CPA Services for Homeowner and Condominium Associations in Lake Worth
Managing property is a difficult task that requires efficient, reliable, and accurate accounting. Whether your association encompasses residential homes, condominiums or commercial property, Sawgrass Accounting & Tax, LLC offers expert CPA assistance. We can perform a range of back-office functions, in addition to bookkeeping, accounting, and tax preparation, and customize these services according to the unique aspects of our clients’ properties.
Why Property Managers in Homeowners and Condominium Associations can Rely on CPAs
Transparency is key. Board members and property managers are busy with daily operations. A dedicated CPA handling the books and records of the Association ensure these tasks are given appropriate attention by a skilled professional. As an expert in accounting and financing, Priscilla Thomasevich understands the complexities of property management accounting. Outsourcing the accounting functions of property management to Sawgrass Accounting & Tax, LLC, offers Board Members, unit owners, and other stakeholders the added peace of mind that the Association’s books and records are left in capable hands.
As a CPA, Priscilla understands and is committed to the three pillars of Financial Management:
1. Accurate, detailed financial statements produced in a timely fashion
2. Adequate internal controls including adequate segregation of duties
3. Proactive, well informed, inquisitive management
As part of the back-office services, Sawgrass Accounting & Tax, LLC also streamlines an association’s accounting process through the following services.
Managing Accounts Receivable and Customized Delinquency Reporting
We set up secure LockBox accounts for our clients to collect payments and ensure proper posting to each owner’s individual account. We manage delinquent notices and the involved due processes, according to our client’s policies. With accurate collection records and timely delinquency reporting, many associations see an increase in collections and a reduction in deficiency over time.
Vendors and Payables Oversight
We devote our time and attention to the details of reviewing invoices and paying bills. We ensure proper payment authorization is received prior to remitting association’s funds to vendors. We can also agree actual expenditures to budgeted amounts to ensure that actual costs are in line with expectations. This process adds a layer of oversight and makes sure that errors are addressed before they result in complications.
Budgeting and Forecasting
We assist in the preparation of the Association’s annual budget and prepare monthly or quarterly reports comparing actual income and expenses to budgeted amounts, highlighting variances for decision makers. When we participate in the preparation of the budget, we are keen to variances from budget to actual amounts and can help pinpoint overspending.
Financing Activities and Association Loans
When an association client requires a loan for financing, a major improvement, or for an emergency fund, we can prepare the loan package required by the lending institution or bank to help them obtain the necessary financing. Throughout the process, we are available to provide cash flow analysis and debt service calculations and to assist in understanding the terms of financing so the Board of Directors can feel comfortable with securing the new debt prior to committing to the loan.
Contact Sawgrass Accounting & Tax, LLC for Expert Accounting
Homeowners’ and Condominium Associations in and near Lake Worth would be wise to consider the benefits of relying on professional assistance. Call Priscilla Thomasevich, CPA, and her team for a consultation!