Looking for top-notch accounting services for residential property management companies? Look no further than OHI. We specialize in providing comprehensive accounting solutions tailored to the unique needs of residential property management firms. Our services encompass financial management, real estate outsourcing, and more. As experts in residential property management, we optimize your financial operations, ensuring seamless efficiency and enhanced profitability.
With OHI, you gain access to expert accounting for residential property management companies. Our services cover financial statement preparation, budgeting, cash flow management, and accounts payable/receivable. Additionally, we offer real estate outsourcing services, including lease administration, tenant account management, CAM and expense reconciliations, and vendor management. By partnering with OHI, you benefit from industry expertise, customized solutions, and cost-effective strategies.
Maximize your business potential with OHI’s residential property management accounting services. Say goodbye to manual tasks and hello to streamlined processes and real-time financial insights. Trust OHI to optimize your accounting operations, allowing you to focus on delivering exceptional residential property management services. Contact us today to explore how we can support your success.
Lease setup, move-ins, move-outs
Entry of invoices including 2/3 way matching with POs, utilities and payments
Monthly rent run, processing rental receipts and section 8 rent receipting
Prepare schedules of month end utility, expense accruals and prepaid expense amortizations, management fee calculations and inter company accounting
Operating and security deposit bank account reconciliations, tax, insurance, mortgage insurance and replacement reserve reconciliations
Updating fixed asset register with new asset additions, dispositions and write-offs for property including to the unit (apartment) level
Comprehensive monthly financial reporting packages including actual-budget variance analysis for revenues and expenses
Comprehensive rent roll analysis of a property for buyers covering financial analysis, tenant analysis, location review among others
Financials, leasing reports, property management executive summaries and other reports with respect to the property, borrower and guarantor
Prepare budgets, financial analysis and cash flow forecasting
Prepare software transition plans, set-up chart of accounts/tenant accounts/vendors, 2 way/3 way GL and bank reconciliations and handle accounting migration
Clearing backlog of un-posted historic transactions, correction of existing miscoded GL entries, clean-up of chart of accounts and reconciling historic accounts with bank, credit card etc
Create and maintain investor waterfalls and cap tables, administrative processing investor contributions calls and disbursement proceeds, and investor reporting activities
Lease Abstraction | Lease Entry | Lease Administration | Lease Audit | Lease Review | CAM Reconciliation
Property & Portfolio Level Dashboards | Hold vs Sell Analysis | Cash Flow Projections | Asset Level Budgets
Rent Roll Analysis | Financial Analysis | Market Research | Cash Flow Modeling | Hold Vs Sell Analysis
Maintenance Support Services | Document Management | Insurance Management-Renewals and Claims | Marketing Support
The indicative standard charges for Property Management Accounting Services (Accounts Payable Specialist, Accounts Receivable Specialist, Property Accountant and Senior Property Accountant roles) are listed below. Custom packages of 25, 50 and 80 hours per month are available.
Accounts Payable Specialist can perform activities such as 2 Way/3 Way matching of invoices with POs and GRs/Packing Slips, entry of invoices and utilities, coding of expenses, entering checks for further approval, tracking payables, vendor reconciliations and other miscellaneous accounts payable activities.
Accounts Receivable Specialist typically can perform activities such as invoicing, running rents (for real estate cos.), tenant/customer set-up and accounting, late fee processing, rent receipting/cash application services, tracking receivables, email and call based collection support, and miscellaneous accounts receivable tasks.
Property Accountant can provide the following accounting services- General ledger accounting, payroll, bank reconciliations, inter-company accounting, monthly closing of books including finalization and simple monthly reporting with variance analysis.
Sr. Property Accountant can provide the following services- General ledger accounting, cash flow projections and management, inter-company accounting, prepare budgets, analyze expense variances, review balance sheets, prepare monthly financials including detailed monthly reporting and assist Controller in month/year end activities.
Clearing backlog of un-posted historic transactions, reconciling historic accounts with bank/vendor/customer statements, and bringing books upto date.
Clean-up of chart of accounts including removing redundant accounts, updating vendor, customer and inventory lists, and correction of existing miscoded invoices, GL entries etc,.
Accounting software transition including set-up of lists, mapping new to old chart of accounts, posting transactions in parallel runs, and 3 Way Reconciliations between Old Vs New Vs Statements.
Residential real estate accounting services refer to specialized financial and accounting services tailored for individuals and companies involved in the residential real estate industry. These services help manage and optimize financial records, tax compliance, bookkeeping, and other financial aspects specific to residential real estate operations.
Outsourcing residential real estate accounting services offers several benefits. By relying on expert professionals, you can save time, reduce costs, and ensure accurate financial reporting. Outsourcing allows you to focus on core business activities while leaving the complexities of accounting and taxation to specialists who understand the unique requirements of the residential real estate sector.
Residential real estate accounting firms offer a wide range of services, including but not limited to bookkeeping, financial statement preparation, budgeting and forecasting, tax planning and compliance, rental property accounting, cash flow management, loan reconciliation, and financial analysis. These services are customized to meet the specific needs of residential real estate businesses and investors.
Yes, residential real estate accounting services often include property management accounting. These services involve tracking rental income and expenses, handling security deposits, reconciling bank accounts, generating monthly owner statements, and preparing year-end financial reports. By outsourcing property management accounting, landlords and property managers can streamline their financial processes and gain valuable insights into the financial performance of their properties.
When selecting a residential real estate accounting service provider, consider factors such as their experience in the real estate industry, expertise in residential accounting, reputation, range of services offered, pricing structure, and client reviews. It’s advisable to choose a provider that understands the unique challenges of the residential real estate sector and can offer personalized solutions to meet your specific needs.