It is mid-May and in four months you should begin budget planning for 2018. Okay, I am starting this way too early but if you want to make a big improvement in how your company implements budgeting, you’ll need to start laying a good foundation now.
Have you been getting the value out of your budgeting process that you should? Is there really any value for the time your team invests in budgeting?
A good annual operating budget can be an effective tool to help you get the most out of your properties . . . and it doesn’t have to be an exercise in futility. The budget allows you to establish or identify:
- Performance targets
- A baseline for property management reviews
- Income and expense projections based on changing market drivers and assumptions
- Capital improvements planning and projections
- Problems that need to be resolved
Yet while most property managers use budgets, we find most budget processes are antiquated or highly inefficient. Property managers that effectively manage their budget processes report significant improvements in efficiencies and performance.
We took our passion for property management accounting and developed a white paper on how to simplify the budget process to make it more effective. This six-page document gives eight easy steps to improve and simplify your budget process. Also included is a timeline, sample graphs and tables. It’s free and available for immediate download.
In December, Ascent’s Managing Partner, Scott Seegmiller, CPA, wrote an article in Multifamily Executive (MFE), entitled Seven Steps to a Happy Budget Process. Scott has more than 25 years’ experience in the multifamily industry and managed portfolios on more than 100 properties (27,000 units). This year, he has revised the concepts and authored this white paper, Eight Steps to an Easy and Effective Budget Process. For a copy click here. You’ll be glad you did.
“I’ve worked with the Ascent team for years. Their process is streamlined and very effective. They are always improving it. Their training is very valuable. Ascent points out opportunities that have helped us drive more revenue even when we think we have maxed out a property’s potential. Their knowledge of the multifamily business is exceptional and they make us look good to our owners.”
– Margaret Valdez, VP Operations, WestCorp Management Group
Ascent Multifamily Accounting is a consulting and outsourcing firm focused solely on the multifamily industry. We work with large portfolios as well as owners of just a few properties, providing consulting and accounting services for clients across the country. Ascent Multifamily Accounting has helped our clients not only with budgeting but in streamlining their operations. Click here to see case studies of how we’ve saved our clients hundreds of thousands or millions.