As 2016 draws to a close Knight Accountants Service Charge Division continues to grow at a rapid pace. The value of the properties we financially report on now exceeds £3 billion and there no signs of this growth slowing up.
We have seen the department grow rapidly throughout the year with agents switching to us from London, Bristol and Manchester to name a few. There is a steady increase in self-managed blocks and we have benefitted from Managing Agents reviewing the service they are currently provided. Based on the many conversations we have had with Managing Agents, Freeholders and Leaseholders we have identified the three main reasons below why firms are switching to Knight Accountants.
We have seen many changes in the property management industry in the last decade and it is essential that we keep on top of guidance and legislation as many of our clients are ARMA and/or RICS regulated. Our client mix is around 50% service charge so we have to keep on top of latest legislation and the team regularly attend IRPM and ARMA courses with a focus on service charge accounting. Bespoke internal training days are also arranged from accounting to interpretation leases. The block management industry has become a legal minefield and the financial element is a pivotal factor when it comes to recovering service charges.
One of the most common reasons for firms to change to us is the turnaround times that accounts are processed. In a fast moving industry, landlords questionnaires arrive daily, balancing adjustments need accounting for and applied ensuring the necessary cash flow for the block. Our aim is to complete accounts within 2-4 weeks and will give plenty of notice if we feel we cannot fall within this timescale. Why do we want accounts sitting around the office? If our lead times increase it is time to grow the Knight Accountants family.
Family run business
More and more people are looking at appointing smaller firms for that personal service in our experience. During uncertain times that we are currently in people are looking for value for money and seem to prefer supporting families rather than investors and shareholders. At Knight Accountants we look after all of our clients irrespective of size. Our primary objective is to help people manage their businesses and homes and this is reflected in our responsive day-to-day service. In 2016 Knight Accountants has invested a substantial percentage of profits to local community projects which clients give us really good feedback about.
To benefit from Knight Accountants specialist department feel free to contact Graham Knight for an informal chat on 01424 869169 or [email protected]
Alternatively you can visit https://knightaccountants.co.uk/service-charge/