For the FirstService Residential Tennessee team, ensuring your association’s financial stability is a key priority. With our track record of successfully managing the financial affairs of associations throughout Tennessee, you know your fiscal matters are in expert hands – managed with the same quality and attention to detail that have made us the most trusted property management company in the state.
FirstService Residential Tennessee’s experienced financial and accounting professionals provide tailored services to help your association prevent cash flow surprises, plan for capital improvements and anticipate market shifts. In addition, our thorough checks and balances system provides additional assurance that all financial matters remain accurate at all times.
Here are some of the financial services we provide:
- Comprehensive financial packages are delivered in a timely manner, including all documents required for Board meetings
- Your association’s financial information is available online 24/7 using a secure program
- Multiple payment options are available to improve cash flow and reduce delinquencies
- CPA access is available to reduce your association’s auditing fees
- Your assigned accountant can answer questions and conduct periodic financial review for your Board and Treasurer
- As part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV) we are held to the highest standards of transparency, security and accountability and subject to Sarbanes-Oxley requirements
Timely and Accurate Financial Reporting
Our financial and accounting teams keep your Board updated and on budget through timely and accurate reporting on all financial matters. Our CPA-supervised accounting team prepares a comprehensive monthly financial status report, including current-month, year-to-date and comparisons-to-budget data, as well your association’s balance sheet and income and expense statements. They also manage accounts payable and receivable, and handle all required financial activities.
Your association must assess fair maintenance fees that reflect the economic reality of your residents and community, but also cover costs for repairs, beautification and improvements. Our financial team uses its experience and financial diligence to balance these needs, preparing draft budgets that include anticipated increases, actual expenses incurred over the past year and historical expenses.
Annual Audit & Tax Preparation
All required documents for annual third-party CPA audits and tax preparation are prepared on a timely basis by our team. In addition we provide access to FirstService Residential Connect, our management software platform, to Board-hired CPAs and attorneys. By enabling them to review relevant files, records and documents, we help reduce your association’s preparation costs.
We offer the following financial and accounting services for your association:
- Monthly financial statement package, with online statement availability
- Annual budget preparation and processing
- Preparation of balance sheets, income statements, bank reconciliations, support schedules
- Processing of payments via a licensed and insured lockbox facility
- Flexible banking options and fidelity bonds
- Multiple payment options
- Electronic scanning of vendor invoices and computerized check preparation
- Turnkey collections services
- Year-end financial packages provided online for independent auditors
Learn more about how FirstService Residential Tennessee’s unique value-added financial and accounting services can benefit your association.
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