Ensuring your association’s financial stability is one of our highest priorities. Thanks to our successful three decades long track record of managing the financial affairs of countless associations throughout this region, you can rest assured that your fiscal matters are in expert hands – managed with the same high levels of quality, service and attention to detail that have made us the industry leader.
FirstService Residential Washington, D.C.’s experienced financial and accounting professionals provide comprehensive services tailored to your needs to help your association avoid cash flow surprises, plan for capital improvements and anticipate and prepare for market changes. We utilize a meticulous checks and balances system for added assurance that all fiscal transactions are handled professionally and competently, with every budget transaction remaining uncompromisingly accurate.
For added peace of mind, we provide the following assurances and services:
- Comprehensive financial packages are delivered in a timely manner – and always in time for your Board meetings
- All of your association’s financial information is available to authorized users 24/7, from any location, through a secure, password-protected program
- Multiple payment options are available to help reduce delinquencies and improve cash flow
- CPA access is provided as needed, helping to reduce your association’s auditing fees
- Your assigned 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 subject to Sarbanes-Oxley requirements
Timely and Accurate Financial Reporting
Timely and accurate reporting of all of your associations’ financial matters facilitates the successful management of your community – and helps your Board stay on budget. Our accounting professionals prepare your balance sheet, income and expense statements, manage your accounts payable and receivables, general ledger, deposit and check history. They also prepare 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.
Ensuring maintenance fees reflect the economic reality of your community’s needs, while taking into account the need to maintain or improve its overall aesthetics, is a sensitive balance requiring the fiscal diligence and expertise of our financial team. As part of this process, the team prepares draft budgets for Board review, incorporating any anticipated increases to services, and providing a 12 month history of actual expenses incurred, as well as historical expenses for comparison.
Annual Audit & Tax Preparation
Our financial and accounting professionals prepare all documents necessary for annual third-party CPA audits and tax preparation. We also provide access to our advanced FirstService Residential Connect software platform to all Board-hired attorneys and CPAs, enabling them to review files, invoices, reports, collections information and other relevant documents to significantly reduce your association’s time and preparation costs.
Our association accounting services 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: check, ACH/direct debit, credit card, e-check, etc.
- 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
- CPA-supervised dedicated accounting team
- Turnkey collections services
Learn more about how FirstService Residential Washington D.C.’s unique value-added financial and accounting services can benefit your association.
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