Good financial processes like budget allocation, audits, and collections are essential to maintaining your association’s financial stability. Allied Property Group offers a range of financial services designed to help meet your fiduciary responsibilities as a Board member more manageable and efficient. Here’s a brief overview of all the accounting services we provide.
Experienced Accounting Team
Accounting teams are essential to any business, but an accounting team with specific condo association related experience is especially crucial. Allied Property Group’s experienced accounting team provides the comprehensive financial reporting you need to ensure your community is financially sound. Our accurate, thorough, and compliant financial services and reports include:
- Online payables processing
- Electronic signatures
- Accounts receivable collection process
- Effective internal controls
- Financial statement preparation
- Annual budget preparation
- Lockbox services and remote deposit scanners
Balance Sheet
All Florida condo associations are required by law to maintain accurate financial statements at all times. Assets and expenses must be precisely tracked and managed to provide your Board with a clear snapshot of your current financial standing, letting you know instantly how much financial stability your association has. A monthly balance sheet reports the “book value” of all the condo association’s assets and liabilities.
Collection Status Report
This report provides your Board with a list of all owners who are past due. It also lists the total outstanding amount, and which stage of the collection process the delinquent account is in.
Profit & Loss Report
A P&L report summarizes the revenues, costs, and expenses incurred over a specific time period. Because a condo association relies heavily on its budget, our P&L reports reflect the actual expenses vs. the budgeted amount. To make tracking more relevant, we provide the current month and year-to-date comparisons.
Monthly Ledger, a Core of Financial Stability
A condo association must keep track of all transactions that occur in the association. A monthly ledger shows the amount due from each homeowner and records when payments are made. Accurate ledgers are essential in the event of legal action to collect unpaid assessments and are a core tenet of achieving financial stability.
Check Register
A check register informs Board Members of all checks written. It contains information relating to who the check was made out to, the amount paid, the check number, the date written, the invoice number if applicable. Also, it may include a brief description of what the payment covers.
MICR Check Scanning (AR)
An MICR check scanner speeds up check processing and virtually eliminates errors. Once the first scan retains a homeowner’s bank and home address information. This allows Allied Property Group to only need to enter the amount into future checks, making financial stability even easier.
Check and Balances
Condo association accounting is a specialized category. Our team members who provide this service must be fully up-to-date with the requirements unique to Florida condo associations’ financial management.
Allied Property Group maintains a checks and balances system that guards against fraud or manipulation by separating accounting, accounts payable, and collections services. To this end, all financials are reviewed by our head of accounting for accuracy before being sent to our clients. As an award-winning property management company, we have more than 17 years of experience guiding and assisting condo association Board members who love their “second job” but want to make it as simple as possible. Financial stability has never been so easy!
