Property Management Accounting: A Survival Guide for Non-accountants
In this day and age, we're lucky to have software that takes care of the nuts and bolts of property management accounting. But even with software, you'll find it much easier to keep accurate records if you have an understanding of the basic accounting concepts upon which these programs are based. Buildium's Property Management Accounting teaches you these concepts with property management specifically in mind. Don't worry if you don't have an accounting degree or previous bookkeeping experience. This guide will arm you with all the information you need. And if you do have an accounting background, you'll find some great refresher information inside as well.
20 minutes and little to show for it.
By N. Gesner - August 13, 2010
I read the book cover-to-cover in about twenty minutes and couldn't believe it was (at one time) selling for nearly thirty bucks! I got more out of the first few pages than I did the remainder of the book because it seemed to say the same things over and over. It spends a large chunk giving examples of accrual accounting even though they state almost everyone uses cash-based. The basics of accounting (keeping two books, for every credit there must be a debit, etc.) could easily be explained in a couple pages. The difference between accounting for one property and accounting for multiple (property management) could be explained in a couple pages. Add a couple pages for the graphics and you've got a brochure, just like others have stated. Too much time was wasted saying the same thing over and over.
I've been using Buildium to manage 120 properties for a couple months. It works very well for me, simplifies a lot of processes, and has taught me quite a bit about... read more
Property Management accounting lite !
By Evil Queen "Bad and Bold" - September 7, 2010
I am a Regional Property Manager that continually looks for training material for my onsite managment employee's. Many of our employee's start as Leasing Consultants and don't understand accounting or it's terms, which is critical as they progress up the ladder. August is the start of budget season, what better time to explain basic accounting to those that showed interest. At the end of the 45 minute session, my employee's had a better understanding of how all the accounting reports I review are intertwined by way of the General Ledger and what debits/credits really are. They now understand how a concession is treated and what it does to the financial picture. Just transferred an Assistant Manager from a cash basis property to an accrual based property and I used the definitions in this book to explain the difference between the two. We have a tendency to speak in pm terms when on the property and fail to realize that many of our employees are "Faking it till they make it"... read more
Short, sweet, and to the point
By Gazar - March 1, 2010
If you're looking for a 30lb. textbook on accounting, this is not the book for you. However, if you're looking for a concise, well written guide to the basics of property management accounting give this one a shot. By reading the book and following the examples, someone (like me) who knows how to manage their personal finances but doesn't know how to properly "keep the books" for a property management company can gain the knowledge and confidence to do so.
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