Owners Corporation
For your owners corporation financial needs, we provide cutting-edge service by incorporating external checks. We also handle end-to-end financial process there by ensuring accuracy of the accounts.
Our team of highly skilled and dedicated professionals include qualified BAS agents, tax agents, CPAs and more. We specialize in Property IQ software and other strata software since more than 5 years. We are also fully operational in Melbourne having worked on almost 2000+ buildings.
Problems that are likely to occur in owners corporation financials.
- Financial accounts may be inaccurate due to various reasons but mainly due to incorrect coding of chart of accounts and GST allocations.
- Managers are not expected to check the accuracy of the financials as they have limited accounting knowledge.
- Inaccurate financials could result in:
- Ineffective quality decision making, planning and forecasting.
- ATO is submitted with incorrect reports which could lead to the company being penalised.
- Faulty reporting hurts the company’s prestige and credibility with the owners corporation, board of directors and investors. Stakeholders are also affected.
- There may be no proper measures in place to prevent a fraud from occurring. As there are no regular audit procedures in place to monitor the accounts, this could lead to the risk of a fraud.
Our Solutions
Outsource the work to us. We work on 2000 + buildings. We are dealing with Property IQ software for the past 3 + years. R & S Accountancy provides a cutting-edge service by incorporating external financial checks.
- To check the accuracy of the financials following steps are performed regularly.
- Bank downloads (TXN files) are done daily.
- Bank reconciliation performed at the end of every month.
- Timely preparation and lodgment of BAS and tax returns.
- With 100 % Accurate and authentic data the highly important tasks mentioned below are benefited.
- Decisions, planning and forecasting are performed on accurate accounts.
- ATO is submitted accurate reports.
- Accurate reporting of accounts to the Owners corporation, board of directors builds trust and credibility.
- Prevention of any possible fraud from occurring by having daily, monthly and yearly accuracy checks.
Our costs can be forwarded on to the owners corporation.
- Perform various checks (such as insurance checks, lot ledger is correct, expenses are allocated correctly) on the buildings.
- Provide owners corporation financial management consulting service.
- Perform management fee and administration fee adjustment.
- Attend face-to-face meeting with the directors on a monthly bases.
- Managers can utilize their time more efficiently by focusing on their daily activities while leaving the financials to be taken care by our dedicated and knowledgeable staff.
- Directors can focus and spend their time on growing their business instead of spending time on fixing accounting related issues.
- Benefits of hiring us than a full time accountant.
- We are cheaper than hiring an accountant.
- Our team of dedicated staff can solve issues quickly with vast previous experience.
