Our approach is to work with the in-house administrative resource / team in order to get to a point where:
- Purchase orders are matched to corresponding purchase invoices which are collated and sent to our office either fortnightly or monthly for processing.
- A sales tracker is maintained in-house in order to ensure that the property management system (PMS) is reconciled on a daily basis. This allows any miscoding or reconciliation differences to be identified and rectified on a timely basis. We monitor this throughout the month and at the end of the month, we will record the relevant entries into Sage.
- Cash reconciliations are maintained and reviewed by the Duty Manager / General Manager on a daily basis and a detailed record of all cash payments in maintained in-house.
- A copy of the bank statements can be provided to us fortnightly or monthly for processing, ensuring that the corporate ledger balances are updated on a timely basis and outstanding debtors can be chased frequently.
- Stock valuations are provided on a monthly basis.
Our accounting is all maintained using Sage software.