The Accounting Duties of a Cape Coral Management Company
Whether you are an investor, a property owner, or a tenant, one of the things that may have crossed your mind are the duties of a commercial Cape Coral property management company.
What do they really do Cape Coral property management company does anyway? Or what should a management company be doing? For property owners who would like to invest, the answer to these questions are – whatever it is you want them to do.
Although generally speaking, a Cape Coral property management may not be as simple as it sounds. Getting the right Cape Coral property management company will help you with different kinds of services that these different companies do; in general, these are the basic things that a Cape Coral property management do:
1. Reporting: This includes monthly accounting, general ledger, rent-roll, checking income & expense statement, rent ledger, expense ledger, and a copy of the bank statement. There could be many reports that you may want from a Cape Coral property management company, or the need could depend on the property and ownership type.
2. Narrative Report: Consists of monthly summary of income and expenses, exceptions in the budget, or any unusual activity on your property collated by Cape Coral property management company.
3. Collections: It involves rents and other money owed. This task is generally an accounting function, until the point where there is a problem. Find a Cape Coral property management company that has clearly defined the systems and processes of responsibilities when it comes to collections. Three of the things that should be clearly defined are: Who will do what in the collection process? What are the things that need to be done? When are these things would be done?
4. Payments: Now that the money has already been collected, the company should have clearly defined system in paying bills: who, what and when will this happen. You may want to describe for the accounting staff the payment details of your expenses, disbursements, tax reserves, insurance and capital improvements.
5. Lease Processing: Although this task is a team effort including managers of the firm and its accounting staff with each having a specific function, defined pattern and program routing. However, one person can be assigned to input the lease into the computer, a task that is seemingly simple but very important in the whole process because any missed item or incorrect information that he or she inputs will result to serious damage in the end.
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