We provide bookkeeping, accounting, and other financial services to New York cooperatives, condominiums, and homeowners associations
Accounts Receivable
Our accounts receivable team can handle all aspects of managing your community association’s receivables which includes:
- Generating monthly, quarterly, or bi-annual billing.
- Dunning: generating late letters, violation letters, collections, and other fees.
- A dedicated lockbox to facilitate payment processing.
- Tracking and depositing all cash receipts.
Flexible Payment Options
We recognize that everyone has their own payment preferences. Therefore, homeowners and shareholders have several payment options for their common charges or maintenance fees. They also have the option to go paperless, if they do not wish to receive a physical bill in the mail. This accommodates anyone who is environmentally conscious or anyone with a permanent or part-time alternative address.
Accounts Payable
We handle all aspects of managing accounts payable for New York co-ops, condos, and HOAs including:
- Review and approval for payment of all invoices.
- Delivery of monthly reports to board members which include all receipts, disbursements, and month or year-to-date comparison reports of receipts and expenditures to budget.
- Administer invoice retrieval and remittance.
- Timely review and approval of all invoices prior to sending payment to vendors.
- Verification that work within each community is only completed by vendors with up-to-date or valid worker’s compensation insurance.
- Facilitation of payroll services for communities through a leading third-party service. This would include preparation and filing of all forms, reports, and returns required by law in connection with unemployment insurance, workers’ compensation, disability benefits, social security, quarterly/annual payroll and sales tax returns.
- Customized financial reporting is available for review by the board of directors on an ad hoc basis.
Accounting
Our in-house accounting team advocates for the financial best interest of our managed communities. Services include:
- Creation of annual budgets.
- Preparation of finances for tax season and yearly audits.
- Conducting monthly bank reconciliations.
- Financial review and analysis as needed.
Financial Reporting
Einsidler Management, Inc. provides comprehensive, custom reporting to every board and/or finance committee on a monthly basis. Financial reports can include:
Analysis of Charges and Collections
- Opening Balances
- Ordinary Invoiced Items
- Adjustments
- Extra Charges
- Amounts Collected
- Closing Balances
- Each Shareholder’s Account
- A Breakdown of All Items in the Last Page of Analysis
- Aged open accounts Receivable
Monthly Cash A/P Invoice Analysis
- Invoice Number
- General Ledger Category
- Date of Each Check Run
- Breakdown of Each General Ledger Category
- Copies of all invoices for a specific period
Monthly Budget Analysis
- Comparison of Budget to Actual Collections and Expenditures
- Month-to-Date Figures
- Year-to-Date Figures
- Reconciliation of the operating account or all activity
- Schedule of disbursements
- Operating Statements
Additional Financial Services
Financing/Lines of Credit
We can assist in sourcing and negotiating terms on long-term financing as well as short-term lines of credit.
Dedicated Bank Accounts for Community Associations
Every cooperative, condominium, and homeowner’s association that we manage has its own separate, federally insured operating and reserve accounts in the name of the community.