In BLR, we understand that your service charge money is held in trust and should have water tight controls and clear reporting. That is why we adopt reliable internal controls so that all our processes and closely directed, monitored and measured.
Advanced systems and robust processes
We use “Propware property management”, an advanced system providing up to the minute details of all cash balances, receipts and payments.
With automatic daily reconciliations, errors are virtually eliminated. The timing of incoming and outgoing payments is monitored daily to ensure that your money earns interest and works best for you.
The day-to-day administration of our client accounts involves comprehensive systems and processes for the collection of funds, the payment of expenses, and continually ensuring that these are completed as efficiently as possible. We can work on your behalf when it comes to collecting Ground Rents, Service Charges, Insurance Premiums, Building Works and other charges.
We can handle receipts via bank transfers, standing orders, cheques, debit/credit card and cash, meaning that your account has the best chance of remaining healthy and in funds. We also encourage residents to pay their charges by Direct Debit as it is most cost-effective system available, with the added benefit of making all leaseholders’ lives easier.
Prompt payment is always made to any suppliers having provided services to your Property, whether it be your local electrician or Southern Electric!
Budgeting, Reporting and Auditing
Your specific financial concerns may vary from the block next door but accurate, budgeting, reporting and auditing is always essential. We produce yearly budgets for all properties and wherever possible, in partnership with the Directors of the residents’ limited company. This minimises the possibility of any nasty surprises in expenditure as the year progresses.
We produce regular financial reports to monitor and compare costs incurred against budgets. Therefore, action can be taken quickly to rectify unforeseen circumstances so that any cash flow problems are nipped in the bud. We often recommend establishing reserve funds to give you further peace of mind.
In addition to these internal control procedures, your accounts will be audited by independent external Chartered Accountants.
Our accounting procedures are in place to further reduce any worry in managing your building. If you would like further information on any of our Accounting procedure, please give us a call on 020 8905 8345 and one of our friendly accounts team will be happy to help.
