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Managing property finance and accounts

The accounts team

At Charles Cox, our business operates through the collaboration of several departments. Among these, our Accounts Team is a crucial player, working behind the scenes on property finance and accounts maintain the seamless functioning of our properties.

The accounts team here at Charles Cox are responsible for managing the finances of all our properties. They handle a wide variety of financial activities from chasing arrears and outstanding payments, and corresponding with clients to managing property finances, reviewing financial information, data entry for new blocks, invoice management and reconciling bank transactions.

Corresponding with clients

Our accounts team are responsible for communicating with our clients regarding the finances of their properties. They use a variety of methods to correspond with our clients, including email, telephone, and letter. Whether they need to provide updates on rental income, expenses, or any other financial matters related to their property, our team ensures that all communication is clear, concise, and professional. We believe that effective communication is key to building strong and lasting relationships with our clients, and we are committed to providing exceptional service every step of the way.

Chasing services charges and ground rent

One of the team’s key responsibilities is managing outstanding charges and Ground Rent invoices as per the terms of the lease agreements. This involves tracking payments, sending out invoices, and following up with clients who have fallen behind on their payments or have arrears. By staying on top of these financial obligations, the accounts team helps to ensure that the company can meet its financial obligations and provide high-quality services to its clients. For information about how our accounts team handle arrears see our previous blog post about how we handle arrears.

Review financial information

The accounts team at Charles Cox plays a crucial role in ensuring that the financial information related to the properties managed by the company is accurately collated and reviewed for the Year End Accounts. With their expertise in financial management, the team meticulously tracks and records all financial transactions related to the properties, including income and expenses. They also conduct regular reviews to identify any discrepancies and ensure that all financial information is up-to-date and compliant with relevant accounting standards. By providing accurate and reliable financial information, the accounts team helps to ensure that the Year End Accounts for the properties are completed in a timely and efficient manner.

Data entry for new blocks

At Charles Cox, our account team are responsible for maintaining accurate records of financial transactions, including data entry on the software package for any new blocks. This involves entering all relevant financial data into the company’s accounting system, ensuring that all financial transactions are properly recorded and classified. By taking care of data entry, the accounts team helps to ensure that the organization has an accurate and up-to-date picture of its financial health, enabling it to make informed decisions and plan for the future with confidence.

Invoice management

Our accounts team are also responsible for uploading all invoices onto the software and process payments in a timely and accurate manner.

Reconciling bank transactions

Another responsibility that our accounts team handle is reconciling banking transactions against the software and ensuring that they are accurately recorded. This involves comparing bank statements with records in the accounting software and identifying any discrepancies or errors. The team is also responsible for submitting monthly reconciliations for approval, which provides an opportunity for review and sign-off by management.

If you need help managing the accounts for your block or property and would like to know more about our property services, please get in touch.

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