We use Xero online accounting software where its reporting tools can be easily used and interpreted by a non-accountant providing the following:
Up to date bank balances
Each Common Ground client has their own bank account which is separate and identifiable from Common Ground (meaning your money is protected). It’s linked into the Xero accounts system so our clients can check the bank balance of their estate in real time.
Profit and loss reports
Clients can view all invoiced service charge income and expenses of their estate in real time. All the figures in the profit and loss reports are presented in the form of hyperlinks which allow further interrogation of the system by drilling down to individual transactions.
Aged debtors and creditors
These reports allow directors to ensure that all service charges are being collected in a timely manner and that contractors are paid on time too.
In preparing budgets, we look at both anticipated expenditure in the coming twelve months and major projects (e.g. internal and external redecoration) that we might expect in the coming years or which are defined in the leases. We aim to produce annual budgets that are consistent, allow lessees to plan their finances and take into account the need to accrue reserves for major expenditure.
Year end accounts
If you are interested in finding out more please contact us for a free site visit and appraisal.