Accountant
Leading specialist in practical experience in the field of economics and accounting
Accountant for condominiums
Creating a condominium association is an important step towards effective management of an apartment building. However, with the ability to make independent decisions comes responsibility for proper financial management and reporting. Let’s analyze the nuances of accounting in a condominium association and typical mistakes that can lead to serious consequences.
Features of accounting in condominiums
This association has a specific form of activity as a non-profit organization, so an accountant for an condominium association must understand the special requirements for:
- Accounting for co-owners’ contributions
- Estimation formation
- Trust fund management
- Reporting to regulatory authorities
- Taxation
Why is professional accounting critical for condominium associations?
- Financial security
- Correct calculation of contributions and their accounting
- Correct reflection of expenses
- Protection from fines during inspections
- Maintaining non-profit status
- Transparency towards residents
- Detailed reporting on cash flow
- Reasonability of tariffs
- Debt control
- Clear accounting of utility payments
- Development opportunities
- Participation in grant programs
- Obtaining loans for energy modernization
- Implementation of improvement projects
- Formation of a reserve fund
Typical errors in condominium accounting
- Incorrect estimate formation
- Underestimation of real costs
- Lack of reserve fund
- Neglect of planning for major repairs
- Errors in tax reporting
- Untimely submission of reports
- Incorrect display of targeted funding
- Errors in the calculation of social security contributions and personal income tax for employees
- Deficiencies in the primary documentation
- Lack of necessary supporting documents
- Incorrect execution of certificates of work performed
- Errors in contracts with contractors
Professional accounting support: what do you get?
- Systemic approach
- Streamlined document flow
- Automation of routine processes
- Timely reporting
- Payment and debt control
- Resource saving
- Optimization of accounting costs
- No software costs
- Savings on staff training
- Reducing the risk of fines
- Expert support
- Tax consulting
- Assistance with audits
- Optimization of accounting processes
- Current knowledge of legislative changes
Accounting outsourcing vs in-house accountant for condominiums?
| Criterion | Accounting outsourcing | Staff accountant |
|---|---|---|
| Costs | ✓ Payment only for services actually provided ✓ No costs for equipment and software ✓ No deductions for SSC and PIT |
❌ Monthly salary regardless of the amount of work ❌ Workplace and office equipment expenses ❌ Vacation and sick leave payment |
| Qualification | ✓ A team of specialists with various profiles ✓ Continuous professional development ✓ Experience working with various condominiums |
❌ Limited experience and specialization ❌ Difficult to find a specialist with specific knowledge ❌ Risk of losing competences upon dismissal |
| Reliability | ✓ Continuity of work regardless of holidays and illnesses ✓ Contractual liability for errors ✓ Professional liability insurance |
❌ No replacement during vacation or illness ❌ Limited liability ❌ Risk of sudden dismissal |
| Methodology | ✓✓ Established processes and proven solutions ✓ Use of modern software products ✓ Regular monitoring of legislative changes |
❌ Need to develop methodology yourself ❌ Limited access to professional resources ❌ Difficulty tracking all changes |
| Additional benefits | ✓ Legal support ✓ Process optimization consultations ✓ Assistance with inspections ✓ Access to a database of standard solutions |
❌Need to engage additional consultants ❌ Limited opportunities for optimization ❌ Lack of support during inspections |
The cost of errors in condominium accounting
- Fines for late submission of reports – from 170 to 1020 UAH
- Violation of tax accounting procedures – up to 1700 UAH
- Incorrect calculation of social security contributions – up to 2040 UAH for each employee
- Loss of non-profit status – taxation of all income at a rate of 18%
Calculate the cost of specialist assistance
How to start a collaboration?
- Contact us for an initial consultation
- We will analyze the current state of accounting
- We will offer the optimal solution for your needs
- We will prepare the necessary documents
- We will start support within 1-2 days
Entrust accounting to professionals and focus on the development of your condominium. We will provide transparent accounting, timely reporting and protection against risks. To consult with a specialist regarding accounting, fill out the form below.
Calculate the cost of services
1 question
Does your condominium association have arrears in contributions of more than 10% of the total amount of assessments?
2 question
Does your condominium association plan to participate in energy modernization programs within the next year?
3 question
Have your condominium been subject to tax audits in the last year?
4 question
Are you planning to switch to outsourcing in the middle of the reporting period (without waiting for a new quarter)?
Do you work only in Kyiv?
We provide accounting outsourcing services for clients throughout Ukraine, and we can also serve companies abroad. Thanks to the use of modern online technologies, we have the opportunity to effectively cooperate with clients remotely, regardless of their location.
What business areas do you specialize in?
We have a staff of 50+ experienced lawyers with deep knowledge in specialized areas of law. Therefore, we serve a wide range of clients – from startups to large corporations, in various fields of activity.
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