Residential property management accounting for RTMs: what the annual cycle looks like and what records matter
Residential property management accounting for RTMs: what the annual cycle looks like and what records matter If you run an... View Article
Service Charge Accounting
At FHP Accounting, we make your service charge accounting straightforward. We help commercial property managers, investors and landlords ensure accuracy and compliance when reporting on their yearly accounts.
To scratch the surface, service charge accounting is the process of managing and reporting on the financial aspects relating to the maintenance and operation of commercial and residential properties. As specialists in this area, we offer personal, professional and custom solutions to assist with your requirements.
We focus on clear communication and expert guidance to ensure your accounts are in order. Get in touch with our team or book an appointment to discuss your service charge accounting needs.
-
Accuracy and Compliance
Our expertise ensures you meet all legal requirements and avoid costly disputes
-
Streamline administration
We handle all aspects of service charge administration, saving you time and resources
-
Improve transparency
Our clear and detailed service charge reports keep tenants informed about their contributions
-
Gain valuable insights
We provide summaries that help you analyse service charge costs
Property Service Charge Accounts
Our primary goal is to understand your service charge accounts requirements. From there, we tailor our property service charge accounts accordingly, to ensure your reports are accurate. Our core values include transparency, accuracy and putting our clients first.Â
When you work with us, you receive a dedicated accountant that is always on-hand to help answer any questions. Incorrectly detailed or inaccurate property service charge accounts can lead to financial and legal repercussions. By outsourcing your needs to our in-house team, we ensure your finances are accurate and compliant, not only benefiting your business, but also your tenants.
Our services include:
- Service charge bookkeeping
- Service charge outsourced accounting
- Advice on how to run the service charge accounts and software recommendation
- Company secretarial services that goes alongside running a property management company
We take pride in going above and beyond for our clients. If you are looking for a team of trusted and reliable accountants to help with your property service charge accounts, get in touch.
About us:
Welcome to FHP Accounting we have a wealth of experience and a passion for excellence, we specialise in providing comprehensive accounting services tailored to the property sector. However, our expertise extends beyond property, offering personalised financial solutions for businesses and individuals across various industries.
Our Story:
At FHP Accounting we believe in the power of family values and a personalised service.
Our journey began at FHP property consultants who shared vision of creating an accountancy firm that combines professional expertise with a personal touch. We bring together our unique skills and perspectives to offer a well-rounded and client-focused approach to accounting.
FAQs
Have you got questions about service charge accounts? We’ve got the answers! Check out our FAQ section for quick and easy information.
But if you can’t find what you’re looking for, don’t hesitate to contact us. Our friendly team is happy to help.
What is service charge accounting?
In commercial and residential leases, tenants usually pay service charge fees to the landlord or managing agent. This is common, especially when the property is part of a larger complex with shared facilities or spaces.
Service charge accounting details the service charge income and expenditure for the year to report to your leaseholders.
What does a service charge accountant do?
A service charge accountant collates the details of the expenses incurred in the common/shared areas of the property and the income received from the leaseholders.
At the end of the year, the service charge accountant reports the actual spend compared to the budgeted spend. They report details of any balancing figures which can then be distributed or paid per the lease.
Do service charge accounts have to be audited?
The lease may specify whether service charge accounts require an audit. Older leases sometimes include this, but audits are often unnecessary and costly. If an audit is required, amending the lease to allow a certified accountant’s report can reduce expenses.
At FHP Accounting, we provide certified accounts with an independent accountant’s report, not full audits. For most service charges, this offers sufficient transparency. We ensure accuracy by providing a full balance sheet with supporting documents and reviewing invoices and bank statements.
Do I need specific software to prepare service charge accounts?
There is a wide range of products that allow you to easily run your day-to-day property management. Specific service charge property management software includes Re-leased, MRI, Yardi and TRAMPS. Smaller portfolios may use more off-the-shelf packages and tailor them to their requirements such as Quickbooks or Xero.
At FHP Accounting, we have experience using a range of property-specific software and accountancy-based software such as Xero and QuickBooks. We can provide help and advice on the set-up of these packages and guide you towards more specific software if required when growing your portfolio.
Does a service charge accountant manager pay our bills and record our payments?
Your service charge accountant is responsible for the year-end accounts. This involves compiling all your income and expenses for the year into year-end accounts.
If you need help paying bills, recording payments and other general day-to-day accounting requirements for your service charge or rental income, our dedicated property bookkeepers will be able to help.
Our Client Reviews
See what our satisfied clients have to say about their experiences with us. Discover why we’re the trusted choice for exceptional service and quality.
“Kellee has provided an excellent service, we will definitely continue to use FHP Accounting Services!”
“Fast & Efficient Service, Highly Recommended.”
“Accounting with a personal touch, Kellee and the team were a huge help to myself when it came to navigating the complex accounting world. Excellent to work and deal with by far the best accountants I’ve had. 5 star would recommend!”
News
Xero setup for limited companies: tracking shareholders, dividends, loans, and fixed assets properly from day 1
Xero setup for limited companies: tracking shareholders, dividends, loans, and fixed assets properly from day 1 Setting up Xero for... View Article
Confirmation statement explained: what changes trigger an update and what happens if you miss it
Confirmation statement explained: what changes trigger an update and what happens if you miss it If you run a UK... View Article
