You hold other people's rent and deposits. We keep trust accounting clean, owner statements right and your E&O in place.
Property management companies and association managers work with our office for trust account bookkeeping, owner 1099s, payroll for maintenance staff, company returns and errors and omissions coverage.
Reviewed by Orkun Ozkaymak, CPA, MBA·Clients in all 50 states and abroad
A property manager collects rent and deposits that belong to owners and tenants, pays bills for them and earns a fee. Keeping that money separate, reconciled and reported is the core of the job.
Our office sets up QuickBooks for your own company and for the funds you hold for owners, prepares the year end forms owners need, and our agency writes the errors and omissions and fidelity coverage your contracts ask for.
Where management companies need the most care.
Managing property for other owners in Illinois generally requires a real estate license, with rules for how client funds are held.
How we helpWe set up the company and its accounts to fit the license rules and keep records ready for a review.
Rent and security deposits you hold belong to owners and tenants, and mixing them with operating money is the most common problem we see.
How we helpWe set up separate accounts in QuickBooks and reconcile every bank account monthly, so balances tie to each owner.
Rent you collect for owners is reported to them, and vendors you pay on their behalf may need 1099s.
How we helpWe prepare 1099-MISC for owners and 1099-NEC for vendors from the same books, on time each January.
A missed renewal, a deposit dispute or a maintenance mistake can lead to a claim against your company.
How we helpOur agency quotes errors and omissions, general liability and fidelity coverage sized to the buildings you manage.
Tax, accounting and insurance under one roof, so the numbers on your return, your books and your policies all agree.
The recurring deadlines property managers face most often. We track them for you and send reminders before anything is due.
Dates shown are for calendar-year filers. When a due date falls on a weekend or holiday, it moves to the next business day.
Your QuickBooks keeps owner funds, deposits and your own fees apart, so every balance ties out.
Our office sets up QuickBooks Online with a chart of accounts designed for your industry and your entity type, mapped line by line to your tax return. Your books are ready for filing season all year.
Managing property for other owners in Illinois generally requires a real estate license, with exceptions for some on-site and owner situations. Check your situation with the Illinois Department of Financial and Professional Regulation. We set up the company and accounts to fit.
Owners usually receive a 1099-MISC for rent you collected for them, and vendors you paid may need a 1099-NEC. We prepare both from your books.
Many management contracts require it, and it protects your company if an owner says a mistake cost them money. Our agency quotes it with your general liability.
Request an insurance quote, or start your company with our office. Prefer to talk first? Book a time, virtual or in person.