Dealing with the financial aspects of running a residential block can be daunting and time-consuming. We will take care of these tasks for you in an efficient and transparent manner, giving you the confidence to leave the smooth running of your finances in our hands.
We issue service charge invoices, in accordance with your Leases, to all leaseholders at the start of your financial year. The monies collected are held in a designated, named, client bank account that we open for you. These service charges are to pay for maintaining the structure of the building and common parts and to pay for any services provided such as cleaning, gardening, insurance, lift maintenance etc throughout the year. If you are saving for future major works, or if it is necessary to keep some funds in reserve for unexpected costs, we will open another client account for you to hold these reserve funds in trust, ready for when the works are required.
We use well-established accounting software to maintain accurate financial records. We can provide periodic budget reports, as required, to give you the information that you need concerning cash flow, income and expenditure. We reconcile bank accounts on a monthly basis and ensure that the accounting records are accurate and up-to-date.
As your financial year progresses, we will take care of the checking, allocation and payment of bills and contractors in a timely manner. If you have employees, for example a caretaker or concierge, we can organise all aspects of the payroll process. We will issue periodic service charge invoices in accordance with the Lease.
We have a robust arrears collection process in place to ensure that late payments of service charges (and ground rent if applicable) are pursued in accordance with the Lease and with reference to ARMA guidelines.
At the end of your financial year we arrange for the preparation of service charge year-end accounts and statutory company accounts, as required. We take care of any submissions to Companies House and the provision of the service charge accounts to Leaseholders.
We work with you to prepare an annual budget for your next financial year, based on previous actual expenditure and an informed estimate of future expenditure. This budget will include the preparation of a reserve fund plan where the lease allows, so that planned major works can be funded in a controlled way. The service charge invoices are sent out to Leaseholders on this basis and so the cycle continues.