FAQS
Financial Frequently Asked Questions
We don't just set a budget and walk away. We draft a realistic annual plan and then conduct regular financial reviews with the Board. This allows us to monitor spending in real-time and identify any variances before they become problems.
We provide expert recommendations for Reserve Fund investments that prioritize security and growth. All planning is done in strict accordance with the Condominium Act, 1998, ensuring your corporation meets its long-term funding obligations.
We handle the heavy lifting by acting as the primary liaison with your auditor. We prepare all necessary files, organize the financial records, and coordinate the entire process to ensure a smooth, stress-free audit for the Board.
To ensure reliable cash flow, we offer Payment Automation via Pre-Authorized Debit (PAD). This makes it easy for owners to stay current and eliminates the manual effort of tracking and depositing physical cheques (A/R).
We provide comprehensive financial statements on a schedule tailored to your needs. These reports are accurate, transparent, and easy to read, giving the Board the data required to make informed decisions.
We manage the full Accounts Payable (A/P) cycle. We ensure your vendors are paid accurately and on time, maintaining strong relationships with the service providers who keep your property running.
Financial Operations
Professional oversight and transparent accounting for your corporation.
Comprehensive Financial Reporting
KPMI provides comprehensive financial reporting to give Boards clear visibility into the corporation’s financial position.
Budgeting & Finanical Monitoring
KPMI provides detailed budgeting and ongoing financial monitoring. This includes preparing annual budgets, tracking actuals against budget, reviewing variances, monitoring cash flow, and working closely with the Board and auditors.
Reserve Fund Investment Planning
KPMI works with the Board and qualified reserve fund advisors to support proper reserve fund investment planning.
Digital Accounts Payable
KPMI utilizes EFT software to pay all contractors, streamlining payments to vendors who have completed the work—eliminating the need for paper cheques.
Accounts Receivable
We manage arrears in accordance with the Condominium Act, working with the corporation’s legal counsel to ensure timely, effective collection while protecting financial stability.
Audit Planning & Coordination
Audit planning is handled proactively and in coordination with the corporation’s auditor, ensuring all financial records are organized, accurate, and prepared for a smooth and efficient audit process.