Financial Control

The fundamental core to successful commercial property management is the ongoing availability of funds to meet the costs of routine expenditure and major capital projects planned for the future. We at Paramount provide cost effective financial management to ensure the timely collection of service charges and the efficient payment of suppliers.

We believe in total transparency and implement rigorous statutory compliance in the preparation of our client’s financial accounts.

We understand our client’s requirement for instantaneous detailed financial statements. Our investment in the best property management software available enables us to immediately provide financial reports which include aged debtors lists with inbuilt bespoke analysis, a creditors ledger detailing paid and pending invoices, all receipts and payments, performance report on expenditure against budget and a financial summary showing cash balances with cleared funds.

Our financial services include:

Service Charge Administration

  • Prepare tender documentation for each cost category
  • Three tenders per each cost category
  • Issue and analyse received tenders
  • Negotiate with suppliers
  • Prepare budget
  • Sign off budget with Management Company
  • Organise General Meeting for budget approval
  • Prepare and issue invoices to each Company member in accordance with the lease terms
  • Ensure amount in invoice equates to the apportionment method set down in the lease

Sinking Fund

  • Compliance with Multi-Unit Development Act 2011
  • Preparation of planned maintenance/replacement programme for major plant machinery & property items
  • Preparation of financial cash flow plan to pay for future maintenance/replacement of major items.
  • Translation of future capital costs into annual sinking fund amount
  • Invoicing company members
  • Administration of sinking fund through ring fenced separate account

Financial Records

  • All payments
  • Receipts
  • Creditors
  • Debtors
  • Bank reconciliations
  • Bank statements
  • Original invoices
  • Cheque books and stubs

Credit Control

  • Agree collection procedures with Management Company at commencement of financial year
  • Implement collection procedures
  • Issue charges for penalty interest as provided in the lease
  • Meet with all debtors
  • Prepare and administer payment plans
  • Provide direct debit / standing order facilities

Financial Reporting

  • Agree periodicity of financial reports to client – usually quarterly
  • Include up to date debtors & creditors
  • Include accruals and prepayments
  • Cash in bank/Cleared funds
  • Analysis of financial statements
  • Recommendations

Financial Performance

  • Ongoing analysis of budget against actual expenditure
  • Monitoring individual maintenance contractsli>
  • Meeting credit terms

Audit

  • Preparation of management accounts
  • Submission of management accounts to independent Auditor
  • Liaison with Auditor and dealing with queries
  • Presentation of audited accounts to Directors
  • Filing of Accounts