Tag Archives: Accounting

Knowing the Limits on Collection Practices for Property Managers

Knowing the Limits on Collection Practices for Property Managers

Posted on 20. Jun, 2014 by .

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One of the challenges in the management of rental properties involves collecting from residents behind on rent payment. Knowing the laws which govern the methods used for collection is a vital first step. We can debate how far we’d push the envelope to make sure the rent is collected, but the key to avoiding legal […]

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Why You Shouldn’t Use Excel As Accounting Software

Why You Shouldn’t Use Excel As Accounting Software

Posted on 19. Feb, 2014 by .

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First, let me confess that I love Excel. Having used Excel for years, I’m fully aware of its strengths, and will continue to use it to create spreadsheets, graphs, and tables. But for some unknown reason, there is a small group of property managers that continue to extol the benefits of using Excel as their primary accounting software.

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The Definitive Guide To Apartment Budgeting: How To Calculate Effective Rent (eBook)

The Definitive Guide To Apartment Budgeting: How To Calculate Effective Rent (eBook)

Posted on 15. Nov, 2012 by .

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We work with many property managers that want to learn best practices related to budgeting. In this eBook, we’ve collaborated with an expert to provide you with each and every line item that drives Effective Rent.

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Trust Accounting for Property Managers (eBook)

Trust Accounting for Property Managers (eBook)

Posted on 23. Aug, 2012 by .

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Running a successful property management business entails a sound understanding of accounting. This complimentary eBook by Mary-Girsch-Bock from propertymanager.com covers the fundamentals of trust accounting.

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Financial Management Plan

Financial Management Plan

Posted on 01. Sep, 2011 by .

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If you’re actively seeking new clients (and who isn’t) writing a solid management plan can go a long way towards signing that management contract. Multi-unit managers in particular have to show owners that they can do more than simply collect the rent and evict non-paying tenants.

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Choosing the Right Property Management Accounting Software

Choosing the Right Property Management Accounting Software

Posted on 12. May, 2011 by .

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Has your current property management software program been giving you more problems than solutions? If so, you may be ready to look for new property management accounting software. If you’re not sure what you need, take these suggestions under consideration.

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Property Management 1099 Cheat Sheet

Property Management 1099 Cheat Sheet

Posted on 12. Jan, 2011 by .

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Even though the IRS has a thorough set of instructions available for 1099 processing, many people still find themselves unsure of who should receive a 1099, what the minimum amount is or when they need to mail the 1099’s by. So, I’ve made a list of suggestions that you can use as a cheat sheet, or as a refresher of the basic rules you should know to make property management 1099 processing quick and painless.

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Cash Versus Accrual Accounting – Which is Right for You?

Cash Versus Accrual Accounting – Which is Right for You?

Posted on 02. Dec, 2010 by .

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There are distinct differences between cash accounting and accrual accounting methods. When setting up your company for the first time, you’ll have to choose which of these accounting methods you will be using for recording accounting transactions.

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Bank Reconciliation Best Practices for Property Management

Bank Reconciliation Best Practices for Property Management

Posted on 05. Nov, 2010 by .

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I’ll admit that bank reconciliations are a pet peeve of mine. Not the bank reconciliations themselves, but the number of people who routinely toss them in the ‘to do’ pile, leaving them sit for a month – or three.

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Preparing Your Property Management Office for Year’s End

Preparing Your Property Management Office for Year’s End

Posted on 07. Oct, 2010 by .

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Just a few short months ago, you were enjoying the hot summer sun. Suddenly it’s September, which means only one thing; the end of the year is rapidly approaching.

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Using Excel Instead of Property Management Software Is Risky Business

Using Excel Instead of Property Management Software Is Risky Business

Posted on 30. Aug, 2010 by .

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It’s no secret that there are a lot of Excel users in the property management community. An outstanding spreadsheet program, Excel frequently plugs in the gaps commonly found in accounting programs. But there’s a group of property managers that may find themselves relying on Excel a little too much.

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Proper Use of Property Management Trust Accounts

Proper Use of Property Management Trust Accounts

Posted on 29. Jul, 2010 by .

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Misuse of trust accounts is the number one reason why property management companies are audited. That’s why it’s vital that the proper trust fund accounts are established as needed, and used properly. d

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Tap In to Tax Time: Providing Resources for Residents

Tap In to Tax Time: Providing Resources for Residents

Posted on 09. Feb, 2010 by .

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It’s the start of the new year, so inevitably the thing in the forefront of everyone’s minds right now is the same: tax time! Okay, maybe not. When it comes to taxes, you’ve got basically two camps of people.

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Ditch That Rent Check: A World of Online Payment Options

Ditch That Rent Check: A World of Online Payment Options

Posted on 28. Jan, 2010 by .

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Sure, the lowly check will be with us for a while. But that doesn’t mean that you can’t help send checks the way of the dodo bird. According to a Federal Reserve System study, check usage is in steep decline, and checks now represent only 30 percent of all non-cash payments. Electronic payments are now the clear winner with consumers.

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4 Year-End Property Management Accounting Best Practices (Nov. 19 Webinar Recap)

4 Year-End Property Management Accounting Best Practices (Nov. 19 Webinar Recap)

Posted on 03. Dec, 2009 by .

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In a recent webinar, we reviewed four accounting best practices property managers should be doing to close out 2009 and prepare for 2010. We talked through these best practices and demonstrated how to enact them using our web-based property management software but they are definitely applicable if you’re using a different type of software.

Below is the full recording of the webinar

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