Property Management Accounting Outsourcing Services

property management accounting

Accounting outsourcing is not new and over the years businesses have realized the importance of outsourcing. Outsourcing provides a cost effective solution and saves time and resources – the major assets any property management company can have, whether you are a commercial real estate business or a residential management company.

Outsourcing not only focuses on lowering the head count or restores the core competencies of a company. But is about making your firm do what it does the best; it can be leasing, day-to- day operations or HOA management. And a multifamily company with a few thousand (or hundred of thousand for that matter) units should not focus at the way their bills are paid as a core capability.

It is often noticed that property managers overlook the accounting functions or do not have the time. And this is where a specialized property management accounting outsourcing company can help. Apart from the experience these firms also have latest technologies like accounting software which facilitates the work to be done faster and at a cheaper cost. You now do not have to be concerned about the financial report, keeping records, balance and profit and loss sheets as the outsourcing firms takes care of all these activities.

Fine accounting skill, a strong working knowledge, an array of real estate and non-real estate accounting packages, proficiency in latest technologies are some of the strengths of these real estate accounting outsourcing firms. Apart from these they also have lower service cost as compared to an in-house accounting team.

Some of the important task that can be outsourced in Property Management Accounting

Finance and Accounting

  • Accounts Payable (AP)
  • Accounts Receivable (AR)
  • Tenant Accounting
  • CAM Reconciliations
  • General Ledger
  • Budget Entry & Reporting
  • Record Keeping / Auditing
  • Monthly Closing of Books
  • Financial Statements & Reports

Low cost property accounting services for residential and commercial real estate firms:

AP | AR | Reconciliations | Month End Closing | Financials | Year End Accounting | Reporting

 

 

 

Financial Reporting

By using the latest accounting and reporting software, the accountants of outsourcing companies provide the clients with meticulously structured, well-timed and accurate reports, budgets and files.

Accounting System

The outsourcing company accountants are well trained with the software used for real estate accounting. Below mentioned are some of the software’s that are widely used.

  • Yardi-Voyager, Genesis
  • QuickBooks and Quicken
  • RealPage
  • Spectra Property Management
  • The Property Manager
  • Timberline Property Management
  • MRI (by Intuit Real Estate Solutions)
  • Avid Payable
  • Microsoft Excel (in VLookUp, Pivot)

Advantages

Besides cutback on the capital by elimination of avoidable accounting staff and other overhead costs, the advantages that companies realize include the following:

  • Systematic work  flows process
  • Real-time processing
  • Workforce flexibility
  • Increase in productivity
  • Complete financial control

Companies looking for improved quality and effectiveness as well as trying to lower the costs should evaluate outsourcing options. Outsourcing accounting functions offers great benefits over long-established service delivery models. Outsourcing offers property management companies a significant added tool to consider, especially during the tough economic times.

Additionally, it is also important to choose the outsourcing service provider wisely. It is important to ask for references and do background checks to avoid any future discrepancies. If chosen rightly the property management accounting firms can be a boon for the company as it saves time and energy.

About

OHI is a thirteen-year-old real estate services company working with 50+ commercial and residential real estate developers, funds and property management companies across USA. Our deep expertise in real estate accounting, financial analysis, lease administration and asset management has helped clients cut associated costs by 40-50%. We currently provide these services to a portfolio of 75000 units across clients.

We invite you to experience finance and accounting outsourcing through us.

Learn more about our Property Accounting Services?

Call us at 1-646-367-8976Email at sales@outsourcinghubindia.com