COLLECTION

  • We invoice and collect service charges on your behalf.
  • We provide efficient financial control and arrears management.

Property Solutions can offer a comprehensive collection service, issuing demand and collecting funds, including credit control procedures. Monies collected are held in a separate interest bearing account for each client and are remitted back to clients on a regular basis, supported by detailed financial reports. All accounts are operated in accordance with RICS regulations. This service is particularly efficient when Property Solutions are undertaking Certification or Sub Tenant Recovery.
 

WHAT DO PROPERTY SOLUTIONS DO?

Property Solutions undertake the necessary invoicing and accounting functions to collect service charges and remit funds to clients. This can include the collection of charges calculated through certification ⁄ budgeting on behalf of clients, thorough sub tenant recovery or charges instructed by clients.

  • Set up necessary records to facilitate the invoicing and collection of service charges from tenants.
  • Issue demands for on account and balancing charges.
  • Issue demands for other direct charges and insurance as instructed by clients.
  • Provide the necessary financial reports regarding sums demanded and received to clients.
  • Open and maintain client specific bank account.
  • Maintain appropriate accounting records and audit trails.
  • Undertake normal credit control procedures including the issue of reminders, phone calls, seven day letters and bailiff action.

FEES

These are negotiated with each client. Fees for collection are usually a retained fee or a time charge basis but can also be based as a percentage of sums collected.


BENEFITS

  • Where Property Solutions are undertaking Certification or Sub Tenant Recovery it provides a direct link between the cost data and the charge being invoiced.
  • Property Solutions take responsibility for collection of funds and normal credit control.
  • Property Solutions provide management accounting reports.
  • Accounts are subject to independent audit to comply with RICS accounting regulations.

ACCOUNTING

Property Solutions can offer traditional service charge accounting where this is required for specific locations.


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