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Vine Property Management have a centralised accounts team, based in Birmingham, who undertake all financial administration and client reporting.
The team comprises dedicated account managers for rent collection and service charge administration, supported by a property accounts team, dealing with invoices and credit control. Our team understand the importance of strong financial management in driving investment performance.
The finance team at Vine provide a full rent collection and service charge management function, with the following key responsibilities:
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Rent/Service charge collection
Vine manage a property portfolio with rent, service charge and insurance income in excess of £100M per annum with over 3,000 occupiers. The financial database is controlled by the rent account manager. Dedicated credit controllers ensue that rents are collected rapidly and provide regular arrears reports to clients, taking action for recovery where necessary.
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Service charge budgets and reconciliation
Vine control over £9M of annual service charge expenditure across over 200 service charge schemes. All tenants receive notification of annual budgets a month in advance of the commencement of the year. Details of proposed expenditure are supplied together with an explanation of any changes on the previous year. All service charge schemes are reconciled within 3 months of the year end by qualified accounting staff, and signed off by the dedicated property manager. To provide transparency, all service charge files are available for inspection by tenants at our offices.
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Supplier payments
Vine has over 700 suppliers and receives over 10,000 invoices each year. Upon receipt invoices are scanned and coded and available for approval on our central database within 24 hours. Vine undertake a weekly payment run which ensures that valid invoices are paid by cheque or BACS, generally within 5 days of receipt. This ensures not only good supplier relationships but a tight control over individual property cashflow.
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