Property Management Accounting
Tracking clients and properties
Successful property management companies know that proper client and property tracking is essential to realizing profits-along with accurate company accounting. Knowing where and how you are making (or losing) money drives your decision making process and enables you to maximize your earnings. Coordinating property management financials requires dividing the business into two sections-tracking the management of rental properties for clients, and tracking your company’s internal financials.
Utilizing the right systems
To manage your clients’ properties, you must calculate the profit and loss by property for each property a client owns-and as a total for each client—so your clients know if they are making money. Let Baldwin Accounting set up a system using property management software or QuickBooks so you can track both, easily and effectively. Because it has been designed especially for the specific needs of the industry, we recommend using property management software to track your clients’ accounts. For your own internal financials, QuickBooks is an effective, affordable solution. However, we can train your staff to use QuickBooks for client and property tracking if you wish.
Managing escrow accounts and examining profits
Another factor in property management is the overseeing escrow accounts so you-and your clients-know what monies are in them. Baldwin Accounting can perform this function, along with examining the profits on the properties in your portfolio to ensure they are making money. We will also ensure that each property owner is charged and billed correctly.