How to Evaluate Condo Association Management Software
Managing a condominium-owner association (COA) requires patience, organization, and hard work—in other words, it’s a big responsibility. It’s rewarding, but also challenging. Luckily, there are many software programs and cloud-based apps that can make the job easier than ever. CINC Systems is one of them.
Condo management software comes with many options and features. Some programs and apps are designed for small COAs, while others have been created to handle the unique needs of a much bigger association. Whether you need accounting services, member web portals or tools to manage maintenance and repairs, we have the right COA management software for you.
How do you know which COA management software is right for your business? There are many factors to consider when evaluating condo management software. Here are some ways you can evaluate COA management software and find the perfect program or app for your COA clients.
Assess Your COA Client Needs
Every COA is different, so begin by assessing your COA client’s needs. Consider what makes your client’s community unique and make a list of the areas that could use greater efficiency. Does the association have complicated finances that need to be organized? Does their community have shared multi-purpose spaces that would benefit from an online reservation system?
Most COA management software programs are customizable, but some may have extra features you won’t need. Conversely, if your COA clients require lots of management tools for processing invoices and expense reports, make sure you commit to a COA management program that can get the job done. It is critical that you decide whether or not the software is user-friendly.
Once you’ve figured out exactly what your clients need, it’s time to search COA management software for those amazing extra features that can improve your efficiency.
Look for Financial Accounting Features
The best COA management software will include features that will make it easier to manage association finances. Look for COA management software like CINC Systems that can be synced to bank accounts. When you link your bank accounts to your management software, you’ll be able to see your account balances and transactions in real time.
Accounting features are highly useful budgeting tools. Use COA management software to upload receipts for expenses, track operating costs and generate detailed financial reports. Condo management programs and apps eliminate the difficulties associated with traditional paper bookkeeping, allowing you to be more organized.
COA management software with accounting features will also make it easy to file taxes. Many programs can adjust for local and federal taxes, deduct expenses and prepare spreadsheets for CPAs. In the event of a tax audit, management software will ensure that your organization has everything it needs in one convenient place.
Create Payment Processing Portals for Residents and Vendors
We recommend choosing COA management software that gives you the ability to create an online payment portal. Residents can use an online portal to pay association fees anywhere, 24/7. This eliminates the arduous process of collecting paper checks and waiting for checks to clear. Most payment portals also give residents the option to schedule reminders or set up auto-pay.
Vendors can also benefit from COA payment portals. They can submit invoices online, which you can pay immediately. Regardless of your COA client’s other needs, association management software that offers this feature is important, so make sure your condo management software can create online payment portals.
Online Reservation Systems for Shared Community Spaces
Use CINC’s COA management software to create an online reservation system. This will allow residents to schedule events online on their computer, tablet, or smartphone. Calendars can be updated automatically, in real time, to eliminate conflicting appointments. This will automate reservations and save time for everyone involved.
Reservation issues are among the most common disputes between residents in condominiums with shared spaces. If you manage associations with shared community spaces such as pools, gyms, laundry rooms, or multi-purpose rooms, a reliable scheduling system is vital.
Work Order and Maintenance Management
Managing work orders can be one of the most tedious tasks of an association manager. Thankfully, COA management software can streamline this process by allowing you to create a website or online portal where residents can submit work orders directly. They can do so any time of day, and even include photos or videos of the work that needs to be done.
As an association manager, you can sort work orders by date and time, priority, difficulty of work and category. You can also send updates to the residents who submitted the work order so they can monitor the process in real time. Using an online work order submission process will ensure that COA management functions faster than ever.
Choose Software Within Your Budget
Finally, evaluate condo management software based on your budget. Using COA management software can make association management more efficient, eliminating the need for extra jobs and support staff. The financial services provided by accounting software can also save money that would otherwise be allocated to a CPA.
COA management software comes in a variety of price points. Some programs and cloud-based apps are available with a one-time purchase, while others require a monthly subscription. Determine how much your business can afford to spend on management software and choose accordingly. Make sure you commit to software that gives you the most features for the best price.
Evaluating Condo Management Software Is Easy
When you consider the factors above, evaluating COA management software is easy. Adopt the CINC Systems association management program or app today and experience the benefits. You’ll discover the many unique ways using condo management software can help your business prosper.
Related Frequently Asked Questions
- How Can Association Management Companies Working with HOA/COAs Benefit from Association Management Software?
- Top 10 Tips When Managing HOA Accounts
- How Association Managers Benefit from CINC’s Accounting Software
- What Is Association Management Company Accounting Systems?
- Is My Association Management Accounting Data Safe When Using Software Tools?