Standard Accounting Services

As a straight forward explanation our standard accounting services include:

Competitive management fees and preparation of the year end accounts within 6 months of the year end
Collection of service charges for all properties
Maintenance of accounting and leaseholders payments which are available to independent auditors as required in the lease
Maintenance of dedicated client bank accounts to hold the funds
Paying all authorised contractor’s invoices
Calling the AGM to discuss the financial reports ~ in accordance with the lease this will include budget preparation for the coming year and financial reports for the previous year.

Accounts procedures are based on the best practice guidance from the Association of Chartered Certified Accountants in England and Wales, (ICAEW) Association of Residential Managing Agents, (ARMA) and Royal Institution of Chartered Surveyors (RICS).

Residents have the opportunity at the AGM to comment on or challenge the budget. We then move to discuss the previous years’ accounts.

Depending on the lease, a deficit will be charged on the next service charge invoice, and if it is a surplus this will be apportioned out to the residents or put into the sinking fund. At the same meeting residents can question anything in these accounts.

All development sites have two bank accounts; a main account for daily receipts, payments and general bookkeeping procedures and a deposit account for sinking funds.

Suppliers and contractors are paid from the main account whilst the deposit account is slowly built up for the major works, which come to all buildings as they age. Service charges are deposited directly into the main account and all interest accrued put in the reports. Service charges are never kept in the bank account of the managing agent.

Accounting Template Service Charge example of our year end reports.

Accounting Template Bal Sheet example of our year end reports.