Accounting Services for
Commercial & Industrial Properties
At Strategic Property Management, we provide comprehensive financial and accounting services for property owners and real estate investors. Our staff is knowledgeable in the field of real estate accounting practices. We integrate property management software including Yardi Breeze Premier to prepare financial statements and record transactions. The management team at Strategic can interpret and present financial reports to our clients in an understandable way. Our accountants code invoices with purpose to allow the managers to interpret the reports easily. Our intelligent system of entering invoices assists our managers to quickly identify the work history done at your property for as long as the financial records will show.
Monthly and Annual Financial Reporting
A standard service that Strategic Property Management can provide its clients with is a detailed monthly financial report in an easy-to-read format. The customizable reports typically include an executive summary, balance sheet, income statement vs. budget, a receivables summary, and rent roll. The report gives a snapshot of the monthly activities, and the overall performance of the property compared to the budgeted expectations. We go further by explaining the cause of any major variances in spending or earnings, and what impact they have on the property. Additional explanations include any major receivables issues, and a report on the running operations items, ie. building repairs. Property owners can rely on the accounting team at Strategic Property Management to deliver reliable financial statements on-time every month. At year end, we prepare and finalize the financial statements. This involves several accounting tasks including as entering accruals for impending costs or any unpaid invoices. Our year-end explanations go further by providing a strategic overview of the building’s annual performance compared to expectations. Some property investors prefer to have their books reviewed by a professional chartered accountant or auditor. We make it easy for auditors by sending them a pre-determined package and send them additional invoices or reports, if needed.
Condominium Fee Collection
Our property managers are committed to collecting amounts owed in a diligent and persistent manner that we have proven to be successful. We are proficient at collecting condominium fees and back-charge amounts. Our proactive approach includes timely invoicing, regular follow-ups, and clear communication with tenants to ensure obligations are met promptly. We work closely with our clients to develop and implement effective strategies for managing collections, which helps to maintain steady cash flow and support the financial stability of the properties we manage. We provide unit owners with annual letters detailing their payment schedule for the upcoming 12 months, including any adjustments. we carefully monitor terms to ensure timely rent adjustments. For added convenience, we also offer these letters on an as-needed basis to ensure unit owners have clear, up-to-date information regarding their financial commitments. This proactive approach helps maintain transparency and supports our owners in planning their payments effectively.
Annual and Monthly Budget Preparation
At Strategic Property Management, we prepare comprehensive annual operating budgets that forecast both revenue and expenses for each month of the year. These budgets provide a detailed breakdown, showing expected income and expenses across all 12 months. The contracted expenses are shown and any “wish list” items that we wish to request, such as optional improvements or repairs. Our budgets include clear, concise and legible notes for each section to identify what the figures include. Percentage increases from the previous year are listed to compare the expenses. To make it simple for our clients to approve the next year’s budget, we include a % increase based on the expected expenses. The final number is based on forecasted expenses and can be changed by choosing to forego or add certain items.
Issue Payments to Vendors
The accounting administrators at Strategic Property Management thoroughly review vendor invoices and utility bills for accuracy before processing invoices. This includes verifying that amounts are correct, confirming the vendor’s HST tax registration, and ensuring the billing name aligns for auditing purposes. We also check that the work was pre-approved and that any cost overruns are properly justified. Our meticulous approach helps maintain financial accuracy and accountability, ensuring our clients only pay for services that meet their standards. We offer flexible payment options for vendors, issuing payments electronically through Yooz payment software or by traditional cheque. Using Yooz enables us to process electronic payments quickly, which vendors appreciate as it ensures fast, reliable transactions. This efficiency also benefits our clients by reducing overhead and administrative time on our end, freeing up resources to focus on property operations and management. By streamlining the payment process, we foster positive vendor relationships and maintain cost-effective service for our clients.
Regular HST Returns
Our services include handling all Canada Revenue Agency requirements on behalf of our clients. We perform tax filings to ensure full compliance with CRA regulations. This process includes submitting all HST collected from rent payments, recording HST paid on property services, and reconciling the difference accurately with the CRA. As authorized designates, we manage all aspects of HST, so our clients can focus on their investments without the hassle of regulatory filings. This service ensures timely, accurate submissions and minimizes administrative burdens. Strategic Property Management implements processes to ensure the filings and payments are accurately done on time, every time.
Cash Flow Analysis
Handle all asset management related functions including calculating cash flow. In accordance with the property owner’s requirements, we issue payments on a regular basis. We conduct a cash flow analysis to determine how much money can be issued to vendors. The analysis looks at how much cash is available; if any payments are outstanding; what expenses are coming up; and if a float is required to hold back for emergencies.
Financial Management
We prioritize transparency when it comes to financial banking. Monthly bank reconciliations are done to ensure that each transaction is accounted for. Optional bank statements and/or reconciliations can be provided monthly. Our clients have visibility into their account balances, fostering trust and allowing them to stay informed and confident in how their assets are managed.
Financial and Accounting Services
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Budget preparation including for corporations and developers / builders alike. Annual budget preparation broken down on a monthly basis to track monthly expenses easily
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Provide complete accounting services using YARDI Property Management Software, a leading software in the industry
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Preparation of annual and monthly financial statements on an accrual basis. Monthly reports include an Executive Summary, Balance Sheet, Income Statement compared to Budget, Aged Receivables Report, and Condo Fee Roll, and/or customizable reporting!
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Collect and deposit all monies (common element condominium fees) due to the Corporation
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Deposit the Reserve Fund monies into a separate account as outlined in the annual budget
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Strategic earns a special interest rate on all its client bank accounts which fluctuates based on the Bank of Canada’s interest rate
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Develop a thorough and easily understandable reserve fund investment strategy. Facilitate the investment of reserve funds into financial vehicles to deliver a satisfactory return.
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Make payments of all accounts properly incurred by or on behalf of the Corporation
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Prepare, coordinate, and provide required documentations to the auditor for the annual tax returns and audit (if applicable)
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Remit tax returns on behalf of the Corporation to Canada Revenue Agency
Strategic has an in-depth knowledge of how financial statements work in conjunction with an operating budget. The team keeps a close eye on how the condominium is operating compared to the budget, and makes recommendations accordingly. Strategic Property Management issues monthly financial reports with a balance sheet, income statement, receivables summary, unit roll, and/or customizable reports. SPM can develop a thorough and easily understandable reserve fund investment strategy.