The accounts for a property management company need to be managed effectively. Landlords, tenants and managing agents will all benefit from the services of an experienced property accountant. When it comes to managing property there are many things to think about. From rental income through to service charges and the costs associated with maintaining properties. As such an accountant can help you monitor and keep track of your income and expenditure.
Service charges are always part of leasehold properties. An accountant can take care of your service charge statements and monitor expenditure. If you would like an accountant to manage your service charge records you should make sure that fees for this service are agreed beforehand.
Financial specialists with expertise in property management can respond promptly to your requirements and turn around work very quickly.
Accountants in this industry should have extensive knowledge or property management. They should be familiar with
As a common issue for many property development and management companies, accountants should be familiar with the CIS scheme. Business owners will need to ensure that the scheme is implemented and compliance issues are dealt with. A good accountant will be able to assist in a number of areas including mainline and deemed contractors, HMRC guidelines, registration and filing of online CIS returns.
These are crucial to the success of any property management company. With money coming and going out on a regular basis it is important that you have good systems in place. An information system will help you accurately and regularly monitor income and expenditure so you can review financial performance
Using their knowledge of the industry, accountants can undertake regular property management reviews. These reviews will include RICS Compliance and ISAE 3402.
Additional services that a property management accountant can help with will include
The Accountancy Network has made finding an accountant easy. All you have to do is fill out a few details on our search page and you can find suitable property management company accountants with the industry expertise that you need.