Yateswood : Accounting

Accounting, Budgeting and Reporting

Members of the staff at Yates, Wood & MacDonald have extensive experience in property management accounting and reporting. The company uses the Timberline Property Management Accounting system, a state of the art software package which provides a complete audit trail and flexible management reporting. Timberline combined with sound accounting policies and procedures, allows the accounting staff to provide accurate and timely accounting services. They are ready to customize their services based on the needs of each client. Their goal is to provide an accurate, user-friendly tool that assists clients in making financial decisions.

Billing, Receivables, Collections

Monthly billing statements are sent to commercial tenants providing clear, current rent information. Their rent checks are received, deposited and posted by the Accounting Department. The apartment on site manager collects and deposits rent payments, providing a weekly summary for the property manager. The property manager and/or on-site manager personally contacts any tenant whose rent is delinquent and follows up until payment is received. Early and firm enforcement of the payment provisions of the lease sets good habits and minimizes delinquencies.

Accounts Payable

The property managers receive and approve all invoices within previously established parameters. Automated bill paying occurs twice a month with manual checks generated as needed. All operating account checks require two signatures.

Funds to Owner and Operating Statements

At the end of each month excess funds are remitted to the property owner. Monthly financial statements are prepared by the accounting staff by the tenth of the following month, reviewed by the property manager and submitted to the owner. The system provides for optimum flexibility and clients are consulted about the design and content of their monthly statements.

Budgeting

Budgets are prepared during the last quarter of the year and submitted to owners for review. An annual operating budget establishes a spending plan as well as a standard for monthly and annual comparisons. It also is used to compare the property to others to determine if expenses are appropriate. Throughout the year the budget serves as a framework for communication with the owner, and commercial tenants.

Reporting

Managers at Yates, Wood & MacDonald have extensive experience in reporting to local clients as well as those who are located outside of the Pacific Northwest and the United States. Managers anticipate the needs of their clients, reducing the amount of time they need to spend inquiring about either physical or financial issues affecting their investment.




		Accounting, Budgeting and Reporting Members of the staff at Yates, Wood & MacDonald have extensive experience in property management accounting and reporting. The company uses the Timberline Property Management Accounting system, a state of the art software package which provides a complete audit trail and flexible management reporting. Timberline combined with sound accounting policies and procedures, allows the accounting staff to provide accurate and timely accounting services. They are ready to customize their services based on the needs of each client. Their goal is to provide an accurate, user-friendly tool that assists clients in making financial decisions. Billing, Receivables, Collections Monthly billing statements are sent to commercial tenants providing clear, current rent information. Their rent checks are received, deposited and posted by the Accounting Department. The apartment on site manager collects and deposits rent payments, providing a weekly summary for the property manager. The property manager and/or on-site manager personally contacts any tenant whose rent is delinquent and follows up until payment is received. Early and firm enforcement of the payment provisions of the lease sets good habits and minimizes delinquencies. Accounts Payable The property managers receive and approve all invoices within previously established parameters. Automated bill paying occurs twice a month with manual checks generated as needed. All operating account checks require two signatures. Funds to Owner and Operating Statements At the end of each month excess funds are remitted to the property owner. Monthly financial statements are prepared by the accounting staff by the tenth of the following month, reviewed by the property manager and submitted to the owner. The system provides for optimum flexibility and clients are consulted about the design and content of their monthly statements. Budgeting Budgets are prepared during the last quarter of the year and submitted to owners for review. An annual operating budget establishes a spending plan as well as a standard for monthly and annual comparisons. It also is used to compare the property to others to determine if expenses are appropriate. Throughout the year the budget serves as a framework for communication with the owner, and commercial tenants. Reporting Managers at Yates, Wood & MacDonald have extensive experience in reporting to local clients as well as those who are located outside of the Pacific Northwest and the United States. Managers anticipate the needs of their clients, reducing the amount of time they need to spend inquiring about either physical or financial issues affecting their investment.