Financial Services

At Maple Ridge Community Management, we believe that accurate, timely financial reporting with stringent control is essential to condominium management operations.

To this end at Maple Ridge Community Management we:

• Staff our accounting department with skilled professionals, who have extensive experience in the condominium industry.
  
  
• Commission the use of YARDI Voyager accounting software. This leading web-based software is now evolving to become the industry standard and MRCM pioneered its application in Ontario.
  
  
• Establish time lines and controls to ensure prompt delivery of accurate Financial Statements by the 11th business day of the following month.
  
  
• Utilize pre-authorized payment plans to ensure timely payment of utility bills electronic funds transfer software to ensure timely collection of common maintenances fees.
  
  
• Run cheques for suppliers semi-monthly to ensure prompt payment of our proven trades people.
  
  
• Establish a lien and collection policy to keep arrears at a minimum.
  
  
• Set up all our banking arrangements on line to allow fast tracking of bank errors, returned cheques, unidentifiable items and to aid in timely bank reconciliation.
  
  
• Prepare detailed budgets recognizing the seasonal variations and other nuances specific to each corporation, so that variances are both meaningful and explainable.
  
  
• Compile a comprehensive monthly Financial Statement package that includes:

  Balance Sheet
  Budget Comparison Report (P&L) showing monthly and year-to-date amounts and variances from Budget
  Bank reconciliation statements – Operating & Reserve Funds
  Aged AR & Miscellaneous Receivables
  Aged AP & Accrued Liabilities
  Investment Summary (where applicable)
  General Ledger for the month
  Cheque Register

• Implement an internal Monthly Reporting Checklist to ensure statements comply with the ACT, GAAP and Condominium documents.

• Provide in-house accounting training for our Property Managers to ensure that they present the Financial Statements to their Boards in a clear and concise manner including answering any and all questions.
  
  
• Establish a 60-day from year-end timeline to ensure timely audit and AGM.
  
  
• Accommodate Auditors with a desk and workspace within our department.

Our goal is to constantly improve and establish a new benchmark in the industry for accuracy, timeliness and operating efficiency. We have made great strides in this direction and are confident that with improved technology and systems we will soon attain and sustain this goal.

We look forward to providing the best and most accurate and timely accounting services to your community.