Property Management / Accounting Question

[Christian M.]

Hi there, I have a question for property management company owners. I was wondering if it is common practice for property managers to supply bookkeeping services as well? Example: A property management company takes on a new clients portfolio of 25 properties. Would the client normally hire a property management company and a separate bookkeeper for the 25 properties, or do property management companies generally manage the property and do the books as well? 

Thanks 

[Fred Heller]

Accounting for the revenues and expenses of the property is an essential function of property management. I send periodic and year-end statements along with a 1099.

If by bookkeeping you mean preparing their taxes, then I would say no. That would be a job for a professional accountant.

I provide information for the expenses/revenues that run through me. But I don't pay their taxes, mortgage, insurance, etc.