Finance Management Services & Solutions

Finance Management

Prudent Financial Management Solutions

Finance Department Services

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We take your finances seriously

Accounts

The Accounts function is to review the system which is currently being used and to make necessary changes, if required, to ensure that an optimal accounting system is in place. The Accounting system is set up for the following:

Issuance of demands for rent, service charges, management fees, insurance, utility charges, etc.
Collection of rents, service charges, management fees, utility charges, etc.
Credit control
Purchasing and inventory control
Internal audit, check and approvals
Coding and payment of contractors’ and suppliers’ invoices
Managing money on hand, such as reserves of sinking fund for future capital expenditure, cash on deposit and operational expense

Generally, the duties of this function relate to accounts receivable and payable:

To maintain an independent Trust Account for the building at all times, which will be audited annually by an external auditing firm
To submit an annual budget for building operation to the owner for approval. The approved budget will be monitored closely with monthly variance report
To collect service charges, sinking funds and other levies by the issuance of invoices to the various subsidiary proprietors. In the event of default in payments of service charge/sinking fund/etc., to institute necessary legal action after consultation with and approval by the owners
To deposit all sinking fund collections in an interest-bearing account, with the owner’s approval for the benefit of the proprietors of the common property
To pay on the owner’s behalf all expenditure pertaining to the management and maintenance of the building from the service charge collections. All bills will be checked thoroughly prior to making any payments
To submit a comprehensive statement of account for the building to the owners at the end of each month. This statement will provide a review of all income and expenditure during the period under review and also show the balance of funds held and amounts outstanding
Any surplus of funds due to the owners will be submitted together with the monthly statement of account

Accounts

Issuance of demands for rent, service charges, management fees, insurance, utility charges, etc.
Collection of rents, service charges, management fees, utility charges, etc.
Credit control
Purchasing and inventory control
Internal audit, check and approvals
Coding and payment of contractors’ and suppliers’ invoices
Managing money on hand, such as reserves of sinking fund for future capital expenditure, cash on deposit and operational expense

Generally, the duties of this function relate to accounts receivable and payable:

To maintain an independent Trust Account for the building at all times, which will be audited annually by an external auditing firm
To submit an annual budget for building operation to the owner for approval. The approved budget will be monitored closely with monthly variance report
To collect service charges, sinking funds and other levies by the issuance of invoices to the various subsidiary proprietors. In the event of default in payments of service charge/sinking fund/etc., to institute necessary legal action after consultation with and approval by the owners
To deposit all sinking fund collections in an interest-bearing account, with the owner’s approval for the benefit of the proprietors of the common property
To pay on the owner’s behalf all expenditure pertaining to the management and maintenance of the building from the service charge collections. All bills will be checked thoroughly prior to making any payments
To submit a comprehensive statement of account for the building to the owners at the end of each month. This statement will provide a review of all income and expenditure during the period under review and also show the balance of funds held and amounts outstanding
Any surplus of funds due to the owners will be submitted together with the monthly statement of account

Collections

The Collections function ensures that there are sufficient funds for the proper running and maintenance of the property. The principal duties relating to accounts receivable are as follows:

All accounting functions are normally undertaken at our Head Office. We would, of course, need to know in detail how these functions are being performed currently before being able to decide whether they should be based at the Site Management Office or at our Head Office.

In addition to the above, we also provide our clients with monthly reports outlining monthly collections and payments as well as debtors and creditors.

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Le’ Trident is more than glad to be of service to you.