Financial

Bookkeeping and Accounting

  • Including bank reconciliations, clerical and bookkeeping, creditors tracking including authorisation processes, creditor payments (ontime and accurate)
  • Invoice owners for their levy contributions according to your desired invoicing processes and debt collection regime
  • Development of debt collection regime to suit the Body Corporate and its unique circumstances
  • Preparation of all necessary financial reports for the Body Corporate, to suit the Body Corporate’s unique circumstances, typically including budgets and owner levy projections
  • Cashflow forecasts, including guiding the Body Corporate to appropriate levels of retained funds
  • Annual financial statements (to a level exceeding legislation requirements)
  • Oversee audits (if required) and liaison with the auditor
  • Taxation - all taxation is completed by a Chartered Accountant from Tim Fleming Associates Ltd, income tax and GST returns (if registered)

 

Bank Accounts 

  • All bank accounts are operated under appropriate mandates and authority, maintaining signatory mandates and operation of payments under the unique instructions of the Body Corporate
  • We use your bank account, owned by your Body Corporate 
  • Each Body Corporate has their own accounting system 
  • Each bank account and accounting system is fully transportable if you choose to move to another administrator

We arrange and set up bank accounts owned and operated by the Body Corporate. We then tailor administration of this bank account to suit the Body Corporate’s desired approach. There are several options for this, we can operate the bank account under the appropriate delegated authority, where no members have any operating authority on the account. Or, it may be for example, that we set up payment schedules and use a mix of authorisations such as the chairperson or other committee members of the Body Corporate to finally authorise the payments. 

In essence, we use the banking system to tailor an outcome that is best suited to the client. We then operate an accounting system over the top of your various bank accounts and both this accounting system and your bank account is totally transportable. In the unlikely event that you choose to move to another service provider there is simply an uncoupling process. You take your bank account, all the existing automatic payment authorities and direct credit authorities that may be on that account, plus the accounting system should you choose to continue to use it, and move.

We are currently developing systems to allow members to access the accounting system, on a read only basis, so that they can access their members invoices issued and payments against them (accounts receivable) and to allow total transparency across the entire accounting ledger. Naturally, if it is decided by the Body Corporate, or where it is absolutely appropriate for privacy reasons, access will be limited down. This is the push towards transparency. 

We do not operate a trust account. However technically, even though this own bank account belongs to the Body Corporate, funds belonging to a Body Corporate are actually considered to be trust funds at law (they are being held by the Body Corporate in trust for it’s members).


 

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