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 like Avid’s payable and purchase order application requires your Portfolio Manager or a Corporate Director to approve purchases. It makes it easy to review purchase orders and match them to actual invoices to prevent errors.
Batch review allows our accounting team to review transactions for accuracy and consistency before they get lumped into(and lost) in the general ledger.
We run tests to compare actuals against historical averages to identify possible errorsand omissions. Our Director of Accounting, a CPA, and the accounting team run this process in addition to your licensed Portfolio Manager’s review to catch errors.
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.
During the COVID-19 pandemic, moratoriums created widespread restrictions on collection and eviction. Although the rules for collections changed overnight, Summerfield did not see this as a throw in the towel and walk away situation. We’re much more proactive than that.