Who are Florida Property Management Accountants?
A Florida property management accountant is the one who can work on the financial side of the real estate property. While you may not be an expert in handling accounting, hiring Florida property management accountant can give a sigh of relief as they will be handling your property and accounting related matters. They are certified individuals who can help in addressing all types of financial issues that are required to sell and buy the real estate.
Additionally, their main task is to coordinate with the property managers so that they accurately account for tenant payments. In most cases, the property managers and Florida property management accountants are the same. When both of them are not the same, these accountants will be responsible to create procedures and strategies for the property managers to track your property.
Property is a fixed asset that would be defined by the company policies and government statues. Here the procedures by these accountants will ensure to track the companys policies and statues, shield your property from risks, and disposal of all business property. Most importantly, accountants are responsible to keep accurate records when handling accounts.
Each day the Florida property management accountant has to evaluate and update the records about cash and finance related to the property. Besides, they also keep a check on the insurance and taxes which are due on the specific property. These accountants are experts and hence they know to maintain it clear, eligible and proper format. Also, it is the Florida property management accountant, who ensures whether or not the payments are being made in a timely manner. This does not let the company pay up extra fee or penalties because of late payments.
Besides involving with tenants, property owners and managers, Florida property management accountant also work with the outside investors. They are often called upon to address concerns and questions regarding the finance of the company. Additionally, they ensure to provide detailed reports to the stakeholders as they are answerable for the overall business. Due to this reason, these Florida property management accountants are invited to important meetings too. Here are some responsibilities of the Florida property management accountant.
- They research for the answers of property managers question regarding tenant statements.
- They review and approve work including non-recurring tenants billings, tenant credit memos, questionable cash receipts etc.
- They also prepare tenant account analysis and reconciliations when tenants dispute over charges.
- They also prepare security deposit refund invoices and deliver it to accounts payable department.
- They look over the accounts receivable aging for cash applications, delinquencies, prepaid rent application.
- They review the accounts payable voucher submissions for repair and legal maintenance expenses as well.
- They also calculate the monthly accruals such as security, janitorial and utility expenses of the property, matching the expenses to the period incurred. Then, they review the trial balance with it, reversing the similar entries for the next accounting period. This is done on a monthly basis.
- They also calculate and record appropriate depreciation of tenant improvements, fixed assets, and leasing commissions.