Manage Service Charges Effectively
One of the undoubted strengths of Qube PM is the service charge management functionality. It is the reason why so many customers across different sectors and professions have chosen the solution.
Qube PM software incorporates several service charge routines that can significantly reduce the day-to-day burdens faced by investors, agents and block managers, thus allowing them to get on with managing property and their strategic activities, knowing that the ground work is done. A comprehensive set of system reports and tools are available which enable the speedy and accurate production of even the most complex of reporting requirements.
In respect of compliance to professional standards, Qube PM property management software not only addresses the issues raised in various codes and legislation but has always been a forerunner and champion of the issues raised. Features of the Qube PM service charge functionality are included below.
For more detail on the features download our service charge functionality overview.
- A range of features to enable effective service charge budgeting
- Easily record unit apportionment percentages that vary over time
- Calculate on account charges based on unit apportionment percentages and a budget plus other relevant factors e.g. caps
- Produce tenant statements in a variety of formats e.g. customised year start/end statements can be created using Microsoft Word
- Apply service charge caps to the tenant’s total service charge contribution or to schedules and individual areas of expenditure
- Extensive reporting, including customisable reports, graphical representation of budgets against actuals, detailed service charge reconciliation reports, profit and loss, balance sheet, trial balance
- Handles management fees in a variety of forms
- On mixed use properties, functionality calculates and clears down irreclaimable VAT associated with non-commercial units
- A hierarchical property structure enables estate service charges to be handled separately from service charges associated with buildings
- Residual costs (e.g. costs associated with tenant caps and void units) can be handled appropriately
- Detailed functionality for handling balancing charges
- Identify units and their associated void costs and present information as statements to the owner
- System handles accruals and prepayments either though a routine or through manual postings
- Fund clearance timescales can be specified for different payment methods to ensure monies are not spent before they have cleared in the bank
- Monies can also be loaned to, and repaid from, the service charge fund
- Handle VAT requirements in differing jurisdictions