This is where it all starts, because without the income from assessments your association cannot function. Valencia Management Group is capable of handling your every accounting need. Processing of assessment payments can be handled in a number of ways, including scanning via MICR check encoding for accurate posting, ACH Auto Debiting, or bank lock box services which can expedite processing. Homeowners can also pay by credit card or online check.
Security is key in accounting, and our accounting department is under the direction of a Certified Public Accountant. We have a distinct separation of duties, insuring that the person who posts your payments is not the same person who produces the financial statements. In addition, association invoices are approved and paid online through the use of our secure online accounting system to ensure that your funds are never misappropriated.
You will receive the most comprehensive financial statement in the industry, produced and supervised on an accrual basis by a CPA. A review of this statement at every Board meeting affords the Board the ability to make accurate fiscal decisions and comply with state laws.
Our complete accounting services include:
- Assessment Billing
- Accounts Receivable Processing
- Late Notices
- Coordination of collections efforts with association-retained legal counsel or collection agency
- Escrow Services
- Maintain Financial Records
- Accounts Payable Processing
- Prepare monthly accrual-based Financial Report including:
- Balance Sheet
- Revenue & Expense Statement (actual and budget)
- Changes in Fund Balance
- Statement of Cash Flows
- Reserve Account Activity
- Bank reconciliation with bank statements as required by California Civil Code 5500
- Assessment Aging
- Budget Preparation and Recommendations
- Assist with annual review and/or audit and tax preparation
- Assist in selection of firm and preparation of Reserve Study
- Handling Homeowner Account Inquiries