Property Management Accounting: A Survival Guide for Non-Accountants
Posted by: admin under Bookkeeping
Product Description
In this day and age, we’re lucky to have software that takes care of the nuts and bolts of property management accounting. But even with software, you’ll find it much easier to keep accurate records if you have an understanding of the basic accounting concepts upon which these programs are based. Buildium’s Property Management Accounting teaches you these concepts with property management specifically in mind. Don’t worry if you don’t have an accounting degree or… More >>
Property Management Accounting: A Survival Guide for Non-Accountants
Tags: Accountants, Accounting, Accounting Concepts, Accounting Degree, Accurate Records, Basic Accounting, Guide, Management, Management Accounting, NonAccountants, Nuts And Bolts, Product Description, Property, Property Management, Survival, Survival Guide
As a consultant – it seems that I spend a good deal of time teaching property managers, and real estate brokers and their personnel accounting. And then translating their business for them using what-to them- must seem like a secret code. This book is a helpful decoder ring, if you will. And it’s short enough that you can hold a busy RE pro’s attention long enough, to make it useful to them.
Rating: 4 / 5
If you’re looking for a 30lb. textbook on accounting, this is not the book for you. However, if you’re looking for a concise, well written guide to the basics of property management accounting give this one a shot. By reading the book and following the examples, someone (like me) who knows how to manage their personal finances but doesn’t know how to properly “keep the books” for a property management company can gain the knowledge and confidence to do so.
Rating: 5 / 5
We are a small HOA management company with only a part time accountant. Therefore, it is very important for the non-accounting people to understand basic accounting for homeowner associations. This book is very easy to read and understand and I find that it has been a significant help with our many accounting tasks.
Rating: 5 / 5
The first line of the introduction in this book says it all: “In this day and age, we’re lucky to have software that takes care of the nuts and bolts of property management accounting. The second line puts everything in perspective: “But even with software, you’ll find it much easier to keep accurate records if you have an understanding of the basic accounting concepts upon which these programs are based.” This book does just that.
Before I jump into my full blown review, I feel that it’s relevant to include a little background. I’m alright with accounting practices, in that I understand how money comes in and money goes out. In addition, I’ve been using the Buildium software quite for around a year and a half now, and understand how to get the reports I want and need. In college, I took Accounting 111, and passed with a C. (My worst grade throughout my entire Bachelor’s studies, but hey, it counts.) However, the intricate details of accounting were always a challenge to me. I picked up this book partly out of necessity and partly out of curiosity to see if it could help me really get into the more intricate details of property management accounting.
The book is broken down into 3 main parts, with an introduction and an appendix. Throughout the book, there are written explanations as well as charts of accounts and diagrams showing how the flow of the transaction works – everything is broken down step by step to provide an easy to follow path getting you from Point A to Point B.
The best part of the book, in my opinion, is that it builds sequentially. The first chapter explains basic accounting terms, explains how the cash flow sheets work, and outlines the process a transaction goes through, from the time it takes place until the time you read it on a report. The second chapter explains how books are kept for one property, and explains basic transactions such as recording rent and security deposits, paying bills, and managing security deposit funds at the end of tenancy (returning or applying to damages). The third part of the book explains how the books work for a property manager, managing many properties. This includes recording owner contributions and payments, collecting management fees, and other such tasks that a property manager would handle (assuming they wanted to stay in business!)
There is such a tremendous amount of solid information packed into the book that it will require at least a couple reads to really pick up on all the finer points. In addition, it covers enough varying situations that it has earned a spot on my desk as a reference guide when I get stuck and need to answer a question. I would certainly recommend “Property Management Accounting: A Survival Guide for Non-Accountants” to anyone who is struggling with the understanding of property management accounting, or for someone who wants a solid desk reference. At a grand total of 82 pages, it won’t take up much room and the price point of $29.95 makes it a worthwhile investment.
Rating: 5 / 5
This book is way overpriced, and lacks any valuable information. I have signed up for a property management account with Buildium, which I love. However, there was no information contained in this book, that I hadn’t already figured out for myself. (And I am no account.) 90% of the information covered in the book is already available throught Buildium’s tutorials, and the rest only takes common sense to figure out. Don’t waste your money on this very overpriced, very tiny book.
Rating: 1 / 5