lease expiration schedule
-Security Deposit Report
-Property Manager Monthly Variance Report
-Financial Projections (if applicable)
-Aged Account Receivable
-Aged Account Payable
-Inter-Company account detail
-Monthly General Ledger
-Monthly Disbursement Detail
Q. Please elaborate on your accounting experience in real estate/property management sector?
A.We have deep experience in real estate accounting across different types of real estate properties and also across different real estate players in the real estate value chain. We have elaborated our experience below:
Experience based on property type
We specialize in handling accountancy for single-family homes, multifamily apartments, condominiums, super markets, low income housing projects, student housing, assisted living centres and retail centres and commercial properties. We have deep experience in real estate accounting across different types of real estate properties and also across different real estate players in the real estate value chain. We have elaborated our experience below
Experience based on type of real estate companies
Our accounting experience covers the entire range of real estate players across the value chain. We provide real estate accounting services to real estate agents/brokers, property management companies, owners, condominium associations and real estate investment trusts. Our rich experience helps us to provide expertise across the entire range of accounting functions with minimal learning curve. We are also able to provide custom accounting reports to meet information and reporting requirements of important stakeholders such as banks, investors, customers and of-course the property management companies themselves.
Experience based on type of real estate accounting software
We have reliable experience across most popular real estate accounting packages across Accounts Payable, Tenant Management, General Ledger, Disbursement/Banking and Reporting modules. We have good experience across most real estate packages such as Timberline, Yardi Genesis and Voyager, Appfolio, MRI, Spectra, QuickBooks, RealPage Onesite among others. For more details, please refer our property management service section for a detailed list of services.
Experience based on type of geography
We have clients in real estate sector across Florida, California, Seattle, New York, Colorado, Texas among others.
Q. What areas do you handle in real estate accounting?
A.Our property accountants can easily handle most aspects of property accounting, whether it is running rent roll, tenant lease management, utility bills processing and bill backs, accounts payables & vendor management, reconciliations(bank, merchant account, credit card, escrows, mortgages) contractual and sub-contract accounting, monthly closing, month operating report preparations, replacement reserve forms, CAM reconciliations, year-end finalization and detailed management reports including dashboards. We also perform non accounting activities such as Craig List postings, tenant feedback surveys, maintenance work order creation and tracking and many other miscellaneous activities. We also have good experience in preparing investor and bank related documents.
Q. What real estate accounting experience and credentials do you offer?
A. We offer you the requisite level of experience and expertise needed to perform real estate accounting from an offshore location such as India. We have junior accountants who handle transactional accounting activities such as accounts payable and bank reconciliations. We also employ senior accountants who perform property accountant tasks such as escrow reconciliations, month end closing, and preparation of monthly reports
Q. Why should I hire you as real estate accounting company?
A. Our dual expertise and specialization in real estate sector and in accounting helps us provide an unparalleled expertise in real estate accounting outsourcing. There are few service providers who can match or excel our range of real estate clients geographically, across different software platforms and types of property management companies. We are a one stop destination site for real estate accounting services. Please refer our property management services section
Additionally our robust infrastructure, emphasis on data security, highly qualified accounting staff, unique training and evaluation practices and unrelenting focus on quality makes us the right choice for your company. The strength and reliability of our value proposition is validated by high longevity of our outsourcing contracts. Most of our clients have been working with us for many years (some since inception of the company). Please refer our client profiles section for a sample list of our clients.
Q. How soon can you start managing accounts for our property management / real estate firm?
A. It depends upon the process requirement e.g. for a small property management firm we can start the process immediately. In case of large firms, there is a detailed migration and scaled up plan drafted by our transitioning team, typically followed by or performed simultaneously with a pilot phase. The pilot phase typically lasts from one-two months. Most clients are able to complete the transition and handover in a period of three months.
Q. The firm already has an accounting staff. Should I be replacing them with your services?
A. This depends on the nature of the processes and scale of operations. Most small clients prefer an outright replacement as the underlying complexity and scale of operations are limited. The larger clients typically may retain a senior accountant to supervise the entire operations, transfer funds, and coordinate with banks.
Q. Our condominium association or property management company handles our accounting. Why should we change?
A. Most condominium associations and/or property management companies try to be a one-stop shop for the real estate owners they manage. Many management companies do not have accounting staff with graduate degrees or the extensive experience needed to properly handle the accounting. Additionally, we can help clients save 40-50% on their accounting costs through outsourcing. For other advantages of outsourcing, please click here
1. A midsized real estate property management firm based out of Gardena, CA. They manage properties throughout southern California, Orange County, and Inland Empire for over 30 years. The firm has about 1500 high rental premium units under management.
We provide accounts payable and property accounting services including reconciliations (bank, escrow, replacement reserves and trustee accounts), record keeping, variance analysis, month-end reporting, financial analysis dashboards and business analysis services. We also provide maintenance related processing and marketing support services to them. These include creation of maintenance work orders, exit surveys of tenants, vacant units’ listings in popular rental sites and many other tasks. We have a team of ten people working for them. We also prepare bank related financial documents for review by senior management team of the client.
Software: Appfolio, QuickBooks and Advanced Use of excel
2. A vertically integrated, full service real estate company based out of Bellevue, WA. They specialize in commercial properties. The firm has more than 10,000 units under management
We provide Accounts Payable and Property Accounting services including reconciliations (bank, escrow, replacement reserves and trustee accounts), variance analysis and detailed month-end reporting. We also perform year-end finalization and audit support services for them. We have four property accountant and one AP person working for them.
Software: RealPage – OneSite, Timberline
3. A well-known real estate firm based in Tampa (FL). They specialize in commercial real estate investment and property management services.
We provided daily accounting and management reporting services. Accounting services include coding of payables, running rents, booking receipts, reconciliations and monthly closing and reporting.
Software: MRI, Avid Payable
4. A full service management company based out of Denver (CO) with extensive experience in both single and multifamily residential rental properties.
We provide accounts payable processing, complete tenant accounting services (processing move-ins, move-outs, rent run, rent payments processing, tenant rebilling, collection support etc.), bank and escrow reconciliation, general ledger maintenance and monthly management reports.
Software: Yardi Genesis
5. A full service real estate firm, offering property management, brokerage, construction, and development services. The company is based in Miami (FL)
We provide accounts payable and property accounting services- reconciliations, financial analysis, financial statements including budget comparisons, balance sheet and cash flow statements and monthly financial reports. We have a team of five people working for them.
Software: RealPage, Yardi Genesis and Yardi Voyager
6. A well known property management firm in Tampa (FL). They manage a wide variety of commercial real estate assets and provide property management services to 3rd party commercial real estate owners. The company currently manages over $60M in commercial real estate assets.
We provide accounts payable, complete tenant accounting (rent runs, processing rents, processing move-ins and move-outs, utility bill back processing), escrow and bank reconciliation, mortgage reconciliation, general ledger maintenance, budgeting support, variance analysis, CAM reconciliations, year-end finalization and monthly management reports.
7. A rapidly growing real estate firm based out of Tacoma, Washington. They specialize in single and multifamily residential rental properties.
We provide complete accounting services including invoicing, expense accounting, accounts payable processing, accounts receivable processing, bank reconciliation, general ledger and monthly management reports.
8. A small property management firm based out of New York managing multifamily residential rental properties.
We provide complete accounting services including invoicing, expense accounting, accounts payable processing, accounts receivable processing, bank reconciliation, general ledger maintenance, preparation of monthly management reports and year-end finalization.
Software: Yardi Genesis
9. A privately owned company based in Austin, Texas specializing in the start, acquisition and operation of real estate and operating companies
We provide complete accounting services including clean-up of historic accounting records, accounts payable processing, bank reconciliation, general ledger maintenance and preparation of monthly management reports.
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