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How do you prepare and share accounting reports with clients?

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As a property manager, you need to provide accurate and timely accounting reports to your clients, who are the owners of the properties you manage. Accounting reports show how well the properties are performing financially, how much rent is collected, how much expenses are incurred, and how much profit is generated. In this article, you will learn how to prepare and share accounting reports with clients in a professional and efficient way.

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Obinna Nwerem

Proactive Assistant Community Director with a decade of experience in sales and customer relations, working towards CAM…

1 Choose the right software

The first step to prepare and share accounting reports with clients is to choose the right software that suits your needs and preferences. There are many property management accounting software options available in the market, each with different features, pricing, and compatibility. You should look for software that can automate most of the accounting tasks, such as tracking income and expenses, generating invoices and receipts, reconciling bank accounts, and creating financial statements. You should also consider software that can integrate with other tools, such as online payment platforms, tenant portals, and property listing sites. Additionally, you should choose software that can securely store and backup your data, and that can allow you to access and share your reports from any device.

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Obinna Nwerem

Proactive Assistant Community Director with a decade of experience in sales and customer relations, working towards CAM designation. Strong commitment to excellence and high standards in the property management industry.
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You are absolutely right. It's essential to choose accounting software that best fits your requirements. In addition to the features you mentioned, software with user-friendly interface, solid customer support, customizability, comprehensive reporting capabilities, and scalability as your business grows are worth considering too. Sustainability is one of the key aspects, so it should be able to adjust with technological advancements. Always remember that time spent researching this will save countless hours and potential headaches down the line, so it's absolutely a worthwhile investment.

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2 Customize your reports

The second step to prepare and share accounting reports with clients is to customize your reports according to their specific needs and expectations. Different clients may have different preferences for the format, frequency, and content of the reports. For example, some clients may want monthly reports, while others may want quarterly or annual reports. Some clients may want detailed reports, while others may want summary reports. Some clients may want to see specific metrics, such as occupancy rate, cash flow, net operating income, or return on investment. You should communicate with your clients and understand their requirements and goals, and then adjust your reports accordingly. You can use the software features to create custom templates, filters, charts, and graphs for your reports.

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Obinna Nwerem

Proactive Assistant Community Director with a decade of experience in sales and customer relations, working towards CAM designation. Strong commitment to excellence and high standards in the property management industry.
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Customization is indeed key to meeting each client's unique requirements effectively. It not only demonstrates your understanding of their needs, but also builds trust and transparency. Communication is quintessential to understand their preferences. Offering personalized reports improves engagement and satisfaction levels. Creating custom templates, filters, charts and graphs not only simplifies reporting but also makes data more comprehensive. The software you choose should certainly facilitate these adjustments in an easy and time-efficient manner. Also, another perspective could be ensuring that your reports are easily understandable to non-finance savvy clients to avoid any confusion about their financial status.

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3 Review and verify your reports

The third step to prepare and share accounting reports with clients is to review and verify your reports before sending them. You should check your reports for any errors, inconsistencies, or discrepancies that may affect their accuracy and reliability. You should also compare your reports with your source documents, such as bank statements, invoices, receipts, and contracts, to ensure that they match and reflect the true financial situation of the properties. You should also look for any opportunities to improve the performance of the properties, such as reducing expenses, increasing rents, or attracting more tenants. You should make notes of any issues or recommendations that you want to discuss with your clients.

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4 Share your reports securely

The fourth step to prepare and share accounting reports with clients is to share your reports securely and conveniently. You should choose a method of sharing that is easy for both you and your clients, and that protects the confidentiality and integrity of the data. You can use the software features to email your reports directly to your clients, or to upload them to a cloud-based platform that your clients can access with a password. You can also use encryption, digital signatures, or other security measures to prevent unauthorized access or tampering of your reports. You should also inform your clients when you have sent or uploaded your reports, and confirm that they have received and opened them.

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5 Follow up with your clients

The fifth step to prepare and share accounting reports with clients is to follow up with your clients and solicit their feedback and questions. You should schedule a meeting or a call with your clients after they have reviewed your reports, and discuss the results and implications of the reports. You should explain the meaning and significance of the numbers, charts, and graphs, and answer any queries or concerns that your clients may have. You should also present your suggestions or recommendations for improving the financial performance of the properties, and ask for your clients' opinions and approval. You should also ask your clients if they are satisfied with the format, frequency, and content of the reports, and if they have any suggestions or requests for future reports.

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6 Update and improve your reports

The sixth and final step to prepare and share accounting reports with clients is to update and improve your reports based on your clients' feedback and your own experience. You should keep track of any changes or developments that may affect the financial situation of the properties, such as new leases, rent increases, maintenance costs, or market trends. You should also monitor the performance of the properties and compare them with your goals and benchmarks. You should use the software features to update and modify your reports accordingly, and to generate new reports as needed. You should also look for ways to enhance the quality and usefulness of your reports, such as adding more details, visuals, or analysis, or using new software features or tools.

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Obinna Nwerem

Proactive Assistant Community Director with a decade of experience in sales and customer relations, working towards CAM designation. Strong commitment to excellence and high standards in the property management industry.
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Continuous improvement is integral for maintaining efficacy in your reporting system. Reflecting your adaptability and commitment, updating reports ensures data remains relevant and accurate. Keeping track of financial changes and market trends sure helps in making informed decisions. It also presents the opportunity to identify and rectify potential issues promptly. Comparisons with goals and benchmarks aid in evaluating performance and making necessary adjustments. Using software to its full potential maximizes efficiency and optimizes reports. Looking for ways to enhance report quality adds value for the client, making the data not just readable, but insightful too.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you prepare and share accounting reports with clients?

1

2

3

4

5

6

7

1 Choose the right software

2 Customize your reports

3 Review and verify your reports

4 Share your reports securely

5 Follow up with your clients

6 Update and improve your reports

7 Here’s what else to consider

Property Management

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How do you prepare and share accounting reports with clients?

1

2

3

4

5

6

7

1 Choose the right software

2 Customize your reports

3 Review and verify your reports

4 Share your reports securely

5 Follow up with your clients

6 Update and improve your reports

7 Here’s what else to consider

Property Management

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