Registration and Legal Compliance:

To Register as a legal entity to ensure accountability and proper management of finances.

Adhere to legal frameworks for handling funds and managing common property.

 

Budget Preparation:

Creation of annual budget.

Check if utilisation is as per budget 

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Collection of Dues:

Setting up process for  collecting maintenance charges and dues.

Ensure timely invoicing, record-keeping, and follow-up on outstanding payments.

 

Expense Tracking and Approval:

Record and track all expenses with proper documentation and approval processes.

Establish oversight committees to align expenditures with the budget.

 

Accounting Software:

Utilize modern accounting software for recording transactions and generating reports.

Ensure careful selection, vendor engagement, and training for successful integration.

 

Auditing:

Support for  annual audits by independent auditors to ensure compliance with standards.

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Taxation and Statutory Liabilities:

Fulfill statutory obligations by filing returns for Income Tax, GST, and complying with labor laws and insurance requirements.

 

Investment and Reserves:

Prudently invest surplus funds and maintain reserve funds for unforeseen expenses.

Align investments with financial goals and statutory regulations.

 

Communication and Transparency:

Regularly update members on financial matters to foster trust and accountability.

Ensure transparency in budget allocations, expenditures, and financial health.