Accurate and timely accounting is the foundation of a successful Property Management operation. Our accounting goals are simple:
- Collect the Rents
- Pay the Bills in a Timely Manner
- Quickly Disburse Owners’ Funds
- Provide Accurate, Easy to Read Reports to Owners
We believe our systems accomplish all of these plus allow both owners & tenants to access accounts online via a secure portal. Our systems are fully automated, internet based and designed for our type of property management business. The systems allow for an extensive selection of standard reports either printed or e-mailed.
Tenant Accounting - Tenants can pay by mail or in person at either our Greenbelt or Rockville office. Online payment is also available via debit of either a checking or savings account. Tenants have the option, at no cost, to have their accounts set-up for electronic debit on the same day each month.
Tenants receive monthly statements when delinquent and delinquencies are followed up with legal action, where indicated. Statements and ledgers are easy to read with all transactions dated and detailed. Should legal action be necessary, we are able to document each check or money order received, by number, and compare that to the charges on the tenant’s account. When necessary, we attend court, set-up evictions and arrange eviction crews. Of course, the better our tenant screening, the less likely we’ll be to have to deal with any of this.
Security Deposit Accounting is also handled under our Property Management Program. Security Deposit Law is very specific as to interest payment, timeliness of notices and timeliness of inspections and refunds.
Owner Accounting - As tenant payments are received, we immediately credit the owner’s account. From this escrow, all bills and mortgage payments are computer generated. At any given moment, a variety of reports are available to detail cash flow, account balance, transaction history or accounts payable.
Mortgages are posted as payable at the first of the month and are paid, like other bills, when funds are available in the owner’s account. Bills are paid weekly and excess funds are distributed to owners at that time. So, there’s no waiting for your money. We’ll generally have your payment out to you within a few days after payment is received from your tenant. Owner payments can be mailed directly to the owner or deposited electronically to the owner’s bank account.
At the close of the month, statements are generated for each property with additional consolidated reports for owners of more than one property. Reports include a Cash Flow which reflects current month and year-to-date income and expenses. This report also shows beginning and ending cash balances. Owners will see the date of payments, payees and the category to which the payments were posted. Finally, each report includes copies of all bills incurred during the month and a report of accounts payable. With all of this, there should be no questions left in the mind of the owner as to what moneys were received or where the money went.