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Community Financials

Tax time is over, and for those of us who have been crunching numbers and supporting the treasurers of our HOA/COA boards, now may feel like the perfect time to kick back and relax. You absolutely should, because you deserved it! However, let’s not forget our learning lessons from this season. What caused troubles for you and your community association management company, and what can you do for the next season to make processes more efficient? Before you spend too much time moving on from the grueling tax season, here are five things you should do right now to prepare for the upcoming year:

1. Re-evaluate task overload

Sure, tax season can be tough on accounting teams. But there’s no reason to experience burnout because of a busier-than-usual time at work! Take a moment to assess the times in which you were completely overwhelmed, and see how you can better delegate in the future. Perhaps you can pass on administrative duties to fellow co-workers, or perhaps you need to find a way to automate bank reconciliation. By evaluating pain points while they are still fresh on your mind, you’ll be in a much better position to discuss your needs with your boss.

2. Brush off your to-do list

During the last-minute needs that approach at the looming tax deadlines, there are bound to be some projects you had to complete haphazardly, if you even had the chance to complete them at all. Rather than leaving this mounting to-do list on the back burner, only to amplify anxiety and stress in the near future, take time now to prioritize what you need to adjust and accomplish now. Find ways to move these tasks to the top of your list each day so that feel more organized and accomplished.

3. Consider your bank integration relationship

How strong is the integration between your association management software and your bank? If the programs don’t speak well with one another, tax season was likely brutal. Traditional accounting techniques with fragmented systems make budget reconciliation a very daunting task every month, especially when filing taxes for HOA/COA clients.

Knowing the integration points that are helping and hurting you during tax season is extremely important, as there’s a chance you may not be taking full advantage of the relationship. Understand, for instance, your current payment match rates and review the number of exceptions you have to match. You can read more about what to expect with your banking relationship in our simple banking integration guide.

4. Optimize your use of technology

Having the right digital tools is paramount to accounting productivity. Yet oftentimes when we’re wrapped up in completing our to-do lists, we forget all of the advantages our tech stack has to offer to our company. Take time to review what features are available for accounting within your association management software, and any other integrations your company has to simplify your day-to-day. Now would also be a great time to reach out to your Account Success Manager to discuss your challenges during the season; they would be able to set you and your team up with training and refresher courses to improve the way you work within the system for the new year.

5. Take a break

Finally, do take time for you! Tax season is hectic regardless of the level of preparation, organization, and technological efficiencies you have available to you. Unwind a bit with your teams, spend some valuable time with friends and family, and find ways you can boost your motivation for the remainder of the year.

The tax season rush is over, but that doesn’t mean that opportunities to contribute to business growth for your association management company are long gone. Now is a crucial time for you to help your company have a prosperous financial year. To learn more about ways in which you can improve financial health in your role, check out our Complete Guide to HOA Financial Management.


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