Last updated on March 18th, 2025
A fee accountant is an external accountant hired by a Public Housing Authority on a contractual basis to handle the organization’s accounting responsibilities. The use of a fee accountant can improve the accuracy and efficiency of an Authority’s financial reporting, give the Authority access to specialized knowledge, and save the organization the expense of an in-house accounting team. But—not all fee accountants are created equal.
Below are some signs of a good fee accountant.
Minimal (or zero) audit adjustments
One sign that your fee accountant is doing his/her job well is a lack of adjustments, posted or unposted, to the Authority’s audited financials. This indicates that the Authority’s financial data has been reported accurately and in compliance with regulations.
Minimal errors in monthly financial reports
Another indicator of a good fee accountant is a lack of errors in the financial statements he/she prepares each month for the Board of Commissioners. Monthly financial reports are key to monitoring a PHA’s financial health; they should be accurate and submitted in a timely manner.
Ability to meet deadlines and communicate about delays
Fee accountants need to meet several key deadlines including those regarding budget reports, monthly financial reports, and Financial Data Schedules. If delays occur, the accountant should communicate this information to the PHA.
Understanding of HUD programs and compliance requirements
A good fee accountant understands the specific compliance requirements for HUD programs and keeps abreast of updates in industry regulations.
Experience with PHA software programs
Your fee accountant should be familiar with the common software programs used in the management of Public Housing Authorities, such as MRI Software, Yardi, and PHA-Web.
Audit preparation and readiness
Your fee accountant should have experience working with auditors and must be able to provide accurate supporting documentation to auditors in a timely manner. A fee accountant must ensure that the PHA’s books and records are audit-ready, meaning that all supporting documentation should reconcile to the trial balance before the auditor’s review. The auditor’s role is to verify accuracy, not to make adjustments. Any necessary corrections should be identified and addressed before the audit begins to ensure a smooth and efficient audit process.
Communication and responsiveness
Is your fee accountant accessible and responsive when you reach out with questions or concerns? A good fee accountant maintains consistent communication with the Housing Authority as well as with auditors.
Willingness and ability to help the Authority resolve issues
Finally, your fee accountant should be a helpful resource, identifying potential issues and opportunities in the PHA’s financial processes. A good fee accountant is committed to helping the PHA resolve deficiencies and other issues that arise.
As you can see, there is much more to the fee accountant role than merely completing accounting tasks. When it comes to accounting services, quality of service matters. Essential to maintaining the financial reputation and integrity of your PHA is a fee accountant who is reliable, effective, and well-versed in the specific requirements for HUD programs.
Our experts at RBT CPAs possess the specialized knowledge and skills to work with you on a per-service basis alongside your internal accounting resources or as your full-service accounting and tax department and advisor. When you partner with RBT CPAs, you can be confident in your program’s financial integrity and compliance, so you can continue to focus on your goal of providing decent and safe housing for our state’s residents. To learn more about how we can support your accounting, tax, audit, and advisory needs, visit our website or give us a call.