Palmerston Court
- Transparency and financial visibility for Directors
- Streamlined maintenance and repairs
The problems faced by the directors
- Budgets, service charges and money in the bank didn’t reconcile. Funds were missing and unaccounted for, and no one could explain why or where they had gone — leading to a complete erosion of trust from Directors.
- Maintenance issues went unresolved for a long time, with owners and Directors reporting the same problems for months without anything being addressed — even though they were being charged as costs incurred.
Our approach
When the Directors started talking to us, we wanted to focus on two things: addressing the current issues, and putting order into the block’s accounting.
We revamped the entire accounting and reporting process, introducing a clear mapping of budget, service charge and costs, with monthly, quarterly and annual reconciliation — bringing back trust around the financials.
We introduced a weekly maintenance reporting mechanism to address not only 20 unresolved historical issues but every new one falling between cyclical and planned maintenance. Within 3 months we had brought everything up to speed.
The results
01
Better financial planning & budgeting
The work we did on the accounts brought back the trust Directors and residents had lost with the previous management company.
02
Better control of maintenance issues
Within 3 months we cleared the backlog of 20 recurring and historical issues. Residents and Directors now feel comfortable reporting an issue, knowing it’ll be taken care of.
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Useful Downloads & Resources
For Directors who like to read the sensible bits before booking a call.