Get clarity on performance: Identify which properties are profitable and which need attention
Streamline operations: Delegate tasks effectively and ensure nothing gets missed
Make data driven decisions: Use accurate reports to guide budget adjustments and strategic plans
Build owner confidence: Provide property owners and stakeholders with clear, reliable insights into their investments
Monthly Checklist for Directors Managing Multiple Properties
1. Reconcile Bank Accounts for All Properties
Start by ensuring your bank statements match your accounting records. This step is crucial for identifying errors or missed payments.
For each property, review:
Rent payments received and deposited
Expenses paid for maintenance, utilities, and insurance
Any unrecorded transactions or discrepancies
💡 Delegation Tip: Assign this task to your bookkeeper or property manager. Use tools like Xero to automate reconciliations and receive updates at a portfolio level.
2. Track Rent Payments Across the Portfolio
Rent payments are the lifeblood of your properties. Make sure every tenant is up to date.
For your portfolio:
Verify that all rent payments for the month have been received
Follow up on late or missed payments
Identify patterns—are certain properties or tenants consistently late?
💡 Portfolio Insight: Use this data to assess the overall health of your portfolio’s cash flow and plan for any shortfalls.
3. Review Expenses and Categorise by Property
Expenses can add up fast, especially when you’re managing multiple properties. Go property by property to ensure all costs are logged and categorised, such as:
💡 Delegation Tip: Have your team handle expense tracking but ensure they report back to you monthly. Regularly review expense patterns to spot opportunities for cost reduction.
4. Generate Portfolio-Level Financial Reports
Reports aren’t just for individual properties, they’re your window into the entire portfolio. Each month, compile these reports:
Profit and Loss Statement: Compare profitability across properties. Identify which properties are performing well and which are costing more than expected
Cash Flow Statement: Review liquidity for the portfolio as a whole to ensure there’s enough cash to cover upcoming expenses
Balance Sheet: Assess the overall financial health of the portfolio, including assets, liabilities, and equity
💡 Strategic Tip: Use these reports to inform decisions about future investments or divesting underperforming properties.
5. Review Vendor Payments Across Properties
Vendor relationships are key to smooth operations. Ensure all invoices for contractors, cleaners, landscapers, and other service providers are:
💡 Delegation Tip: Assign property specific payments to managers, but set a system for tracking at the portfolio level to ensure consistency.
7. Perform a Portfolio-Wide Tenant Ledger Review
Review tenant accounts for each property to identify:
Unresolved security deposit issues
Overpayments or underpayments that need adjusting
Any ongoing disputes that require resolution
💡 Portfolio Insight: This step ensures you’re not leaving money on the table and keeps tenant relationships healthy across the board.
8. Update and Adjust Budgets
Budgeting at the portfolio level helps you plan for future expenses and identify areas for cost savings. Each month, compare your actuals against your forecasts and adjust for:
Unexpected repairs or emergency maintenance
Seasonal variations in costs like heating or landscaping
Vacancies or tenant turnover affecting rental income
9. Archive and Organise Records
Keeping your records organised is essential for audits, tax filings, and reporting to property owners. Make sure:
All financial documents (invoices, receipts, reports) are securely stored
Records are organised by property and easily accessible
💡 Pro Tip: Cloud-based tools like Google Drive or Dropbox are perfect for storing records for multiple properties in one place.
Final Thoughts
As a director managing multiple properties, your accounting system needs to work for you not the other way around. This monthly checklist is designed to give you clarity, streamline your processes, and help you make better decisions for your portfolio.
Ready to put it into action? Start small, delegate tasks where you can, and make it part of your routine. And if you need a refresher, check out our Introduction to Property Management Accounting and 10 Common Accounting Mistakes.
