Maintaining Your Accounting Records

Professional property management practices require that accounting records be kept up to date, tightly controlled, and virtually mistake-free. First Light Property Management maintains a high level of accounting and financial integrity in everything we do. In order to meet our own stringent accounting rules, we keep separate books for each individual property. Although this practice is not required by law nor it is the “easiest” way to manage a property’s financials, we find that it is the most effective in the long run. It forces complete transparency and enables the property owner to make better, more informed decisions about each properties investment needs.

Another benefit of keeping separate books for each property is that it creates a very clear picture of each property. By seeing the big picture of each property, our clients are able to more accurately budget and forecast property incomes, expenses and taxes. Part of First Light’s property management service is to advise property owners on suggested property enhancements and the estimated costs associated with them. Knowing what each property’s ROI is over a certain period of time provides a very clear-cut vision of which direction to take in the future.

First Light Property Management's online property management infrastructure tracks real time cash as electronic payments are received from tenants. Property owners can view - on demand - electronic fund transfers from tenants, tenant statements, and rent rolls.

A highlight feature of First Light’s online management system is its ability to automatically track property expenses as bills are received. This tool is very useful for property owners who don’t carry a large cash balance.

First Light clients can run key financial reports at any time and as often as they like. These reports include Balance Sheets, Income Statements, and Rent Rolls.