The accounting division of WTS Klient Hungary has launched a separate service in 2024, property management administration, i.e. an administrative property management service. Property management administration is not in fact a new field for us, since our experts have been supporting our clients with this type of task as part of our accounting services for decades now and have extensive experience in the challenges involved. Such a background ensures we are well aware of the needs of international clients in the Hungarian real estate sector, and we know that by providing accounting and property management administration services from a single source we can exploit significant synergies, using our automated solutions.

As part of this property management administration, WTS Klient Hungary offers the following services:

Rental agreements

As the first step of property management administration, our colleagues both record the details as well as process all changes of all lease contracts in the property management software used by us or provided by our client. From the resulting database that is continuously updated – to which we can provide access as required – we can generate reports and statements in a wide range of dimensions, according to the needs of our clients. These databases also form the basis for outgoing invoicing.  

Outgoing invoices

We can issue and automatically book all the regular outgoing invoices for the tenancy (e.g. monthly rent and flat rate for operating costs), as well as periodic and ad hoc invoices in the manner and format required by our clients. As part of the process, we also ensure that the invoices are always compliant with current accounting and tax legislation. The invoices issued are sent to our clients’ tenants/partners by post or electronically, as required.

Incoming invoices

The details of all incoming supplier invoices received by the client are automatically recorded in the property management software, using our digital invoice processing system by matching the data content downloaded from the NAV online system with the invoice image. As part of the process, the invoices are formally checked and then forwarded to the property manager. The allocated and approved invoices are then booked in the accounting / ERP software used by us or provided by our client based on the information received.

Bank transfers

The staff at WTS Klient Hungary also record supplier invoices, taxes and other items for transfer as approved by the property manager in the banking system as part of the property management administration. Items are recorded with payment deadlines in mind and according to the schedule agreed with the client.

Outstandings

Based on the invoices issued and recorded, we regularly provide our clients with a statement of unpaid (outstanding) customer and supplier invoices. These statements allow our clients to monitor the status of their trade receivables and trade payables. As part of our property management administration, we also prepare payment reminders and reminder letters as part of the process for recovering overdue receivables.

Operating cost settlements

We prepare annual and ad-hoc operating cost  settlements (ensuring consistency with accounts) and related notification letters to our clients’ tenants/partners, in the manner and format agreed with the property manager. Under the supervision of the property manager, we also make the calculations necessary for increasing the operating cost flat-rate for the forthcoming period and prepare the related notifications.

Reports, statements

One of the basic tasks of property management administration is preparing regular and ad hoc reports in the language chosen by the client (Hungarian, English and German), tailored to the client’s needs:

• monthly income statement
• building occupancy
• rent roll report
• SC analysis
• guarantee report
• other reports

Indexation

Based on the lease contracts, we calculate the amount of rent adjustments each year, and after approval by the property manager, we prepare and send the related notifications to the tenants.

All members of our team are committed to performing their duties with the utmost precision, attention to detail and care, in order to ensure the satisfaction of our clients. Don’t hesitate to get in touch with us.