What is Financial Management
The Financial Management unit is responsible for the overall accounting management of capital and controlled assets of the clients. The job of Property Management is to insure that correct procedures are followed, assist other Departments in managing and accounting for their inventory by tracking assets from acquisition to deletion.
Working with Red Brick Property Management gives you a partner with the experience to ensure your properties are well run and their revenues and costs tightly managed. This means you will have the financial information necessary to make the right investment decisions.
What We Do
We recognise the financial responsibilities of our clients and therefore as part and parcel of our service we undertake to carry out the following financial support services on their behalf:
- Preparation of service/maintenance charge budget
- Provision of sufficient financial information for the client to determine the level of financial provision
- Requisitioning of, payments by leaseholders/owners
- Administration of service/maintenance charge receipts
- Answering of leaseholder/owner financial queries in an educated manner
- Management of individual Client Company bank accounts
- Issue of financial reports to clients periodically as may be agreed
- Pursuit of unpaid service/maintenance charges
- Instigation of debt collection action where necessary
- Updating clients regarding progress as necessary
- Appointment of and assistance to client auditors and/or accountants
As part of our commitment to excellence, and our responsibilities towards our clients and our professional body, all incoming funds are allocated on a daily basis and client accounts are reconciled on a weekly basis.
Manage your property finances
When you want to manage your portfolio effectively there are many details to consider to ensure your properties’ finances are under control
- Manage billing, collection of income and the full recovery of costs
- Maintain accurate and timely reporting and analysis
- Ensure timely and accurate handling of banking transactions
- Control and reconcile transactions and account for various taxes
- Readiness for sale
Outsource the financial management of your portfolio
We will manage the day-to-day administration of your property income and expenditure, and provide financial information to support your business.
Our services include:
- Treasury and financial administration
We deal with all routine billing and income collection, manage segregated funds and ensure timely transfers to your bank accounts.
- Book keeping
We maintain the accounts for each of your properties and perform bank and cash reconciliations in line with industry best practice.
- Financial reporting
We provide financial information in a variety of formats and can produce customised reports or uploads for your accounting system.
- Statutory reporting
We deliver the information you need for statutory returns, including VAT and CIS, and deal with NRLS where appropriate.
- Audit support
We operate rigorous internal governance and controls, and welcome inspection by your internal or independent auditors as required.
Expert financial administration to support your business
The benefits to you
- Professional accounting to support your strategy
Our experienced team will handle all of your property financial reporting requirements to support your investment decisions.
- Cost effective accounting service
We use industry leading systems and proven, effective processes to ensure you receive a quality service at minimum cost.
- Secure handling of your cash
As part of one the world’s leading banks our processes and procedures will give you confidence your assets are in safe hands.
You may pay your charges by cheque, bank transfer, credit or debit card. In certain circumstances our clients may countenance a deferred payment arrangement, such as monthly standing order.