New services company back-office outsource.In the name of cost efficiency, billing and collecting rent, tracking tenant arrears A sum of money that has not been paid or has only been paid in part at the time it is due. A person who is "in arrears" is behind in payments due and thus has outstanding debts or liabilities. , paying taxes and vendors, and performing routine administrative tasks is more and more often being out-sourced by co-ops/condominiums and other owners and managers of residential real estate. A new company, Automated Property Administration (APA (All Points Addressable) Refers to an array (bitmapped screen, matrix, etc.) in which all bits or cells can be individually manipulated. APA - Application Portability Architecture ), has been founded to handle administrative back office work for residential real estate properties and portfolios. APA, which its principal says is the first company of its type dedicated exclusively to residential property administration, performs such functions as accounting, bookkeeping bookkeeping, maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. and billing, creating significant cost reductions for companies whose back office operations do not have the critical mass to operate at maximum efficiency. APA's service can be used by co-ops/condos, individual owners, managing agents, multi-family housing developments, and financial institutions without any conflict, since the firm's activities are strictly limited to administrative work, and APA does not act as a managing agent or broker. APA does not engage in any front office activities for itself or on behalf of clients. Currently, the firm handles more than 8,000 residential units, and interest in the new company is growing rapidly. APA uses the most popular, nonproprietary property management software systems available. Computer hardware is state-of-the-art. Each APA client can get confidential, on-line access to review all transactions to closely monitor its finances. All data entry is done by APA, unless a client requests otherwise, to ensure the integrity of inputted information. Clients are sent complete backup records once a week; APA's entire system is backed up every 24 hours. A complete back-up record is always maintained in a secure off-site vault vault, ceiling over a room, formed in any one of a variety of curved shapes. Nature of Vaults A vault is generally composed of separate units of material, such as bricks, tiles, or blocks of stone, so shaped or cut that when assembled they form a facility to ensure against any catastrophe. In addition to billing and collection of monthly charges to tenants and payment of all properly approved invoices, monthly statements include statement of cash position, a summary and detailed report of cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , rents receivable aging, a rent roll, a disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. report, an accounts payable report, as well as copies of all paid invoices. APA's employees are all bonded. While the company does not sign checks, they provide complete check writing and document processing Processing text documents, which includes indexing methods for text retrieval based on content. See document imaging. services, and clients remain in full control of revenues and expenditures. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion