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The Complete Idiot's Guide to Success as a Property Manager by Melissa Prandi, Lisa Iannucci

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Chapter 5
Finance 101
In This Chapter
• Learning the basics of budgeting
• Different jobs, different reports
• Tightening the belt
• Keeping good records
Here it is—literally, the bottom line. Budgets and financial reports provide a crystal-clear picture of how the property you are managing is doing. From an investment perspective, it shows you, shareholders, tenants, the property’s owner, the board of directors, etc., whether the property is (or properties are) profitable. If it is profitable, rest assured you’re doing a job well done, making the right decisions and properly taking care of the building. You can continue on your successful path. If you’re in the red, you can determine what needs to be done differently and how money needs to be ...

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