Accounting Services

The Hutensky Group uses the team approach to control the accounts receivable process, involving members of both the accounting and property management staff. The daily cash receipts are processed by the staff accountant under the supervision of the assistant vice president of accounting and in discussion with the senior property accountant. The senior property accountant and property manager reviews the accounts receivables aging periodically during the month. In addition, accounts receivables are reviewed each month in a meeting attended by the accounting coordinator, staff accountant, senior property accountant, property manager, assistant vice president of accounting, and the portfolio manager. The property manager pursues delinquent accounts in accordance with the owner's requirements. Monthly billing of rent to tenants is not a typical process unless a particular tenant warrants it; however, the Hutensky Group's system is capable of billing the tenants if the client so desires.

All accounts payable invoices are date stamped, coded by vendor, invoice date and number, and expense classification in accordance with the budget. The information is then input into the accounts payable system and sent to the property manager for approval and for verification of the coding. Vendors are paid on a current basis with the assistant vice president of accounting reviewing the invoices and signing the checks. Typically, there are two scheduled check runs each month, however, vendors can be paid at any time if needed.

The Hutensky Group has in place the proper controls and division of responsibilities to adequately protect the client's assets. Both the senior property accountant and the assistant vice president of accounting review the daily cash receipts processed by the staff accountant. This ensures that no one person is solely responsible for handling the cash receipts. All funds are deposited daily into separate property bank accounts. Bank accounts are reconciled each month and are reviewed by the senior property accountant. Typically, security deposits are kept in separate interest-bearing accounts.

The Hutensky Group predominantly uses Microsoft Excel in the preparation of the annual budgets. However, we have the hardware and software capabilities to use our clients' proprietary budget software. The senior property accountant prepares the budgets with informational input from the property manager. The budgets are then reviewed by the assistant vice president of accounting and portfolio manager. Once reviewed, the budgets are sent to the client for approval. The approved budget can then be uploaded into Skyline or MRI so that it becomes part of the monthly reporting package.

The property rent roll is distributed monthly with property financial reports. Upcoming lease expirations and renewal options are a discussion point on the fixed agenda for monthly team meetings, and are also reviewed as part of the budget process. Rental increases are tracked automatically by our software and are confirmed through variance analysis.