The importance of correct and transparent service charge accounting cannot be overstated as part of a comprehensive management service. However, it’s not quite as simple as setting a budget for the year, charging leaseholders and paying invoices.

We use the market-leading property management and service charge accounting software so that all of our property management staff can access work and maintenance orders to assist leaseholder queries. 

Barnard Cooks’ block management systems automate much of the service charge accounting process whereby contractor invoices are uploaded and logged against the relevant service charge heading. These are then paid via BACS upon authorisation by the property manager. Individual service charge balances are automatically updated when payments are received.

Our block managers and accounts team provide regular financial reports to our clients providing transparency and explanation of spending throughout the financial year.

At the end of the financial year reports are produced and we will administer the production of year end accounts and liaise with external auditors. These are approved by the client and distributed to leaseholders. 

Bank statements and invoices are all held electronically and may be inspected by clients at any time.

In accordance with the RICS Service Charge Residential Management Code, Barnard Cook operate individual ring-fenced client accounts at Barclays Bank.

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