Accounting by providence
Preferred Software Packages
Providence Property Management's accounting system is made up of a Yardi system located in the home office.
schedule a Free Advisory call
Providence Property Management possesses the in-house accounting capabilities to handle both the day-to-day management of properties and meet the needs of various types of investors.
The Birmingham-based accounting staff currently maintains the accounting for our portfolios. The accounts receivable function is supported by each property’s Yardi property accounting system that maintains the Rent Roll, resident ledgers, and all other accounts receivable information. Delinquency reports are generated on a daily basis.
All vendor payments, payroll, real estate taxes, insurance payments, management fees, and capital improvements are paid from the home office in Birmingham on a weekly basis. Expenses are classified in accordance with the approved chart of accounts.
It is the Community Manager’s responsibility to obtain bids in order to obtain the best price for goods and services purchased.
Providence Property Management maintains a set of procedures designed to minimize the chance of theft or fraud. By not accepting cash, 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.
Bank statements on all bank accounts are received and reconciled by home office accounting personnel. Personnel are not authorized to sign checks and do not have access to any check stock. All bank reconciliations are reviewed by Providence Property Management controller and approved on a monthly basis. Home office accounting personnel handle all transactions involving the release of security deposit funds.
Annual budgets are prepared for each property. The Regional Manger 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 our financial reporting.
An analysis of budget variances is reported to the owner as a part of the Monthly Owner’s Report.
Senior management reviews progress and attainment of budget goals on a monthly
basis. Reforecasts are performed on an as-needed basis, at the direction of senior
management and owners.