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Accurate and timely reporting of information is critical for any business to be successful. It must start with good internal accounting controls. This involves checks and balances with deposits, lease files, purchase orders, physical lock checks, etc. At Revest, we require all properties to make deposits daily and report to our centralized accounting department in Dallas. We know cash balances to the penny every day. Therefore, it is not necessary to wait until the end of the month to detect any potential irregularity.
Operating statements, including balance sheets, income statements and trend operating reports are distributed to ownership monthly. All supporting journals, ledgers, and bank account reconciliations are a part of the package, if desired.
We report occupancy by unit & square footage weekly along with property traffic reports that keep up with yellow page calls, drive-bys, referrals, etc.
Our long track record in the storage industry has enabled us to develop multiple vendor contacts that allow us to operate properties in a cost efficient manner.
Included in those contacts are credit card processing, property insurance, security equipment and service, industry software, moving supplies, various self- storage construction materials and contractors, etc.
We have been involved in real estate assessment valuations for over 10 years. Typically, this is the largest expense incurred by a self- storage property. It is critical to review your valuation and know how to present your cost and operating information to the various appraisal boards in the most effective manner to insure you receive the lowest possible valuation for real estate tax purposes. We have saved our clients thousands of dollars over the years by effectively working all the angles on assessment reductions.
Ultimately, accounting and administration depends on good organization and experience. At Revest, we are uncompromising in our attention to detail and organization and our track record speaks for itself.
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Property Management Services: Accounting
