Year-End: Key Reviews for Property Managers & Accountants
As year-end approaches, property management teams and their accounting colleagues are often caught up in deadlines and reconciliations. But once the numbers are finalised, there’s a valuable opportunity to pause, reflect, and plan. Reviewing year-end together helps both teams avoid the same issues next year — and strengthens client relationships.
We know that collaboration between property managers and accountants is key. Here are the areas you could review together once the dust settles:
1. Service Charge Forecasting Accuracy
Did actual costs align with forecasts? If not, why? Were there unexpected maintenance costs, or supplier price changes that weren’t captured? Reviewing the accuracy of service charge budgets can help improve forecasting for the next period and manage client expectations more effectively.
2. Maintenance Overspends and Underspends
Where did maintenance budgets go off track? Overspends might signal poor contractor management or emergency repairs; underspends could indicate planned work that didn’t happen — potentially leading to larger costs later. Both property managers and accountants can collaborate to improve tracking and avoid surprises.
3. Arrears Management Effectiveness
How did rent collection rates look at year-end? Persistent arrears can affect cash flow and client satisfaction. Reviewing how arrears were handled — and whether stronger processes or earlier interventions are needed — will help both teams stay on top of income collection.
4. Reporting Challenges
Were financial reports ready on time? Were there last-minute data corrections? Understanding where reporting bottlenecks occurred helps both teams improve internal processes. It’s also a good time to assess whether your property management and accounting software is giving you the clarity and control you need.
5. Communication Gaps
Were there times when property managers and accountants weren’t aligned? Perhaps on supplier payments, service charge allocations, or tenant queries. Agreeing on clearer lines of communication and shared reporting templates can save time and reduce stress next year.
6. Action Plan for the New Financial Year
Finally, use your year-end review to agree on clear actions. That might include:
- More frequent mini-reviews throughout the year
- Earlier budgeting deadlines
- Training for either team on service charge compliance or financial reporting best practice
- Reviewing software tools to support more efficient collaboration