Frequently Asked Questions
Can you work with self-managed condominium corporations?
Yes. Our services are specifically designed for self-managed condominium corporations and homeowner associations.
Can you prepare monthly financial statements?
Yes. We prepare monthly financial reports, including balance sheets, income statements, budget comparison reports, and accounts receivable, and accounts payable reports.
How often will we receive financial reports?
We provide ongoing monthly accounting support and prepare monthly financial reports for the Board, including balance sheets, income statements, budget comparison reports, and accounts receivable and accounts payable reports.
Why should our condominium corporation use a monthly accounting service?
Regular monthly accounting helps ensure accurate financial records, timely financial reporting, improved budget monitoring, and a smoother year-end audit process. It also allows the Board to make informed financial decisions throughout the year.
Do you perform audits?
No. We assist with the preparation of accounting records and support your external auditor but do not perform audits.
Can you help with annual budget preparation?
Yes. We assist boards with preparing annual operating budgets, forecasting expenses, and monitoring reserve fund contributions.
Do you manage accounts receivable?
Yes. We track condominium fee payments, prepare owner account statements, and assist with monitoring outstanding balances.
Do you provide reserve fund accounting?
Yes. We track reserve fund contributions, expenditures, transfers, and capital project costs to help boards monitor their reserve fund activity.
Can you post auditor-provided adjusting entries?
Yes. Once adjustments are provided by your external auditor, we can process and post the approved entries to your accounting records.
Do you provide remote services?
Yes. We work with condominium corporations throughout Alberta remotely.
Can you replace a full property management company?
No. We provide accounting services only. Condominium corporations remain responsible for property management, bylaw enforcement, maintenance, and other operational duties.
How do we get started?
Simply contact us for a consultation. We will review your corporation's needs and provide a customized accounting service proposal.