ocean city md realestate
ocean city maryland vacation rentals

Financial Management Services

The financial management services offered by Paradise Properties are thorough and complete. The accounting staff uses a computerized property management system which is enhanced by our own custom programming. Accounting services include:

Budgeting
  • Prepare annual operating budget for Association
  • Illustrate recurring receipts and disbursements
  • Compare actual income with expenditures
  • Compare actuals to prior periods
Assessment Collection
  • Prepare coupon assessment books
  • Collect all assessments
  • Prepare past due notifications
  • Collect late fees
  • Lien filings
  • Aged accounts receivable reports
Expenditures and Disbursements
  • Timely processing of accounts payable with requires approved limits
  • File invoice by vendor
  • Obtain discounts when available
  • Prepare disbursement journal
  • Accounts payable listing
Payroll (when applicable)
  • Collection of signed W-4 from each employee
  • Collect time cards and calculate hours worked
  • Produce payroll journal showing gross pay, deductions and net pay by employee
  • Print payroll checks
  • Prepare necessary governmental agency payroll forms
  • Deposit appropriate withholdings
  • Print W-2’s and distribute
Financial Statements
  • Balance sheet
  • Profit and loss
  • General ledger
  • Comparison of budget to actual
  • Disbursement listing
  • Accounts receivable listing
Paradise Properties staff will assist the Board selected CPA in preparation of:
  • Year-end audit
  • Tax returns
  • Special projects