What you’ll learn:
It all starts with the financial goals of the owner. Participants get an overview of the various goals that owners may have and the importance of management staff understanding those goals.
- The ABCs of financial management
Participants learn the key terms and concepts that underpin property-level accounting. They also learn the difference between the cash and accrual method of accounting—essential to understanding property financial statements.
The program provides a detailed explanation of the monthly income and expense statement and balance sheet, with emphasis on the former. Students learn what these statements truly mean and how they are properly used in daily property management.
Participants learn how to use budget variance information to identify problems and take corrective action.
Students learn how to research and gather data and information that is crucial to developing an accurate annual budget. Topics include forecasting revenue, estimating expenses, addressing shortfalls, capital planning, and correctly allocating the budget over a twelve-month period.