Ascent Multifamily Accounting, which exclusively serves the multifamily industry, is now offering corporate accounting services for multifamily management companies throughout the country. Ascent provides accounting and back office services for 38,000 units and in 2020 was listed among the Inc. 500 fastest growing private companies in America.
“Corporate accounting takes all property accounting and ties it together,” said Paul Ray, Ascent Multifamily Accounting’s corporate accounting manager. “We have seen a growing need for corporate accounting in the past few years, and are the first property management accounting firm to offer these services.”
“Prior to launching our corporate accounting division, Ascent had been performing corporate accounting work as a special service to clients that we were already representing for property accounting,” said Ray. “Corporate accounting is a growing need for property owners who don’t have in-house accounting staff handling their books. By working with us, they have a cohesive team that understands the profitability of each of their properties and how that affects their overall financial status at all times.”
Ascent’s primary accounting services are tailored for each individual property, but those property owners incur expenses and draw asset and property management fees, said Ray. “With corporate accounting, we provide our clients with a value-added service,” he said. “It is important for them to understand and know the health of their business overall. As much as they need to know how their properties are performing, they also need to know how their own company is performing.”
Among Ascent’s corporate accounting services are:
- Financial statement preparation
- Expense management
- Income management
- Investor capital and distribution management
- Corporate bill-backs
- Credit card account reconciliation
- Communication with CPAs
Ascent, which was founded in 2016 by long-time multifamily industry accounting executives, exclusively serves the multifamily industry. The firm provides a multitude of back-office services that allows management companies to focus on their clients and business development. Ascent’s services include outsourced accounting and bookkeeping including management of the payables process, payroll, creating monthly financial reports, reconciling bank and mortgage accounts and preparing all year-end W-2s and 1099s. The firm also offers acquisition and due diligence services, budgeting services, business consultation and human resources administration.