WS1667 – Property Management Accounting Best Practices | Marci Turner

Join host Whitney Sewell on The Real Estate Syndication Show as he interviews Marcy Turner, the CFO of LifeBridge Management. Marcy brings a wealth of experience in management and accounting, having worked in various industries, including property management, nonprofit organizations, and municipal accounting. In this episode, Marcy shares insights into the responsibilities of a CFO in a management company, from budget creation and cash management to supervising accounting operations and generating financial statements. She also discusses the importance of balancing detail and aggregate-level information in financial reporting and leveraging technology to enhance organizational efficiency. Whether you’re a property owner or aspiring to start your own management company, this conversation provides valuable insights into effective accounting practices and the role of financial professionals in the real estate industry.

Keypoints: 

1. Marcy explains the key responsibilities of a CFO in a management company, including budget creation, cash management, supervising accounting operations, and generating financial statements.
2. The importance of finding the right balance between detail and aggregate-level information in financial reporting is emphasized, along with the benefits of standardized reporting across properties.
3. Leveraging technology and software is highlighted as a means to improve organizational efficiency, with examples such as online work order submissions and mobile software for maintenance staff.
4. The significance of working with professional accountants, such as CPAs for financial statements and tax accountants for maximizing tax benefits and compliance, is also discussed.
5. Listeners, whether property owners or aspiring management company founders, can gain valuable insights into effective accounting practices and the role of financial professionals in the real estate industry.

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About Marci Turner

Marci Turner serves Life Bridge Management as CFO. Marci was the CFO for Wentwood between 1998 and 2006, where she implemented a property software migration and was the lead trainer on the software. She managed the accounting team, which processed all vendor payments and produced the financial reports for 38 properties (5,000 units) across five states. She is a licensed CPA (Texas) and most recently was the Controller for the City of College Station, Texas.