Revenue Recognition for Property Management Professionals
As a property manager, your income is tied to tenants under lease, who are paying rent. This also includes CAM, late fees, and other charges.
Changes to the U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) for revenue recognition in 2017 and 2018 will have an impact on your firm’s accounting practices. These changes come with new requirements – recognizing revenue on non-lease related items, in a different method than your organization may be doing today.
For example, leases over 12 months must now be on balance sheet, as opposed to the profit and loss statement.
It is your organization’s responsibility to stay up to date with the new changes in revenue recognition. But when it comes to preparing for the mandated changes, you are not alone. The professional at Palazzo, Inc can help you make the transition.
Palazzo Inc – Revenue Recognition Consultants
The consulting team at Palazzo, Inc has a lengthy history of delivering rapid and effective results. We offer more than 20 years of experience helping property management professionals with revenue recognition solutions. We understand and can assist in implementing the solutions necessary to accommodate the new changes.
Palazzo Inc can help your business:
- Document an inventory of current revenue arrangements.
- Document updates to the revenue recognition standards, and develop an action plan for coming into compliance with these updates.
- Provide overall systems support for processes, controls and overall business impacts.
We Are Here For You
Falling out of compliance with changes in revenue recognition can have unnecessary tax (and revenue) implications for your business. This is why it is worth your time to seek professional guidance to stay in compliance.
Palazzo, Inc consultants can help you learn about, and understand the updates to the revenue recognition standards. By completing / submitting our contact form, you can schedule an appointment for a discovery consultation to ensure that your firm is headed in the right direction.
Apply today to see if you qualify for a 15-minute, no-obligation phone call to determine the next steps for compliance for your firm.