Unlocking the Secrets of Successful Property Management Bookkeeping: What to Look for When Hiring a Bookkeeper #Acrebook
When it comes to property management bookkeeping, there are a few key concepts and terms that are important to understand. One of these is the adjusted cash balance, which is the difference between the cash balance on the books and the actual cash balance on hand. This can be affected by factors such as outstanding checks or bank errors.
Another important aspect of property management bookkeeping is an itemized breakdown of all the expenses and income for the property. This includes things like rent, security deposits, and repairs and maintenance. The property manager is also responsible for issuing 1099 forms for any rents paid to non-corporate entities.
To make the bookkeeping process more efficient, many property managers use management accounting software. This can automate many of the tasks involved in keeping track of income and expenses, and can also provide useful reports and analysis to help managers make informed decisions.
It’s also important to remember that as a property manager, it’s your responsibility to ensure that the bookkeeping is done correctly and in compliance with all applicable laws and regulations. This means working with a bookkeeper who is experienced and knowledgeable in property management accounting, and using the proper accounting automation tools.
Overall, property management bookkeeping is an essential part of managing properties and ensuring compliance with laws and regulations. By understanding key concepts such as the adjusted cash balance, itemized breakdown, and the use of management accounting software, property managers can better manage their finances and protect their licenses.
Say goodbye to the stress and uncertainty of property management bookkeeping! With our expertise in AppFolio, Buildium, Yardi Propertyware, and Rent Manager, we offer on-demand support for all your bookkeeping needs, including bank reconciliations, audits, and more. Trust us to keep your books organized and compliant, so you can focus on growing your business. Contact us today to learn more about how we can help!