By the Operations & Accounting Team, Summerfield Management
What’s most important beyond maximizing revenue?
Keeping spending in check.
With poor personal finance practices being the norm amongst Americans, it’s easy to understand why making sound spending decisions can be difficult for On-site employees when it comes to business spending.
Summerfield makes it easier for staff to keep spending in line by putting at least 3 controls in place.
Software.
Software like Avid’s payable and purchase order application requires your Portfolio Manager or a Corporate Director to approve purchases. It helps prevent unnecessary spending before it happens.
Batch review.
Batch review allows our accounting team to review transactions for accuracy and consistency before they get lumped into (and lost) in the general ledger.
Analytics.
We run tests to compare actuals against historical averages to identify possible errors and omissions. Our Director of Accounting, a CPA, and the accounting team run this process in addition to your licensed Portfolio Manager.
A robust system of checks and balances can eliminate thousands of dollars of unnecessary spending each year, which will help keep your buildings running on budget and maximize NOI.
Is it time to at least consider alternate management company options?
We’d appreciate the opportunity to talk.
