ACCOUNTING, FINANCIAL REPORTING & FORECASTING
ACCOUNTING, FINANCIAL REPORTING & FORECASTING
Redwood Landing property management accounting system includes either 1) Quickbooks Pro and a proprietary rent roll software or 2) Yardi- Multifamily Property Software (this software includes a software fee). With either option our company can generate rent-roll, billing and cash receipts functions, account balances, accounts payable, check writing, as well as several other functions. The financial statements are provided to the owner on a regular basis. Reports available from these systems are numerous. They include:
- General Ledger Statements
- Income and Expense Statements
- Balance Sheets
- Check Registers
- Rent Rolls
- Aged Delinquency / Pre-Paid Reports
- Unit Availability Reports
- Lease Expiration Reports
- Security Deposit Reports
- Lost Rent Reports
All vendor payments, payroll, real estate taxes, insurance payments, management fees, and all capital improvements are paid from the central office on a weekly basis. Expenses are classified in accordance with the approved chart of accounts.
Redwood Landing maintains a set of procedures designed to minimize the chance of theft or fraud. By not accepting cash payments, the chance of direct theft is reduced. The company also utilizes an internal audit function to minimize the possibility of fraud, with periodic audits conducted.
All bank statements on all bank accounts are received and reconciled by central office accounting personnel who are not check signers and do not have access to any check stock. All bank reconciliations are reviewed by the principals and approved on a monthly basis.
Forecasting
The company prepares an annual budget for each property. The Regional Manager prepares budgets with the Community Manager on an annual basis. These budgets are intended to be reasonable and at the same time maximize the performance capabilities of each property and its staff. Budgets are an integral part of the financial reporting function. On a monthly basis, senior management reviews progress and attainment of budget goals. Reforecasts are performed on an as needed basis, at the direction of senior management and owners.
In summary, Redwood Landing has the in-house accounting capabilities to handle both the day-to-day management of properties and meet the needs of various types of investors.
