BOOKKEEPING SERVICES is responsible for providing a comprehensive professional financial report package is prepared by the 15th of the month. A standard group of reports has been adapted, however the design of the bookkeeping software allows flexibility to create reports to custom specifications. This will save time since the reports will not need to be translated to the owners format. Attached is a brief description and sample of available reports prepared in-house by bookkeeping services. To maximize accuracy of reporting, we ensure receipt of proper information from the property management. All multifamily property sites are equipped with computers utilizing the YARDI software system. With YARDI, all tenant receivable, cash receipts, marketing, occupancy, and services requests are tracked by the on-site management. This allows for more effective monitoring of collections, delinquencies, and quicker follow up by management staff. Additionally, the YARDI marketing management system monitors prospect traffic and tracks the demographics of prospects and the tenants. Another feature of this system monitors maintenance request (work orders) by unit allowing us to create a maintenance history for the property. Monthly reports that can be produced include:
All on-site resident transactions are electronically transmitted to the central bookkeeping department of financial report generation. The bookkeeping department utilizes the General Ledger? Accounts Payable software of YARDI in reporting and better integration of information. The property owner determines the month-end cut off to accommodate and reports requirements.
All invoices and payroll data are entered in the payable system by the on-site management and transmitted electronically. The original invoices are then sent to the bookkeeping department. The electronic data is then verified for proper approvals and coding against the invoices.
Each property's bank accounts are set up as follows:
Project Depository-Electronic Remote Deposit system is installed at each property to eliminate risk and increase deposit time.
Project Operating-funds are automatically transferred into this account from the project depository account and a nightly basis.
Security Deposit Account-set up to hold resident security deposits and interest-bearing to comply with applicable state laws.
At month-end, financial statements are produced and sent to the Divisional Manager for review and variance explanation. An explanation of these variances, overall discussion of operations, and market trends at the property are combined with the financial statements into a monthly owners report sent out on a mutually agreed upon date.
MAINTENANCE SERVICES designs and co-ordinates the implementation of preventive maintenance programs that have been customized and carefully planned to satisfactorily address the specific components of a given property with consideration to the operating budget designed by management. The planning and subsequent implementation of these essential procedures include the utilization of the most current technologies, accredited labor support, and the latest manufacturer recommendations.
MAINTENANCE SERVICES is responsible for the execution of the daily routine for each property, and monitoring contract services for specialized areas as:
MAINTENANCE SERVICES is responsible for preparing complete and adequate bid specifications for all major purchases of goods or services related to maintenance. No less that three bids are obtained. This procedure helps ensures that the owner's interest are protected from inequitable or incomplete pricing and troublesome or costly disputes.
MAINTENANCE SERVICES will engage the technical expertise and/or a professional expert such as an architect, engineer, environmental expert, or any other specialist when necessary to help write or consult on the bid specifications.