If you are planning to invest in real estate business anytime soon, keep in mind that it requires a lot of management and cash activity. Also, it involves several documentation and procedures. For this you will have to hire property manager and Florida property management accountant too, who can look after the property documentations and money respectively. Both of them will also coordinate with one another in order to efficiently manage the property and keep a track of records.
Those who are looking for Florida property management accountants should consider a few aspects. We will be discussing these aspects in this blog and help you in understanding how you can find the right Florida property management accountant for your property. Let’s help you explore some necessary information along with important aspects in detail.
If you need a Florida property management accountant please call us 407-502-2400, or email us at [email protected]
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 company’s 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 tenant’s 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.
Things You Need to Look in Florida Property Management Accountants
Many types of property accountants exist in the corporate world. Some Florida property management accountants work for property management firms, some of them are interested in working with real estate companies while some of them manage and oversee company’s assets including vehicles, real estate and equipment. When it comes to finding a property accountant for your real estate property, you need to look over a few things which we will be mentioning below.
· Experience and Skills
There are certain specific skills that are required for the property accountants. Similarly, all Florida property management accountant also need to have necessary skills in order to seamlessly manage the real estate property. Here are the skills that a credible real estate Florida property management accountant would possess.
- Knowledge of state and federal’s real estate laws
- Advanced computer and spreadsheet skills
- Asset management software
- Ability to set up escrow portfolios and accounts
- Managing budgets
- Maintaining transactions and financial records in terms of assets
- Good verbal and written communication skills
Along with these skills, the Florida property management accountant should also have minimum three to four years of experience. Their experience and work will give them wisdom to make appropriate decisions. A novice Florida property management accountant may not provide effective solutions like a veteran Florida property management accountant. This is why, besides skills and talent, experience should also be considered when looking for a Florida property management accountant.
Florida property management accountant have some specific responsibilities. They have to maintain financial records of the real estate property. As a business owner, you may be busy with the daily tasks, but these skilled Florida property management accountants will be responsible to see the changes in the rents, utilities, tenants, maintenance and repair.
In addition to this, invoice preparation for tenants and common area charges are also the responsibilities of the Florida property management accountants. Besides the basic and daily responsibilities, the Florida property management accountant is responsible for generating reports, tenant’s invoices and ensure about the current accounts of tenants.
· Education and Fee
It is very essential to have skills and knowledge in order to carry out the job and functions related to it. It is also very important for the accountants to have a degree or certification from a credible institute. They need to have a degree in finance or accounting. When hiring a specific Florida property management accountant, you should be very careful about their degree and get it checked from an attorney. In addition to this, fee charges of the property accountant will vary greatly depending upon the experience, skills and education.
Four Ways Property Accountants Can Make Your Property Management Easy
Hiring Florida property management accountants will ensure about solid property management accounting. They ensure about all the payments and methods in regards with your real estate property. This helps you in managing your cash flow properly. Here are some ways through which these Florida property management accountants can help in making your property management easy.
· Create Automatic Reminders and Tracking
One of the main roles of a credible Florida property management accountant is creating the automated process. They ensure to create an automated renewal process and accept payments online. This process can simplify the collection methods, making it easier to set automatic reminders and tracking payments for your tenants. Moreover, an online payment method permits you to easily track who is done with their rental payment for the current month and who is not. Also, with these systems, you can track who has had troubles in the past making payments.
Helping you in tracking interactions for the tenants, these systems can also help you regain the missing or late rent by sending automatic reminders in case of overdue of rent. Another best thing about these systems is that they have minimized the need to visit the bank physically a. This decreases the time involved in going to the bank and helps saving money and effort.
· Online Payment Method
As mentioned previously, the online portal for the tenants made by these credible Florida property management accountants simplifies the payment method for them. Tenants can simply apply through the online portal. Besides this core functions, they can also communication with your business.
Furthermore, at times some tenants may also want to pay for the monthly rent and damage deposits, they can easily do so using the online portal. Additionally, these portals will give tenants a way to track their past performance and see where they stand, giving them idea to manage their finance properly.
· Create Openness in Your System
As a rental property business owner, your business is not just about receiving revenue from the tenants, you also have to pay the bills. For this, you need to have a strong process to store all information, track bills, and most importantly see if the bills are paid. When you have hired a Florida property management accountant, you need not worry about that at all.
They will initiate software, permitting your business to store the data and scanned documents in the same location. Besides, your partners or owners may also want to know about the property and finances. With these software installed, you will see that owner statements will be automatically generated.
· Create Custom Reports
When you are managing your money of the properties, you need important tools to see where you are standing currently and where you will be going in the future. For this reason, your Florida property management accountant will ensure to create software that can help you in generating custom reports so that you understand each and every aspect of the business properly.
For instance, if you need information about the turnover rates and how they are affecting your bottom line, you would need to see the maintenance costs of several real estate properties you are dealing with. This software will help you see the reports highlighting those maintenance costs and see the bigger picture, making wiser business decisions.
If you want to improve your property management accounting, it is wise to hire a credible, skilled and experienced Florida property management accountant for your company.
Who Should Hire Florida Property Management Accountants?
If you are a real estate company, then you should definitely hire a Florida property management accountant to do your taxes and managing your company’s finance. Besides this, these accountants will also help you by providing advices about property taxes, planning services, and consultancy services as well. You would require undeclared rental income, information of current stamp duty, and land tax, they are well versed and veteran about these matters.
Additionally, a Florida property management accountant will also be required by an individual who is looking to sell their property. They will help individuals in making appropriate decision about the real estate property. They are knowledgeable and know where the taxes are minimized on gains and can also help you in selling the property at good rates.
Moreover, an individual who owns a property management firm will also require an accountant by their side at all times. Such businesses deal with the real estate properties every time hence, they may require Florida property management accountant who can then overlook all the necessary matters for your real estate properties.
Furthermore, you can also use the Florida property management accountant if you own rental properties. Also, individuals who own properties and give them on rental basis may also require the help of Florida property management accountant. They will be maintaining the financial records of the real estate. They also manage and keep an eye over the asset management in case of new purchases and new rentals.
Generally, all those who own or manage more than two rental properties, it is wise for them to hire Florida property management accountant. They will help you create assets, manage your collection, and minimize the taxes. But make sure that you choose a veteran, credible and well versed Florida property management accountant who can help you follow the basic as well as secondary responsibilities seamlessly.
How to Find the Right Florida Property Management Accountant?
In order to choose the right Florida property management accountant, make sure you choose a person who is experienced in the field. This can be one of the most difficult decisions as a manager as you will be giving the responsibility of managing your finances to someone, hence, it is necessary to choose an experienced property accountant. Here are some ways that can help you in finding the right Florida property management accountant for your business.
· Know What You Want
The first thing that can help you in choosing the right accountant for your business, is knowing exactly what you want in your professional. This is the main element for you to consider to save yourself from hiring someone you would regret, later. In order to understand what you need, you should pay attention to the traits and properties good Florida property management accountants possess.
Also, you should look over the roles and responsibilities to be sure what they will be doing for your business. Once you understand everything, you can then interview the accountant and evaluate them on the basis of their skills and talent.
· Meet Them
At times, some accountants may not be available; they may tell you to interview them on Skype or any other social media platform. This may seem fun and easy, but you have to see whether you can work with them or not. For that, you will have to meet them in person and conduct interview one on one. After all, you are giving the charge to look over the most important element of the business, your finances.
As a property manager, you will also be working with them very closely, hence you cannot take the risks of conducting interviews online or through web. Besides, you also have to see a professional with proper work ethics and professional. That cannot be judged through web, which makes it more important for you to talk to them face to face. If the Florida property management accountant, asks you to conduct their interview online, you can delay their interview and ask them to meet you when they come back.
Florida property management accountants can be helpful to real estate business owners in general. If you have not hired these accountants yet or are looking for one, make sure that you consider the things mentioned in this blog for seamless functioning. Good luck!
If you need a Florida property management accountant please call us 407-502-2400, or email us at [email protected]