Having access to reliable, detailed, and accurate financial data is important for every real estate investor. It helps you make good decisions, and routine financial statements and accounting reports will show you where you stand financially with your property.
Property management accounting is an important part of what we do. We’re taking some time to explain what you should expect as an investor and what we provide when we’re reporting on your income, expenses, and other financials.
Property Managers are Financial Stewards for Your Investments
You’re trusting your property manager with one or more of your largest assets. You’re also trusting us with all of your financial information. As your management company, we have access to your bank accounts and your tenant’s bank accounts. We need to demonstrate that we can be responsible with that information and with your money and your asset.
Providing accurate and consistent information is critical. We deliver online accounting statements every month, and we’re happy to provide them more or less frequently, depending on what you need. Some real estate investors are only interested in quarterly reports and others like to see what’s happening week by week. We can easily customize how and when you receive your reports, depending on your own unique needs and preferences.
Technology and Property Management Accounting Software
One of the reasons that you can expect accurate calculations with property management accounting is that most property managers use sophisticated and innovative software platforms that automate everything.
Technology has come a long way in the property management industry, and this is especially true when we talk about accounting functions. It’s pretty easy to manage because all the tracking is provided in the software. As an investor, you can see exactly when rent is collected and deposited into your account. You can see itemized maintenance costs. We use an online portal, which our investors can access from anywhere in the world. It’s secure, convenient, and efficient.
Communicating about Rental Property Accounting
We pride ourselves on providing clear, accurate data that’s easy to read and understand. Everything you’re looking at should make sense and if it doesn’t, we’re here to answer any questions and offer explanations. We can also consult with you about how to use the data we provide to move forward. Many of our investors look for detailed reports and analysis that can help them make strategic next moves. Perhaps you’re thinking about a new acquisition or a different market. Taking a look at your own financials and the information we track will help with that.
As professional property managers, we believe communication is a big part of accounting. When we understand your goals as a real estate investor, we can track the financials that will be most useful to you.
We’d love to tell you more about how our property management software works and what it can do to deliver outstanding financial reporting. Please contact our team at Vantage West Property Management.