Property Management Accounting in Markham & Thornhill

TANgible On-Boarding Process for Property Management Accounting

TANgible Accounting has in-depth experience in office, retail, multi-unit residential and industrial building management. We’ve built up a wealth of best practices only possible from having worked extensively with key industry leaders.

Property Owner looking to hire industry specialized accountants that are well versed with handling the E2E (end to end) aspect of accounting and administration, look no further than TANgible Accounting. We can provide leasing and property management services as required. We can also liaise with your existing property management company and can coordinate our efforts to best service you.

Hire a subject matter expert that can deliver the best approach to running your property.

We provide cost-effective services that let property management companies like yours focus on property operations and not worry about anything else.

Key services include:

Step 1:

Retrieve Accounting System Reports

TANgible Accounting assesses current accounting processes, takes inventory of current reports (ex: rent roll, leases, CAM or TMI statements etc.) and evaluates any requirements. Recommendations will be provided on monthly, quarterly and annual deliverables.

Step 2:

Your TANgible Property Accountant

Our qualified property accountants offer customized solutions that can fit the budget of any client.
* Property Administrator and bookkeeping services can be offered (see Bookkeeping Service as reference). Our accountants have experience in property management software and accounting systems such as Yardi, JD Edwards, Navision, etc.

Step 3:

Business Intelligence

TANgible Accounting offers lease audits, Accurate CAM (Common Area Calculation) Billing, on-time rent collection, reduced landlord out-of-pocket expenses, and increased visibility in the overall status of property.

PROPERTIES MANAGED

Landlord Cost Recovery – A thorough review of leases (lease audit) within the first year of taking on a new client led to a recalculation of CAM Recoveries in our client’s. Several components were refined resulting in a substantial in-year impact. Our client would have had unnecessary shortfalls moving forward had this exercise been neglected.

 

 

 

Budget set up and monthly reporting – Small business accounting clients often forgo the annual operating cost budget process, as they are normally consumed with their day-to-day property management operations. We facilitate the budgeting exercise prior to the start of the year, and provide the monthly accounting reports needed by every organization. Monthly financial bookkeeping reviews ensure that there will be less time spent at year-end, minimizing the cost of the Operating Cost Audit.

 

System migration – As our clients evolve, so does their need for more sophisticated systems. We have co-ordinated system upgrades and full system migrations, all the while ensuring that key pieces of information are accurately mapped and the functionality of the new system provides our clients with exactly what they are looking for. We establish a project charter so that all parties involved understand what their responsibilities are, what they are accountable for, who should be consulted and who needs to be informed.

 

Development Accounting: PUD to IPP – We have seen projects grow from PUD (property under development) to IPP (income producing property) and provide the necessary property development accounting treatment. Job-cost tracking is essential. We review both hard costs and soft costs, and track development fees. We monitor costs against budget through variance reporting and monthly project meetings.

 

 

CAPEX (Capital Expenditures) – Recoverable vs. Non-Recoverable – Planning plays a key role with any real asset. Having a CAPEX (capital expenditure) budget for the planning year and future years demonstrates the property owner/ property manager’s commitment to maintaining a long lasting property. We will liaison with the Construction team to appropriately allocate cost and provide cash flow forecast.

It is also imperative to identify Recoverable and Non-Recoverable costs and allocate appropriately. These are factored into the asset’s profitability.

 

 

 

 

If you’re a landlord wondering if you’re paying too much property tax, our Property Realty Tax Specialist can investigate for FREE. The Tax Specialist will communicate directly with MPAC for free and, if necessary, negotiate values with MPAC on your behalf. This could result in cost savings of 2-5%. Vacancy Rebate applications are also addressed.

On-time Property Tax payment – We prioritize minimizing landlord cost. One area that can greatly impact a property is the property taxes late payment fee. We ensure that special attention is given to the municipality payment, as fees are calculated at full cost even if they’re only one day late. We provide property management accounting services in Markham and Thornhill, but help clients from all over North America.