Accounting, Financial Controls & Collections

Our Financial Expertise
Andrea Bunis Management's accounting procedures provide for separation of duties, supervisory review and approval, and timely reporting that lends itself to our system of strong financial controls. We are sensitive to the requirements of the audit and tax preparation/filing process and regularly work with our client's CPAs, who range in size from single practitioners to Big Four accounting firms.

Financial statements for each month are distributed to the board and the building's accountant on or before the 10th of the following month. We pride ourselves on timely and accurate financial reporting and our ability to knowledgeably discuss our statements with you. Included in our comprehensive monthly statement are the following:

1. All charges billed and collected.
2. Arrears report, which can be generated daily.
3. All checks written for the month.
4. Bank reconciliation.
5. Copies of all paid invoices.
6. Money market/reserve fund account activity (if applicable).
7. Detailed listing of aged open invoices and payment by vendor.
8. Summary statement of all activity.
9. Comprehensive budget analysis.

We have the technological capability to produce and transmit our comprehensive monthly statements to you in PDF electronic format.

OUR INFORMATION SYSTEM
We employ our own in-house online information processing system using industry-standard software that is the basis for the billing and collection of all charges. We use our online computer system to expedite the handling of receivables, payables, collection histories and preparation of financial reports. Our system backs up your files daily to minimize the possibility that any information is ever lost. We also maintain off-site backup of all computer files. Your building’s information is real time and always available.

MAINTENANCE/COMMON CHARGE COLLECTION POLICY
On or about the 25th of each month, an opening statement and a set of bills will be provided. The bills will be distributed by hand to each apartment, unless mailing is preferred. The bills are produced in self-addressed envelopes with return envelopes and receipts enclosed. Residents may have payments automatically deducted from a bank account using the Automated Clearing House (ACH) Network, make payments online or mail the payment to our lockbox or office. With this system, payments will be reflected in our computer within 24 hours of receipt.

All bank accounts are separately maintained as agency accounts under the direct supervision of our director of finance. Such a separate operating bank account will be established for your building. Your building’s funds will never be co-mingled.

ACCOUNT PAYABLE POLICIES
Written purchase orders and vendor invoices will be initialed by the account executive and approved and counter-approved by supervisory personnel at Andrea Bunis Management. We require the superintendent to initial every vendor invoice acknowledging the receipt of the goods or service. Inventory usage will be compared to our budget expectations and our experience with other client accounts. Only after all appropriate paperwork has been reviewed and approved will we then promptly prepare checks for payment.

ANNUAL BUDGETS
Our management team and accounting department will work together to prepare and submit the annual operating budget to your building no later than 60 days prior to the commencement of the fiscal year. We will assist the board in the preparation of the capital expenditure budget and with long-range planning. Income and expenses will be compared with initial projections monthly so that we will be able to recommend necessary adjustments.