Another CBM original…
Bills, bills and more bills.
When it comes to your shopping center, it seems like there’s an avalanche of bills (and they never stop coming).
You’ve got to keep track of all the bills coming in. Make sure they all get paid on time. And toughest of all – make sure you have enough money in the right accounts to cover the payments.
If your property’s on a NNN Lease, you’ve also got to sort out which bills belong to whom. And for shared bills you’ve got to divide out which portion is charged to which tenant.
Handling your property’s bills is practically a full time job all by itself.
This is where the professional accounting department that supports a property manager comes in.
Taking the Burden Off of Your Shoulders
Instead of juggling all of your shopping center’s bills yourself – worrying about payments and penalties – an entire department of trained professionals is dedicated to overseeing and administering the entire process bill payment process for you.
Coded & Scanned
Every bill that comes in is coded according to property and tenant, and scanned into a permanent archive. If it’s a shared bill, for example a utility or landscaping bill, the amount applicable to each tenant is calculated and charged accordingly. The bill and charge amount are entered into a property management software database.
Confirmed & Paid
Bill due dates are noted and scheduled for payment accordingly. Account confirms the necessary funds are in the property trust account. If there’s a shortfall, your manager advises you of the deficiency and continues following up until the necessary funds are in place.
A check is cut, reviewed against the original bill to confirm accuracy, scanned into a permanent archive, and mailed out for payment.
Recorded & Archived
A record of this entire process exists within the property management software database, supported by a paper trail of scanned documentation in a permanent archive. And a record of the entire process is noted in the property’s financial statement you receive every month.
The Same Process is Applied Across the Board
Utilities bills, vendor bills, mortgage bills, and property taxes are all handled in the same fashion.
All of your property expenses are accounted for, recorded and paid in a timely manner. And you never have to worry about tracking of your shopping center’s expenses again.
Need Help Managing Your Property Expenses?
Click here to visit CBM’s Services page and discover how professional property management accounting services can take the worry out of managing your bills.