The Bookkeepers at 4 Star Property Management are known for their exceptional bookkeeping skills. They pay special attention to detail and work closely with the Community Manager to ensure that invoices and payments are correct and applied to the correct account. 4 Star will provide our customers with professional, high quality service and accurate reporting that is unparalleled to the competitor. Our team has an established working relationship with the local Accountants who specialize in Association tax returns, know Association accounting specifically, and trust our financials to be accurate as well as timely.
Our Bookkeepers are located in the same office as our Community Managers, therefore, there is never a concern that invoices or payments will be lost. Deposits are made through an in-house teller machine which allows the transaction to hit your account immediately so that there is no delay in receiving payments to ensure all Association invoices are paid in a timely manner.
The scope of work includes: producing accrual financials, reconciling all balance sheet items each month; collecting and applying all dues or rent of the community as well as charging any late fees, interest or additional charges as needed. We have separate team members that handle the accounts receivable and accounts payable to maintain proper checks and balances.
Working closely with our Community Managers, our Bookkeepers are experienced in collecting past due and unpaid balances; usually without the need for legal proceedings. When allowed to use our advanced collection methods, AR is typically under 5%. This allows us to maintain the proper cash flow to ensure that bills are paid by the due date.
In conjunction with the Community Managers, Bookkeepers also prepare or assist the Board in creating the Annual budgets. This allows us to use historical trend as well as zero base budgeting methods to ensure that your budget covers all expenses needed for the upcoming year without overcharging the Homeowners in Association fees.
Each Association/client is setup with an individual Bank account in their name and maintained by their assigned Bookkeeper. All deposits for the Association go directly into this account. At no time, are your funds comingled with the management’s funds or funds of another Association/client as this is not recommended practice by GAAP. Most of our clients are corporations or businesses and are not qualified for fee-free banking; therefore we have an arrangement with M & T bank to combine all banking fees for a cheaper rate that is passed along to the client. A financial report is provided each month, so there is never a question and every penny is accounted for.
We also provide a “financials only” portfolio. This allows you to keep your Current Property Management firm, but transfer all bookkeeping duties to our company. In addition, we also maintain the books for businesses that need a little help in keeping their books aligned or simply just don’t have the time
to do it.
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Dream Big. Sparkle More. Shine Bright.
With over 70 years of combined service and experience, 4 Star Property Management is looking for homeowners and community board members that want to make it a priority to preserve, maintain and enhance the property values of their community by providing: Bookkeeping for timely reporting of your income and expenses; Community Management of your the day-to-day operations; Maintenance supervision and inspections with access to the best contractors in the region; and established real estate agency to help homeowners buy or sell their home.