Property Audit

With the onset of the credit crunch, companies are approaching Goodman Nash to examine other property costs to identify cost recovery opportunities to supplement business rates audits.  These audits focus on leasehold estates, as well as recharge collection to sub-let estates.

 

Fees are entirely commission based.

 

The following areas of expenditure are scrutinised for possible savings :-

 

 

    Acquisitions and Disposals Review - historical review of costs :

     

  • Acquisitions – examination of incentives including capital contributions,  rent free and rent abatement periods, completion statements and invoice apportionments, and VAT treatment. Requiring access to financial data and leases/side letter agreements;
  • Disposals- examination of associated property costs, invoice apportionments including associated utilities billing;

    VAT treatment

     

  • To examine correct vat treatment on all property costs;



    Accounts Payable items - historical review with emphasis on error detection of the following :

     

  • duplicate payments of all expenses from rent, service charges, insurances, repairs etc.
  • correcting misrouted payments;
  • correcting VAT treatment in accounts;
  • ensuring reclaims of credits due;






    Service Charges - historical review of past charges with particular investigation on :


  • apportionment methodology – floor area (specified or how measured) or fixed % basis and flexibility   on reasonableness;
  • failure to apply cap levels;
  • the level of management fees applied – reasonable or fixed;
  • review of budget v actual costs and account reconciliation ;
  • review of major capital sinking fund treatment – has the budget been updated;
  • pre-contract enquiry analysis v actual costs;