Scalzo Property Management, Inc. accounting services provide the analytical tools needed to create financial stability for the Association, which in turn leads to higher property values. The Association’s accounting team consists of a dedicated staff and Accountant. Our fully integrated systems allow vendors to email invoices to a centralized location with controlled approval levels based on the Associations requirements. In addition, billing and receivables are integrated and fully managed daily. Collections work closely with your Association’s attorney and follow the policies as set forth by the Association. All data is processed and managed daily. Customized reports and parameters are also available, all populated with real-time data creating high-level financials allowing Associations to make good business decisions.
Standard monthly financials consist of the following:
- Balance Sheet
- Income Statement
- Budget to Actual – MTD, YTD
- Accounts Receivable Aging/Prepaid
- Accounts Payable Aging, AP MTD Paid
- General Ledger Detail – MTD
- Bank Reconciliations with Bank Statement
- Loan Statements, Accrued Accounting
- 60 Day Delinquency Aging Report with memos
Community budgets are created and prepared in coordination with the Board and voted upon by members of the Community annually. A Reserve Study may be recommended for large capital improvement projects that require long term budgeting and assessment consideration. The annual budget is then imported for monthly comparison to the actual expenses. If your Association requires accrued accounting versus cash, our staff is required to generate schedules that are included in your monthly financials for balancing and tracking purposes.
Homeowners may make secure online payments through their portal. Recurring payments are free to set up from checking. Credit card payments through Paylease® can be made with an additional fee to the homeowner at the time of purchase.
Disbursement of all accounts payable within budget guidelines and Board approval using Avidxchange Strongroom® online bill pay which may also include Board login review and approval.
Homeowners are able log into their portals and setup payment information, recurring payments, and make online payments. While in the portal, homeowners may view account balance and history and print many other documents such as statements and governing documents and request Certificate of Insurance and Resale Certification. Board Members are also able to generate financial reports and manage the Association’s event calendar.
The Controller coordinates with Association’s CPA to prepare tax returns and audited financials, if required. The Accountants prepare annual 1099’s, Cert 103, and Vendor Packets and generate payroll using outside vendor, if required. Payroll is booked and reconciled monthly, quarterly, and annually.
Dedicated staff manage the day to day collection and deposit of all assessments, fines, and fees. Delinquency follow-up and coordination with legal counsel based on Community By-Laws and Collection Policies.