Course Review - S-1-Management Inc.

OVERVIEW1

Brief History1

Objectives1

Introduction to income and expense of the Company2

Type of income3

ORGANIZATIONAL OVERVIEW6

Organization Chart6

Relationships with sister companies and divisions6

ACCOUNTING SYSTEM7

Chart of Accounts7

Data Processing System7

Cash flow and control8

Accounts Receivable11

Accounts Payable12

Payroll13

Financial Reporting14

Purchasing and Control15

INTERNAL CONTROL16

System of Checks and Balances16

Control of Assets17

CONTRACTS18

Pricing18

Credit Approval19

Acceptance20

Fulfillment20

INSURANCE21

Types of Insurance21

Liability Coverage23

LEGAL NEEDS23

The Legal Council Need of the Business24

Kinds of Legal Advices26

Business Structure27

Lawsuits27

Labor Laws28

Insurance Protection28

Union Contracts28

Collective Bargaining29

Components29

Tentative Agreement30

PERMANENT RECORD RETENTION30

Paper Flow31

Storage32

Microfilm procedures33

FINANCIAL PLANNING34

Commercial Loans35

Investments35

Course Review - S-1-Management Inc.

OVERVIEW

Brief History

The company S-1- Management Inc. was incorporated in the year of April, 1999. The company is headquartered at Woodridge, Illinois. The company is operating in the property management industry since 1999 and is providing rental apartment facility to the target market. Over the past 14 years, the company has excelled in providing the properties on rent and their professional management.

Objectives

S-1- Management Inc. is operating as a small property management business. The vision it undertakes to strive for and successfully achieving it is to become a excellent professional property management firm in the sector of commercial real estate services, in order to serve their customer base with the market-leading collaboration preeminently. The core values of the firm are (i)Respect (ii)Excellence (iii)Service (iv)Integrity. The firm defines the value “respect” as a way to help others, expressing dignity and giving value to others. Enriching the organization culture with highest ethical business practices is what “integrity” means according to them. Commitment to provide best to the target market and related communities is the definition of value “service”. Lastly, “excellence” is defined as to endeavor in providing best and utilizing the concept of continuous improvement.

Introduction to income and expense of the Company

It is essential for organizations to maintain their income and expenditure accounts to provide the shareholders the financial position of the company. Therefore, it is necessary for companies to keep a record of their financial statements. While investing in a property management company, investors assess the financial performance; hence, it is important to ensure that financial statements of the companies are developed accordingly that deliver the necessary financial information to its investors. Investments are considered as an essential part of an individual's livelihood; therefore choosing the right property management company that will assist in maximizing return and facilitate in achieving rapid growth is vital. Thus, while choosing property management company it is important to take certain factors into consideration (Ventolo & William, 2011).

S-1-Management Inc. must hold a trust account that should be responsible for client funds and should be audited. Property management companies need to have a proven system that includes accounting functions for managing the collection and receipting of rent funds on daily basis that will enable the property manager to monitor rent arrears and act accordingly.

S-1-Management Inc. should make real estate investment that will generate higher returns. It is imperative for property management companies to ensure that they keep a track of the changes in the purchase price of properties and assets; they need to analyze the accumulated depreciation and annual depreciation of the ...