Bookkeeping, budgets, financial statements, loans, investments, etc.
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Our Board is considering changing the way we do our banking. Essentially this is to bring our Operating account under control of the Board, not the management company (MC). Getting the banking side set up seems quite workable. However, I foresee communication issues, with all the bookkeeping and reports being done by the MC. We would value comments on how the communication issues can be handled, given that all invoices etc will come to the Board first and not to the MC. Any suggestions or input?
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Hi Rob,
The Board can setup a Corporate Account with a bank and provide the management company access. This way they will still be able to do all the bookkeeping and reports but the Condo Corporation would be the account holder.
This way if the management company changes you won’t have to deal with moving banks/accounts.
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