Your partner in Service Charge accounts

When picking an accountancy partner to complete your service charge accounts its important you pick one who will add value to your block management company. Many accountancy firms are able to produce a set of service charge accounts, but do not offer the added value a specialist firm can bring to your business.

ESDG Accountancy provide a seamless end-to-end service which is so much more than just accounts.

What are the benefits of working with ESDG Accountancy for service charge?

Service charge accounts are more than just regulation or admin, and are crucial in ensuring the smooth running and accuracy of your block management company.

Our partners benefit from…

• We take the time to understand your day-to-day block management processes and how your team operates. ESDG Accountancy slot in as an extension of your business – ensuring your team works seamlessly with ours.
  
  
• Software specialists – our staff are experienced in block management and service charge software such as Blockman. We typically are granted guest access to such software which hugely reduces queries when producing year end accounts, freeing up your time.
  
  
• We proactively flag issues when we spot them, helping you deliver a better service to your customers. Examples of this may include flagging the need to invoice additional management fees for major works, incorrect calculation or billing of the service charge or incorrect accounting for pass-through costs.
  
  
• An experienced team – we can deal with all aspects of service charge accounts and accompanying company secretarial so you can focus on hands on offering hands-on block management for your residential management companies and estates.
  
  
• We pre-empt questions from residents on the accounts and raise these when issuing final drafts for review.
  

Enhancing Transparency in Service Charge Management

Transparency in service charge management is crucial for building and maintaining trust. Here are some strategies we implement:

1. Clear Communication: We ensure that all financial statements are clear, comprehensive, and accessible – taking on feedback whenever received. By breaking down costs and allocations, residents can easily understand how their money is being used. We are a Chartered Accountancy firm and ensure our service charge accounts comply with ICAEW Technical Release Tech 03/11.
   
   
2. Proactive Engagement: Anticipating and addressing block operational managers or residents questions before they arise is key. We flag issues pro-actively during the process and provide narrative where needed on production of final sets of accounts.
   
   
3. Regular Updates: We work with your management team to ensure your target deadlines are met. Although service charge accounts must be delivered within six months of the year end, we like to deliver them in less than three months to ensure a seamless process and maintain sufficient capacity for when it is needed most.

Key Services Provided by ESDG Accountancy

Our service charge accounting services include, but are not limited to:

• Service Charge and Resident Management Company accounts production: We prepare and finalise service charge accounts to ensure accuracy and compliance, working closely with your management to ensure a seamless process.
  
  
• Company Secretarial: In addition to accounts we can provide company secretarial services to free up your in-house teams time to focus on more pressing operation matters. Leave our specialists to take care of your compliance, ensuring accurate and up-to-date information is kept.
  
  
• Queries from your management and residents: Proactively addressing and explaining any questions your team or residents may have regarding their service charge accounts. Often we address these key variance explanations before they are asked of us by flagging them during the process.
  
  
• Regulatory Compliance: Ensuring all service charge accounts comply with current legal standards and best practices including ICAEW Tech 03/11.

Frequently Asked Questions (FAQs)

Q: How can I ensure my service charge accounts are compliant?
A: Partnering with a specialised accountant like ESDG Accountancy ensures that your service charge accounts are prepared in accordance with the latest regulations and standards, providing peace of mind and legal compliance. We are a Chartered Firm with vast experience of producing service charge accounts – making sure we get the detail right.

Q: What happens if residents or management have questions about their service charge accounts?
A: At ESDG Accountancy, we preemptively address potential questions by providing clear, comprehensive accounts and are always ready to explain any aspects in detail, ensuring residents feel informed and respected.

Q: Why should we work with ESDG Accountancy for service charge accounts?
A: ESDG Accountancy don’t just produce accounts – we partner with your block management business. We get to understand your systems, staff and processes so we can deliver a seamless service which keeps your teams working efficiently.

Conclusion

Effective service charge accounting is essential for the smooth operation of property management and the maintenance of trust between managers and residents. At ESDG Accountancy, our expertise in this area ensures not only compliance and accuracy but also a commitment to transparency and proactive communication.

Why Choose ESDG Accountancy?

Our Blackheath based Chartered Accountancy firm is committed to providing personalised and professional service charge accounting service for your specific business needs – we take every opportunity to delivery you an exceptional client service whilst ensuring you stay complaint.

By choosing us as your service charge accountancy partner, you can focus on delivering for your residents while we take care of the financial details.

Contact us today to discuss your service charge accounting needs and let us help you achieve your business goals.