There are few things that are more important than your association’s continued financial stability. Thanks to FirstService Residential Virginia’s extensive experience in providing high-level financial services to countless associations throughout the state for more than three decades, we can assure you that your association’s financial affairs are in the best possible hands – managed with the professionalism and attention to detail that have made us the property management organization of choice.
Our financial and accounting professionals provide a full array of professional services that help your association eliminate cash flow problems, anticipate market changes plan for renovations or capital improvements. And our checks and balances system provides an extra layer of protection that ensures the accuracy of every transaction.
Here are some of the results you can expect from our financial team:
- Comprehensive financial packages are delivered on time, especially for Board meetings
- Your association’s financial information is available to authorized users 24/7 through a password-protected program
- Multiple payment options to reduce delinquencies and improve cash flow
- CPA access is provided as necessary to reduce your association’s auditing fees
- Your team accountant is available to your Board and Treasurer to answer questions and conduct periodic financial reviews
- Our in-house Resale Department protects your association by eliminating the risk of lost assessments when homes are re-sold
- As part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV) we are held to the highest standards of transparency, security and accountability, and comply with Sarbanes-Oxley requirements
Timely and Accurate Financial Reporting
Our financial and accounting services include timely and accurate reporting on all fiscal matters to keep your Board updated and on budget. Our CPA-supervised accounting team prepares a comprehensive monthly financial status report for your Board, including current-month, year-to-date and comparisons-to-budget data, to keep you abreast of your community’s financial status at all times. In addition, they prepare your balance sheet, income and expense statements, manage accounts payable and receivable and handle all other required financial activities.
There is a delicate balance between the need to assess fair maintenance fees that reflect the economic reality of your community and the need to consistently provide repairs, beautification and improvements. Our financial team uses its experience and financial diligence to balance these needs, and as part of this process, prepares draft budgets for the Board review, including anticipated increases, actual expenses incurred over the past year and historical expense data.
Annual Audit & Tax Preparation
We prepare all required documents for annual third-party CPA audits and tax preparation, and enable Board-hired CPAs and attorneys to access our FirstService Residential Connect™ software platform to review relevant files and documents, thereby reducing your association’s preparation costs.
Some of the financial and accounting services we provide for your association include:
- Monthly financial statement package (statements also available online)
- Preparation of balance sheets, income statements, bank reconciliations, support schedules
- Processing of payments via a licensed and insured lockbox facility
- Flexible banking options and fidelity bonds
- Multiple payment options
- Electronic scanning of vendor invoices and computerized check preparation
- Board members can review and sign checks online
- Annual budget preparation and processing
- Year-end financial packages provided online for independent auditors
- Turnkey collections services
Learn more about how FirstService Residential Virginia’s unique value-added financial and accounting services can benefit your association.
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