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Home
About
About Us
Company Profile
Management Team
Services
Accounting and Bookkeeping Services
Small Business Accounting
Outsourced Accounting
Accounting for Real Estate
Residential Real Estate Accounting
Commercial Real Estate Accounting Services
Accounting Services for HOA/Condo
Construction Accounting
Appfolio Acccounting
Yardi Accounting
Rent Manager
Xero Bookkeeping
Accounting Services for CPAs
Tax Preparation Services
Payroll Services for CPAs
Accounts Payable Services
AI in Accounting
Accounts Payable for Restaurant Chains
Accounting for Landscaping & Trimming Business
Virtual CFO Services
QuickBooks Services: Setup to Strategy
Why QuickBooks
QuickBooks Setup
Outsourcing
Why Outsource
Why Outsource to Us?
Outsourcing Security
How It Works
Frequently Asked Questions
Pricings
Pricing
Payment Portal
Resources
Blog
Events
Press Release
Success Stories
Testimonials
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1099k Wizard
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Outsourced Bookeeping Assessment Form Test
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Outsourced Bookeeping Assessment Form Test
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On what platform do you manage your real estate accounting?
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Yardi / AppFolio / Entrata / Rent Manager
QuickBooks / Xero / Sage, Bill.com or Procure to Pay
Juniper Square, Invest Next, Investor Flow, Voyager Suite
Manual tools like Excel or Google Sheets
workers’ For do
How frequently are your books updated right now?
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Real-time
Weekly
Monthly
Quarterly or longer
What is your current use of AI or automation in your Accounts Payable / Procure-to-Pay process?
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We use AI tools
Some automation, like recurring payments or invoice matching
Planning to implement AI-based A/P automation in the next 6–12 months
No use of AI or automation currently
What is your process for approving vendor invoices before payment?
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Incoming invoices are paid when they arrive, assuming staff authorized those purchases. No approval step
Management approval is taken for invoices, but it’s informal (an email or verbally). No tracking system
Vendor bills are entered into our accounting system and routed to designated approvers before payment
We often pay the bills first. Later review or correct if someone notices an issue
How do you schedule vendor payments?
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Whenever cash is on hand or when a vendor demands payment, incurring late fees sometimes
Paid by their due date or earlier; advantage of discounts is taken (e.g. “2% 10, net 30”) by paying within the discount window
Paid on their exact due date; early-pay discounts are not availed
All invoices are held up & paid in one batch at end of month or cycle
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What is your typical method for paying vendors?
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Electronic payments/ ACH transfers for majority vendors. Integrated payments with accounting workflow
Mail paper checks for all Vendor payments
Online bill-pay or ACH is used for some vendors, but most payments are via mailed checks
Expenses paid in cash or with someone’s personal credit card and reimbursed later
Do you use purchase orders or work orders as part of your process for property expenses?
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Work is authorized verbally or by email & we just deal with the invoices when they come in
POs used for larger expenditures; For routine expenses we skip a PO and just approve the invoices directly
POs or work orders issued for most expenditures, require approvals, and then matched to Vendor invoices when processing payment
Work orders are issued for some expenditures, but no mechanism in place to match it with Vendor Bill with the Accounting Platform
How do you handle onboarding new vendors with respect to paperwork and tax compliance?
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Vendors are paid on work completion. W-9s or service agreements not collected
W-9s are requested at some point during the year. Mostly we call our vendors for such stuff when we’re preparing 1099s at year end.
Every new vendor must submit a completed W-9 form before any payment. 1099 filings at year-end are simple.
We use only incorporated or big-name vendors and assume we can skip collecting W-9s or tax details for them
How do you ensure vendors have proper insurance (e.g. liability, workers’ comp) before they work on your properties?
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We just hope the vendors are insured. Haven’t had issues so far
Proof of insurance is collected when we start using a Vendor, but expiration dates or certificate updates aren’t tracked over time
We only hire licensed contractors or well-known companies, assuming they have insurance, so we don’t actively obtain certificates
Every vendor mandatorily provides a current Certificate of Insurance before starting work, we keep track of certificates and request updated ones
How do you track income and expenses for multiple properties in your books?
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Mixed together in one ledger, without separating by property
Have a unified chart of accounts. Tagging each transaction with a property class in the software
Maintain separate bank accounts & bookkeeping files for each property
Have a long Chart of Accounts with separate income and expense accounts for each property
What does your month-end closing and review process look like?
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Books are updated when we get around to it. Reports provided only if someone specifically asks
Reconciliation & closing done each month, but it often drags several weeks into the next Month
Our external accountant makes year-end adjustments; we don’t do detailed closes each month
Month-end checklist is followed (reconcile, post accruals, review variances). Books are closed around a set timeframe
What do your regular owner/investor reports include?
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Comprehensive monthly Reports - Income statement & Balance Sheet for each property, Cash Inflow & Outflow detail, rent roll list etc
Simple summary of income and expenses
Raw data or Transaction listings for them to go through
Owners receive whatever money is left over each month; we don’t send formal statements showing how that amount was calculated
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When do owners/investors typically receive their financial statements and reports for each period?
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4-5 weeks after month-end, depending on when we get around to it
Within two weeks after month end, Books are closed and owner statements sent out
Before the end of the next month, after making sure everything is final by then
No monthly statements; Quarterly Summary or informal communication
How do you manage tenant security deposits in your records?
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Kept in our main operating account and noted in our files
Kept in a separate trust account. Account reconciliation against the list of deposits done once or twice a year
Security deposit funds sometimes get used for expenses or cash flow, later replaced when it’s time to refund the tenant
Kept in a dedicated escrow/trust bank account for security deposits. Monthly reconciliation is done against the list of deposits
For properties with common area maintenance (CAM) charges, do you perform an annual reconciliation with tenants or owners?
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Detailed annual reconciliation of actual expenses vs. billed expense prepared for each tenant. Shortfall is billed or Over Payment credited/refunded
Fixed CAM charge; no true-up reconciliation annually. We keep whatever we collected rather than adjusting anything
Yearly CAM reconciliation is done, but our records are often messy & error prone so tenants challenge each year
If actual expenses differ from billed, we just roll the difference into next year’s CAM charges instead of settling up at year-end
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