By Mary Girsch-Bock
It’s never too early to prepare for year end. Because year end is typically when new systems are implemented, new software purchased, or current work wrapped up, the sooner you can get a jump on these items the better. Here are some things you can finish up now to make a fresh start for the New Year:
Filing. Yes, everyone hates filing. You’ve watched that stack of move-ins and move-outs continue to grow throughout the year. If you truly don’t have the time or the staff to take care of it, invest in a temp for a few days. It will be worth it.
Bank reconciliations. This follows the same premise as the filing, but with some larger repercussions. It’s impossible to know what your ledger balances truly are without reconciling those statements. And it’s important to remember that banks make mistakes. But it’s difficult to fight erroneous charges or miscellaneous debits when they’re six months old. Get them reconciled now.
Internal audits. Many property managers undertake a yearly audit, primarily to check that procedures are being followed for move-ins and move-outs. Are move-in rents being pro-rated properly? Are move-out procedures being followed? Are refund checks or invoices going out on a timely basis? If your audit comes up clean, great. It not, there’s no better time than now to begin following proper procedures.
However, year end isn’t only about finishing–it’s also about starting something new. Here are a few things to start now and reap the benefits next year:
A new software system. If you’re looking to upgrade or switch software systems, now is the time to get the product up and running. This will allow for training and other issues that frequently appear when setting up a new software product. And now is the time to iron out all of those problems before you go live.
Replacing aged equipment with a new, more energy efficient version. If your workstations are ten years old or the copier is constantly jamming, finding and installing a replacement will ensure that year end is done right, and more importantly, the New Year starts off the right way.
New processes and procedures are best started now and perfected over the next few months. This can include everything from increasing employee responsibility to a new method of handling applications and leases. By perfecting the system during the traditionally slow season, you’ll ensure that you’re on top of your game when the New Year arrives.
Don’t let another year sneak up on you and your staff. Start preparing now, and greet the New Year with confidence.
From:: Property Management
