Accounting & Reporting

Great North boasts the most robust and transparent accounting and reporting process in the industry. We place great emphasis on our accounting capabilities and the importance of a solid accounting system. Our accounting system includes a quality peer review process. We have the finest accounting department of any property management firm in this business.

Specific accounting services include:

Bank Accounts
Ensure that all operating, reserve and other accounts are properly set up, maintained, and reconciled.

Collections
Enforce the collection of monthly fee, assessments and other charges. Maintain aggressive follow-up action on all unpaid fees or assessments. Oversee an automatic withdrawal program for homeowners who wish to have their monthly fees automatically deducted from their bank account.

Resident Ledgers
Keep accurate records of homeowner occupancy and receipts. Distribute coupon-billing booklets to all current and new homeowners.

Payroll
Approve time sheets, distribute payroll and prepare necessary tax reports for all on- site personnel.

Budget
Prepare annual operating budget for review and approval by the Board and/or Association. Help the Board maintain a long-range capital replacement reserve schedule.

Invoices
Approve and pay all invoices on a weekly basis in accordance with the budget. Provide copies of all bills and invoices paid from the Association’s account if requested.

Financial Statements
Prepare monthly financial statements showing total monthly and year-to-date activity by line item. Compare budgeted income and expenses to actual income and expenses and suggest corrective action to the Board when advisable.

Audit
Assist the Association’s outside accountant/auditor in performing the annual audit and federal income tax preparation.