ACCOUNTING, FINANCIAL SERVICES AND REPORTING
Accurate and reliable accounting and reporting is vital to successfully maintaining your commercial property.
Not all accounting is created equal. Commercial real estate accounting, financial services and reporting requires extensive training and experience specific to the real estate industry.
Bob Gottsch of PMRE Management’s executive team is a seasoned CPA with over 20 years of experience in real estate related accounting. He has successfully tailored our financial reporting to rival the level of reporting utilized by public companies and the best national real estate firms in the country.
Our Approach To Accounting And
We are able to produce timely, useful and accurate reports based on our clients needs. The PMRE Management team and accounting staff prepare a detailed zero-based budget for each project.
Our standard reporting package includes: a Balance Sheet, Income and Expense Statements, Cash Flow Operating Statements, 12 month and Rolling 12 Month Operating Statements, and Budget Comparison Reports. Our accounting group is flexible and is willing to provide additional reporting such as reporting requested or required by 3rd party lenders, brokers, etc.
Our primary accounting services include:
1. ABSTRACT LEASE
We summarize each lease with key information to easily review, input, and update.
2. INPUT INFORMATION
Information from the abstract is uploaded into the accounting system.
3. COLLECT MONEY
All monies are sent directly to a lockbox or collected in the office by an independent clerk.
4. COLLECT COPIES
Copies of all deposits and checks are collected and reviewed by our accountants.
5. HANDLE CASH
Cash receipts are posted.
6. GENERATE REPORTS
We run weekly receivable reports.
7. REVIEW ACTIVITY
We thoroughly review all billings and collections for each tenant.
1. AUTHORIZE & APPROVE
All costs within budget are authorized and approved.
2. SEEK APPROVAL
Unbudgeted costs over a specified amount require additional approval.
3. CODE INVOICES
We code approved invoices with the appropriate account number and sent out for payment.
4. APPROVE & INPUT
Codes and invoices are approved and invoices are input for payment.
5. HANDLE CHECKS
Checks are approved and mailed.
6. OBTAIN SIGNATURES
Checks over a specified amount will require two signatures.
7. RUN CHECKS
Checks are run on Friday of each week.
2 Step Budget Process
Stage one of the budget process involves coordinating and gathering information from:
Stage two of the budget process involves:
The Property Manager prepares the budget and completes an analysis of the budget.
The budget is presented to the Asset Manager and Controller for approval and revisions.
The budget is presented to the Property Owner for review, revisions, and final approval.
Budgets are prepared using an Excel spreadsheet model. Once approved the budget is uploaded to our accounting software.