Complete Book-keeping Services, including statutory reporting under accrual accounting, following Florida Laws 718 & 720, as well as the Financial Accounting Standard Board (FASB).
Financials Services
After reconciliations and adjustments, the following reports are concluded and printed for the Board: (Interim & Unaudited)
- Balance Sheet
- Trial Balance
- Profit & Loss for the month
- Year to Date Profit & Loss
- Statements of Cash Flows
- Budget vs Actual for the month
- Year to Date Budget Vs. Actual
- Accounts Receivable Aging
- Owners Billings and Payments made to the Billed amount (Monthly)
- Deposits in the Month
- Check Register
In addition to these reports, our Accounting Department is a structure that includes Accounts Receivable (A/R), Accounts Payable (A/P) and a lead Accountant.
The books are examined yearly by an Independent Certified Public Accountant who Audit, or Review, depending on the Association’s level of income, the books, annually. The CPA prepares the taxes.
In addition to posting, the A/R sends monthly letters to units in arrears and upon approval to compulsory collections. In cases in bankruptcy, the Court’s Trustee is contacted and requested to forward to us any funds collected on behalf of the Association.
Annual Budget preparation for the Fiscal Year adopted by the Association.
Budgets Preparation and Distribution
Budgets include the DBPR’s suggested expenses headlines, such as Administrative, Payrolls, Insurance, Contracts, Utilities and Repairs & Maintenance lines items. Our Budgets are “Expense Based” for conservative reasons.
The Budget present the Scenarios With and Without Reserves Calculations in order to assess these scenarios impact in the monthly fees, as well as Estimated Replacements Costs of the main assets, mainly Roofs, Painting & Pavement, to which any other item required by the Board.
Budget Workshop
Annually and with enough time prior to the start of the Fiscal Year, a Budget Workshop with the Board is convened to sensitize each expense line item. It is a fantastic journey that makes the Board aware of expenses of “nice to have” non-essential expenditures.
A special Spreadsheet is prepared allowing the Board to know exactly how much would be the monthly fee based on the expenses projections.
Any fee scenario that the Board wishes to know is prepared at no cost.
Annual Meeting
Assisting the Board or the Legal Counselor in the celebration of the Annual Meetings In-Person or Virtual.