Financial Management

For over 40 years, FirstService Residential has delivered full-service financial and accounting services to communities throughout the Twin Cities and greater metro area, providing vigilant oversight, reporting and a roadmap for their continued fiscal health.

Our financial team works closely with your townhome, condo or single-family homeowners association to perform a variety of financial activities including managing the budget, accounts payable and receivable, preparing all reports and required documentation, planning capital improvements and preparing for changing market conditions. We utilize the Jenark property management accounting software with real-time access to financial reports, work orders, service contracts, collections, banking statements and more, as well as a checks and balances system that ensures accuracy.

For additional assurance, our company is part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV) and therefore held to the highest standards of transparency, security and accountability and subject to Sarbanes-Oxley financial control requirements.

Our financial and accounting services include:  

• Monthly financial reporting and statement package including electronic billing statements at a substantially lower cost than coupon books and paper statements
• Annual budget preparation for Board of Directors utilizing a state-of-the-art budget preparation package that automatically shows historical expense trends for each client by ledger account, produces comparative cost information and greatly simplifies the budgeting process
• Management of all accounts receivable and payable requirements, including payroll, lien/foreclosure process, etc. in a seamless, integrated manner
• Payment processing via a licensed and insured lockbox facility at USBank, the nation's largest bank which is headquartered in Minnesota
• Procurement of capital replacement reserve studies and accounting requirements in compliance with statutory requirements
• Preparation of balance sheets, income statements, bank reconciliations, support schedules
• Coordinate year-end financial audit and tax return preparation by association’s independent CPA
• Multiple homeowner electronic and standard check payment options
• Electronic scanning of vendor invoices and computerized check preparation
• Year-end financial packages provided directly to independent auditors
• Real-time collections reporting detailing delinquent accounts and collections actions being taken

Learn more about how FirstService Residential's quality financial and accounting services can benefit your community association.