Financial Services and Reporting

Understanding Your Financial Situation

We understand that while financial matters come easy to some Association Board Members, others may have more trouble. We believe our job as residential property management is to understand every nuance of our clients’ financial situation and deliver the information to the Board of Directors in ways that anyone can understand.

That’s why at Lieberman Management Services, we employ a staff of accounting professionals, including Property Accountants, Manager of Financial Services and a Chief Financial Officer (of course, a Certified Public Accountant), who not only understand accounting, but also know how to speak about it comfortably to those who don’t. Every property is assigned a Property Accountant, who keeps the records in perfect order. The entire team keeps reports timely and accurate, month after month.

Preparation of Reports and Monthly Statements

Lieberman delivers Association financial statements on time by the 20th of each month. Monthly statements are a compilation based on the modified accrual basis of accounting, and your reports are gone over in great detail. After your statements are prepared, we compare actuals to budgeted, reconcile the reserve accounts, reconcile and verify the operating fund balance, verify receivables, verify payables and review for overall accuracy and reasonableness.

Bank Services

Our partnership with a specific bank allows for the best level of service. And since we manage the accounts of over 200 properties, we are able to leverage the business we bring to obtain favorable rates and pass along additional savings to our Associations. All of this maximizes available funds to the association and saves you hassle. We also are extremely experienced at setting up reserve bank accounts and handling association lending needs. Read more about how we handle association banking needs.

Accounting Services – Software

Our accounting software is meant to help our Board Members do their jobs easily. The software, Jenark, is a comprehensive, flexible financial management tool that allows us to create reports that help Board Members administer financial resources. Through the system, our professional Accounting and Property Management Team have immediate access to all financial data, so they can quickly share information and answer questions.

Financial Data Link

The LMS Accounting department maintains a robust database of our clients’ financial information on our extremely secure intranet. Information such as accounts receivable and payable reports, check registers and financial statements can be accessed by the property manager and supervisor 24/7.

In all we do, we make it as easy as possible to stay up-to-date on your finances. It’s your financial information, and we believe that you should have access to it whenever you want. Therefore, monthly financial reports are posted and available 24/7 to the Board of Directors on our web-based eSTAR system.

 

LMS is a long-standing Chicago Property Management firm, serving condo, HOA, townhome and co-op communities.