At MRCM, we understand that accurate, timely financial reporting with stringent controls is essential to successful condominium management and operations.
To this end at MRCM we:
Staff our accounting department with skilled professionals, who have extensive experience in the condominium industry.
Commission the use of YARDI Voyager accounting software. This leading web-based software is now evolving to become the industry standard and MRCM pioneered its application in Ontario.
Establish timelines and controls to ensure prompt delivery of accurate Financial Statements by the 13th business day of the following month to our managers for their review and release to our clients.
Utilize pre-authorized payment plans to ensure timely payment of utility bills electronic funds transfer software and ensure collection of common maintenances fees.
Run cheques for suppliers in a timely manner to ensure prompt payment.
Establish a lien and collection policy to keep arrears at a minimum. (See arrears collection policy web page.)
Set up all our banking arrangements on line to allow fast tracking of any bank errors, returned cheques, unidentifiable items and to aid in timely bank reconciliation.
Prepare detailed budgets recognizing the seasonal variations and other nuances specific to each corporation, so that variances are both meaningful and explainable.
Compile a comprehensive monthly Financial Statement package that includes:
Budget Comparison Report (P&L) showing monthly and year-to-date amounts and variances from Budget
Bank reconciliation statements – Operating & Reserve Funds
Aged AR & Miscellaneous Receivables
Aged AP & Accrued Liabilities
Investment Summary (where applicable)
General Ledger for the month
Implement an internal Monthly Reporting Checklist to ensure statements comply with the ACT, GAAP and all condominium documents as well as the Condominium Act.
Provide in-house accounting training for our Property Managers to ensure that they present the Financial Statements to their Boards in a clear and concise manner including answering any and all questions.
Establish a 60-day from year-end timeline to ensure timely audit and AGM.
Accommodate Auditors with a desk and workspace within our department.
Our goal is to constantly improve and establish a new benchmark in the industry for accuracy, timeliness and operating efficiency.
We look forward to providing the best and most accurate and timely accounting services to your community.