Franchise Frankness

Franchise Frankness

The fewer undocumented and unexpected incidents occur, the smoother the operations of the franchise. adding Value to Your Franchise The most important of any franchise is to carefully lay out all policies events that could occur or happen to a franchisee. If anything unexpected occurs, the franchisor has to be readily available to answer questions and provide support to the maximum extent possible.

While many franchisees are fully capable of thinking on their own, the franchisor wants to ensure a consistent and defensible response to any and all incidents. Therefore the fewer undocumented and unexpected incidents occur, the smoother the operations of the franchise. The franchisor is the supposed centre of expertise and most property management franchisees cover just about every resident related issue from pets to disabled access.

Neglected Area

There is however one area that many franchisees do not cover and that is the accounting and bookkeeping services that each condominium property requires. It is mandated by the Ontario Condominium Act as well as the legislation of other provinces that each condominium corporation operates as a not-for-profit organization.
This requires fully audited financial books each and every year. Many franchisors leave this critical centre of expertise to the individual franchisees. This creates significant variety even with the best of intentions and difficulty with consolidation. Keep reading to find the solution!
Accounting Centre of Expertise Completing Not Competing with your Operations
RCM training covers many aspects of condominium management. Property managers understand property management and know how to deal with resident issues. They also know how to ensure that the property is in good repair and what to do in the event of an emergency. While the RCM course teaches you some aspects of accounting including double entry bookkeeping, segregation of duties and accounting controls. It does not make you a professional accountant.

What Does Your Accountant Do?

Bookkeepers record transactions and keep books. Accountants analyze the numbers, correct errors, provide information on controls and ensure that information is maintained correctly and securely. All bookkeepers as well as most property
managers understand double entry bookkeeping. All managers, regardless of their designation(s) appreciate and understand the requirement for segregation of duties and proper division of responsibilities. But when it  comes to data analysis and management reporting, you want to have a professional; accountant in your corner advising you on the proper methods of reporting and accounting.

The RCM designation does not make you into a professional accountant.

The Professional Accountant

Your accountant is professionally obligated to give you the best possible advice. He or she is also professionally obligated to keep
your information confidential and consistent. When they advise you on a specific reserve or operational item, their reputation is on the line with every piece of advice.

How Can They Help?

Professional accounting is consistent, effective and predictable. Using professional accounting services for each of your franchises will ensure you get consistent, predictable, comparable information in a format that you understand. If your accountant is from Condo Services Agency, then you also get a choice of reporting formats. This means that the reports you receive are a lot easier to understand.

Our Value Added Service

Condo Services Agency can manage and maintain the information for multiple sites including commercial and rental properties. We can also provide consolidated reporting for your entire operation as well as keep the individual condo properties information separate and segregated.  Our “in the cloud” software gives you 24/7 access to your information anywhere you have an internet connection. We also provide unlimited support to our clients when requested including but not limited to marketing assistance.
Condo Services Agency is the partnership of two professionals, an RCM and a CPA CMA who understand all the aspects of the property management business. Together they add value and a centre of expertise your operations. They complete your needs and provide you with a corporatereporting function second to none. Contact Andrea Silman, RCM, President, at 1-855-561-4589 today for a FREE NO OBLIGATION consultation, to see what we can do to help you GROW.

We can provide your franchise with a full professional accounting centre of expertise meeting all your accounting, bookkeeping and financial reporting needs for each of your franchisees as well as full corporate reporting and accounting services for your franchising company. This allows you to charge a larger percentage for greater service and added value to each franchise.