So, you oversee an owners corporation, or body corp as it was once known. You deal with day-to-day stuff like interactions with each member and general maintenance, or bigger picture things like annual fees and financial reports. The job is busy and takes up almost, if not all, of your time because there’s a lot of responsibility involved in overseeing an owners corporation, which means there’s a lot at stake and a lot to lose if something goes wrong. What’s the most stressful part of the job? Is it dealing with individual discrepancies, damage control when a leak affects all owners at once? Or is it trying to decide whether to bring in a third party company, like an accountant, to help with that insurmountable pile in the to-do list folder? If the answer to the latter is a yes, how on earth do you go about deciding who to trust with such a workload? Someone that is going to work hard, deliver on time and keep the promises that they make?
Choosing an owners corporation accountant is one of these tough, often tedious decisions to make. Where do you even begin looking when there are so many recommendations – from friends, relatives, and the internet. Using the internet to find the best accountant is like looking for a needle in a haystack – time consuming and potentially impossible as it will become overwhelming with how many there are to choose from. What you really need is a solid, trustworthy recommendation to point you in the right direction so that you can make an informed, educated decision without feeling under pressure. So what’s one of the best accounting firms out there then?
Scott Partners are Melbourne’s business accountants and advisors. They are accountants handling owners corporation affairs, like your one. Scott Partners prides itself on specialising in a variety of accounting services, including owners corporation. Using the software base of Xero, they create a friendly, time-sensitive environment for you so that you can rest easy knowing that at least one aspect of the corp is running smoothly! Overseeing something like an owners corporation can be very stressful at times, so it pays to choose an accountant who’s going to be available and on time with deadlines.
So why do you need to hire the services of an owners corporation accountant? Because it’s complex. As if just the day-to-day ins and outs of being an overseer weren’t complicated enough, the law makes this particular vocation quite mentally challenging. The laws that govern the functions, duties and powers of an owners corporation, especially in regards to their accounting and finance, are particularly hard to get your head around. And if that wasn’t enough of a reason, another great one is for the assurance you would get that all the necessary reports you received as a result of this kind of work would be presented in a format that is simple, while also being easy for everybody to understand.
Just incase you’re a little in the dark about what exactly Scott Partners and his awesome professional team would do for you as your owners corporation accountant, let’s go into that a little bit. Their services include preparing and processing account reports, operating separate bank accounts for clients so that there is the utmost transparency when conducting financial transactions, facilitating in the collecting of levies from owners corporation members, – a particular challenging aspect as overseer – invoicing, including paying monthly invoices and accounts on behalf of clients, recovery of all arrears due, facilitating in direct payments like direct debit or credit card, providing accurate budget forecasts, preparing and presenting all financial records to owners during scheduled meetings, and attending all statutory requirements. Their plethora of support and services is vast and in-depth, encompassing all aspects of business affairs when dealing with an owners corporation.
This list is thorough and extensive, which in turn makes you wonder just how much you would have to pay for someone like Scott Partners to do the job. However, while a service like this can be somewhat dear, it’s also worth remembering that the risk you take doing accounts like these yourself is much higher than leaving it in the capable and professional hands of an individual or a team who will ensure they are done to the highest quality you demand. Errors in accounts like this can be fatal, so it’s always better to be safe than sorry.
So how does a relationship with Scott Partners begin? It is a very simple three step process. Firstly, you introduce yourself and give them a quick rundown about you and the owners corporation. Then they schedule in a 30 minute, free, no obligation call with their principal, Scott Trevethan. Finally, this allows the decision to be made together on whether this is going to be a good fit for you and the business.
All the services mentioned above are important when running an owners corporation and considering the accounting firm to choose to help you. It’s definitely not an easy decision, and should take careful consideration and planning so that you know exactly what you’re getting into before you’re there. The advantage of Scott Partners is that you’re able to find all of this out before you’ve even signed anything, because they want to enter a partnership that’s going to be just a beneficial to them as it’s going to be to you. So by the time you actually sign that partnership with them, you’re guaranteed to know that your owners corporation affairs are in safe hands, and that you’ll be better off financially because you’ve chosen a great asset to handle all things, from preparing and processing account reports, to those often tense scheduled mandatory meetings. They’ll make you feel confident and optimistic about overseeing the owners corporation in no time.