property accounting - Lexcraft Advisors

The Burden of Accounting Reclassifications for Property Managers

July 7, 2025June 23, 2025 by Mike Zane

Reclassifications are common in property management accounting but often indicate underlying process issues and create unnecessary work for on-site teams. Frequent reclassifications erode trust in financial reporting, delay owner reviews, and can reflect poorly on the property manager’s performance. A CFO services firm can reduce reclassifications by improving account structures, streamlining month-end procedures, and strengthening … Read more

How to Offboard a Portfolio Property Using Property Management Software

July 7, 2025December 18, 2024 by Mike Zane

Image of an apartment complex being transported on a flatbed truck down a highway at high speed

Key Takeaways: Offboarding a portfolio property involves removing the asset from active management while maintaining key data for historical and operational purposes. The offboarding function is most commonly used when a property is sold or transferred to a different management company. Offboarding and tenant move-out processes serve distinct purposes in property management software, and sponsors … Read more

Key Considerations When Moving from General Accounting Software to Property Accounting Software

July 7, 2025November 25, 2024 by Mike Zane

An accountant choosing between two options.

Key Takeaways Transitioning from general accounting software to property accounting software often becomes necessary when the property portfolio reaches a critical mass. Onboarding to a property accounting software system comes with hidden complexity that can leave sponsors understaffed if not planned for in advance. Prior to kicking off the implementation process, it is important to … Read more

Designing a Chart of Accounts to Mitigate Risk for Private Equity Commercial Real Estate Firms

July 7, 2025September 2, 2024 by Mike Zane

A property accountant reviewing a chart of accounts.

Key Takeaways A chart of accounts lists all the general ledger accounts that entries can be classified under in an accounting system, and it helps to ensure accurate financial statements. Property and fund accounting software is typically shipped with a standard chart of accounts, but users are encouraged to tailor the chart of accounts to … Read more