For Apartment Communities : Cost Saving & Financial Sustainability In The New Normal
- 1. ADDA.io
- 3. FUNDAMENTALS DAY-TO-DAY EXPENSES SERVICE CHARGES Housekeeping, Security, Salary, Printing/Stationary, Retainer Fees, Audit Fees etc COMMON ELECTRICITY CHARGES LIFT CHARGES WATER CHARGES
- 4. FUNDAMENTALS MID-TERM / LONG-TERM EXPENSES REPAIR & MAINTENANCE FUND Min 0.75% per Annum of Total Construction cost of the Unit CORPUS FUND SINKING FUND Min 0.25% per Annum of Total Construction cost of the Unit
- 5. NEED TO STREAMLINE FINANCIALS What has Covid changed
- 6. INCIDENTAL EXPENSES - COVID ERA RS.20,000 - RS.2,00,000 / MONTH
- 7. INCREASE INCOME FOR THE ASSOCIATION BILL ON TIME. BILL ACCURATELY Send Bills On Time, Every time Bill Calculation Accurate Arrears Correctly Calculated Late Payment Interests Correctly Calculated Accounting Entries for Bills done Immediately ON-TIME COLLECTION = HEALTHY CASHFLOW OF ASSOCIATION ON-TIME COLLECTION = GREATER INTEREST INCOME
- 8. ACCOUNTING BEST PRACTICES GOLDEN RULES
- 9. FUNDAMENTALS ACCOUNTING SCHEDULE DAILY MONTHLY QUARTERLY YEARLY ACTIVITY Enter Vendor Invoices Enter Cheques Collected & Paid Reconcile Bank Accounts Reconcile Cash Pay TDS Pay GST File TDS Return File GST Return Audit Adjustment Entries IT Return Filing RoS Filing PERSON INVOLVED Data Entry/ Accountant Data Entry/ Accountant & Treasurer Data Entry/ Accountant Data Entry/ Accountant & Treasurer
- 10. FINANCIAL MANAGEMENT OF ASSOCIATION PREVENTIVE MAINTENANCE OF ASSET MANAGING FIXED DEPOSITS Savings: 40% of Repair & Breakdown Cost Increased Revenue: 20% higher interest on Funds EXPLORING VENDOR INTERESTS Increased Revenue: Rs.30,000 - Rs.3,00,000 / Month MAXIMISING FACILITY MONETISATION Increased Revenue: Rs.80,000 /Month (200 unit community) RS. 2,00,000 / MONTH