Bookkeeping and Accounting Support for Block Management

We handle comprehensive back-office and accounting services for block management, from taking over new blocks to preparing year-end reports and communicating with lessees. A dedicated team manages all aspects of this process.

When we assume management of a block from a previous property company, we receive a checklist from the property manager and review individual leases for essential details like service charge due dates, accounting periods, and reserve fund requirements. We also gather all financial details, such as budgets, accounts, and lessee statements, from the previous management and update our accounting system with the opening balances.

 

Service Charges & Invoices

Service charge invoices are raised and sent to lessees ahead of due dates. Draft budgets are prepared two months before the start of the new accounting year, checked for accuracy, and sent to property managers for approval. Ancillary invoices, for specific services, and supplementary invoices, for shared expenses like water bills or major works, are raised as needed.

 

Receipts

Payments from lessees are processed through BACS, finance arrangements, merchant cards, or cheques, with daily entries made from bank statements.

 

Bank Reconcilliation

Daily bank reconciliation is conducted to ensure accurate allocation of funds across properties.

 

Supplier Invoices & Payments

Supplier invoices are processed through a dedicated workflow. Invoices are checked for accuracy, including job references and compliance with Section 20 of the Landlord and Tenant Act. Once approved, they are entered into the system, consolidated, and paid in weekly batches.

 

Management Fee

Management fees, based on the service charge budget, are transferred periodically to the property management company.

 

Enquiries & Leasehold Management Pack

We handle leasehold enquiries from lessees or solicitors, preparing and sending the necessary documents once payment is received.

 

Reports 

We generate regular reports, including weekly credit control reports to assist with debt recovery, monthly reports on negative balances, and open job reports to track outstanding supplier work.

 

Year-End Accounts

Service charge accounts are prepared within 2-3 months after the accounting year-end, reviewed by property managers, and certified or audited as necessary. Final accounts, with explanations, are sent to lessees.

 

TPI Audits 

As part of our commitment to best practices, we liaise with auditors and provide the necessary documentation for TPI (formerly ARMA) or similar audits.