There are many Condominiums Associations and Homeowners Associations all over Florida and the need to keep all the books up to date is a very stressful process. But this does not have to be this way.

At Tailored Accounting Concepts, we take care of the whole bookkeeping and accounting processes for any and all Condominium Associations and Homeowner Associations.

The Board of Directors already have many tasks associated with their Condominium Associations or Homeowner Associations. Having the right personnel to do the daily bookkeeping is often difficult and many mistakes happen in the long run which create problems with balancing financials at the end of the year.

Our staff is well trained and you will be assigned to a specific bookkeeper and accountant that will enter all your transactions daily or weekly and you will get monthly reports to show the board of directors how is the money being handled.

Our services include:

Accounts Payable and Billing process for Condo and Homeowner Associations

• All your bills will be scanned and will be available to you electronically for easy access.
• We will make sure all your bills are paid with your written approval and will be correctly coded to your books.
• Every month end, you will be provided with an aging payables report so you can review all your outstanding bills and plan accordingly.
• We will keep track of all payments for contract labor and will request the necessary information from all subcontractors for the year end process.
• We will be processing all the 1099s and 1096s and submitting them to the IRS.

Monthly Billing and Accounts Receivable for Condo and Homeowner Associations

The association cannot operate without the prompt maintenance payment of its residents.  We therefore, provide the following services:

• Monthly or quarterly statements are provided to all residents to notify them of their account balance and due date.
• We will provide with two ways the residents can submit their monthly payment to the association.  One will be thru regular mail, and another one will be autopay (direct debit) from the resident’s bank account.
• We will process the deposits and provide the association with copies of checks received from residents for information purposes.

Year End Processing for Condo and HOA Associations

• Quarterly tax deposits to the IRS to go against the estimated income tax to be paid at year end.
• Preparation of 1120H for the IRS.
• Preparation of W2s and W3 for employees
• Preparation of 1099s and 1096 for subcontractors

Payroll Processing for Condo and Homeowner Associations

• Processing of payroll for employees as often as you need (weekly, biweekly, or monthly)
• Will take care of all garnishments, federal taxes, and other miscellaneous deductions for the association employees
• We will process federal tax deposits either weekly or monthly, whichever applies
• Will process quarterly payroll taxes which includes preparation of 941s, RT-6 and 940s

Homeowner and Condo Association Financial Reporting

• Balance Sheet by Operating and Reserve fund
• Operating Income and Expenses to Budget
• Aged Receivables
• Aged Payables
• Check Register Report
• Bank Statement Reconciliations
• General Ledger·

Budgets and Forecast Preparation for Condo and Homeowner Associations

• We will review your annual activities and will prepare budgets for the following year discussing with the board of directors planned expenses or any other events that might have an impact on the association financials.
• CondoHomeowner & Condominium Associations are diverse organizations faced with many needs and regulations. Tailored Accounting Concepts can provide you with answers and solutions to those very issues. We coordinate with board of directors and property managers to provide budgetary strategies, cash management, account reconciliations, auditing, and budget analysis to allow you to operate your community as smoothly and as effective as possible.
• At Tailored Accounting Concepts, we understand the unique financial reporting requirements of CIRA and assist you in monthly and year-end financial reporting to comply with Florida’s reporting requirements. We encourage management companies and self-managed homeowner associations to contact us for more information and pricing specific to you individual Association(s) needs.
• Condominium & Homeowner’s Association services include: 
• Audits, reviews and compilations
• Accounting and bookkeeping services
• Accounts payable and receivable
• Account reconciliations
• Financial statement preparation
• Budget consulting
• Reserves assessments
• Dues control
• Monthly general ledger review
• Monthly and quarterly accruals
• Monthly variance analysis