Utilizing Technology
A Tale Of Two Worlds
April 9, 2019
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It’s Audit Season

Financial audit season

For many of our properties it’s that time of year for Spring clean up, Summer planning and their financial audit.

One of the most important functions and fiduciary obligations of a Board is to ensure the financial soundness of the community on a regular basis.  This is often done as a comprehensive audit – as required by the governing documents.

On average, the audit process should take 90-120 days and requires the auditors to review the overall financial and operational health of the community;

  • Cash receipts and cash disbursements
  • Budget
  • Payables and Receivables
  • Bank reconciliations
  • Vendor contracts
  • Insurance
  • Reserves and other community assets
  • Internal controls review compliance with governing documents
  • Cash Flow Analysis

That’s a lot of information and often an audit can drag on longer than necessary because the community may not have all this important information at their fingertips.  Auditors must then try to extract the required information.

This not only results in delays of the audit period, but it will likely increase the cost of your audit as billable hours start to add up.

Our Clients Don’t Have Those Problems

By utilizing secure, cloud-based platforms our clients have instant access to their financials at anytime, from any place.  Our accounting and financial team meets and collectively works with your audit firm to assists them through the entire process.  Very few management companies do this.  This allows your audit team to have instant access to the required information, reducing the need for extra on-sight visits and digging through the books searching for the right documentation.

Our proven process and seamless interaction with your auditors translates into, not only a time savings, but also elimination of added expenses in connection with their yearly audit.

I invite you connect with David Vargas, Vice President of CPM, who oversees these critical accounting functions for our clients.  He can show you how your community can benefit from our comprehensive financial and accounting services that have been developed over our 20 years serving communities just like yours.

David Vargas:  973.376.3925  ext.108

 

We’re happy to help and we look forward to hearing from you.

  • Tony Nardone, CEO     908.966.6909

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