Financial & Accounting Services
Torrey Pines Property Management, Inc. specializes in total financial services for our property owners and we are pleased to offer the following professional services as required:
- Payment of all project billing, property debts, and taxes.
- Management of rent collections and deposits.
- Management of computerized/electronic accounting system, including periodic statements, balance sheets, budget analysis, and projected income and expenses.
- Oversight of rental increase program based on our evaluation of comparable rental rates and local trends.
Accounting Services
All property related bills are paid from each client's own trust/checking account, assuring no commingling of client and corporate funds. This includes mortgage payments, property taxes and insurance as well as all other property related expenditures. Each checking account is easily identifiable by property/client name.
For each property, a strategic guideline of fixed and variable expenses is provided through budgetary planning and conservation. Through the use of a management plan, and preparation of an annual budget, each property has a set financial goal. If the property is a negative cash flow property, a periodic funding plan is provided to the owner to ensure there is adequate working capital available to take care of operations.
Through the budgetary review process and the use of our internal Monthly Property Status Report, clients are kept apprised of the need for major replacements of equipment or property improvements.
A user-friendly computerized/electronic accounting system provides each client with monthly financial statements to include a monthly and year-to-date rental income-expense statement with comparative percentage and budget analysis. Additionally, a separate 12-month spread-sheet style income and expense report is included which allows our clients and us to track the trend of income and expenses. If applicable, resident On-Site Manager payroll disbursements are handled through our accounting department.
