Residential management reporting
At KWB Residential we issue regular management accounts, prepare annual budgets and monitor spending throughout the financial year, enabling us to provide accurate and up-to-date information.
Service charge accounts
Our service charge accounts are prepared and finalised within 3 months of the year end. Whilst many residential management companies are unable to achieve this, actual figures are essential for accurate budgeting. If the property is managed by a limited company, we will also brief, instruct and commission the company accounts within the same time frame.
When it comes to building and property insurance, this will be competitively and transparently tendered to ensure best value. All information will subsequently be published on our unique web portal allowing for comment and feedback.
We use a property management accounts software system known as Yardi PropWare:
- This management package raises demands for ground rent, and service and maintenance charges to all occupiers on an annual basis, or as the terms of the occupational agreements require
- This system also allows ad-hoc charges to be raised in terms of insurance, electricity and any other recharges, as necessary
When finalising budgets, we take into account costs you, the housebuilder, have so far spent on the maintenance of communal areas during the construction of the site. KWB looks to reconcile service charge accounts within three months of the service charge year end, and provide clear communication and explanation of these to all relevant residents and interests.
When any changes need to be made to service charges, we liaise with residents in accordance with legislation to ensure that any increases are fair and agreed with appropriate notices and consultation. Any separate Reserve or Sinking Fund monies are accounted for, and external accountants and auditors are instructed, where necessary, to produce clear and compliant sets of accounts.
Our credit control processes ensure that all monies are effectively pursued and collected, through a mixture of written, verbal, and online communication before any further proceedings need to be considered.
For ground rents, we can process any separate payments and reporting to the householder or any new freeholder and assist with apportionments and proceeds following any sale or transfer. Insurance monies will also be correctly accounted for, both initial premium payments and recharges, and processing any claim proceeds.
If any separate management companies are involved, then we can easily provide company-accounting services such as statutory company accounts, tax returns, changes to shareholders and members, appointment of directors, and organising AGMs.
Want to know more?
Contact Nicola Fagan0121 233 2330