How Do Association Management Companies Benefit from Accounting Software?
Association management companies benefit from accounting software in several ways. Whether you manage a large or a small homeowner association (HOA), the right accounting program or mobile app will strengthen your approach. It can streamline the way you run your business and cut costs. If you don’t currently use accounting software, or if your software is outdated, you’ll discover a number of benefits when you switch to a new system such as CINC Systems association management software.
Accounting software for association management makes it easier than ever to track finances, pay and send invoices, communicate with residents, and process work orders. What’s more, by creating web portals for residents, CINC can help your association management team increase operational efficiency and free up more resources to devote to other areas of business.
For many businesses, managing an HOA can be a lot of work—but it doesn’t have to be! Incorporate CINC’s accounting software into your association management business and see the benefits for yourself. Different software and apps come with different features; however, most association management programs offer a few basic, universal tools that will be useful to any client.
Here are some of the ways accounting software like CINC Systems and apps give your association management company an advantage:
Track Finances and Improve General Accounting
Accounting software is the ultimate way to stay organized. This type of software can be linked directly to a homeowner association’s bank accounts, which means you’ll be able to monitor client deposits and withdrawals in real time, allowing greatly improved financial management.
Association accounting software can also generate specialized reports that you can send to residents, board members, or investors via email. These reports can be customized to give a snapshot of specific time periods or categories, like expenditures versus income.
Using association accounting software will also improve your clients’ accounting process by streamlining their data. Instead of scanning receipts, filing invoices, and double-checking figures with bank statements, CINC Systems allows you to keep all HOA financial data in one convenient, secure dashboard.
Increase Efficiency for Association Managers and Other Employees
By implementing CINC’s online accounting system, your association management’s staff will save time by using one program or app to manage the HOA instead of multiple systems. An added bonus is that physical paperwork will be reduced.
Association accounting software also lets staff be mobile. This is a key benefit for large homeowner association clients, whose homes are spread out across a wide geographical area. By accessing accounts online, association managers won’t be chained to their desks. They can use a laptop, tablet, or even their smartphones to submit and pay invoices, track work orders, communicate with HOA members, and manage community scheduling.
Pay Association Fees and Receive Payments Any Time, Anywhere, 24/7
Most homeowner association software tools enable managers to create unique web portals for their HOAs. This powerful feature dramatically improves the streamlining of HOA finances. With a web portal, members can pay association dues and other fees online from any location, day or night.
This frees association managers from the arduous, time-consuming task of collecting association fees in person or by mail. It also reduces processing time because fees will be directly deposited into HOA accounts electronically via debit or credit, rather than by check. Members benefit because this feature allows them to automatically schedule fee payments.
Submit Work Orders Online
Managing work orders online is another perk of using an association management accounting software web portal like CINC Systems. Association management software tools give residents the ability to submit work orders online and include relevant photographs or videos to capture the item that needs repairing.
Managers can sort work orders by submission date, priority, location, category or other custom variables. They can get a digital snapshot of the work that needs to be done and schedule repairs accordingly. Association management software also allows managers to receive online invoices for labor and materials, which can be paid immediately with a few clicks.
Both managers and clients can track the status of a work order in real time and see when the job has been completed. This system leads to faster repairs and more satisfied members.
Automated Billing for Monthly Maintenance Services
Tired of paying lots of bills each month? CINC’s association accounting software gives you the ability to automate your clients’ A/P. Just connect your bank accounts to your association software or app, and you can schedule regularly occurring payments. This can cover utilities, waste pickup, landscaping, maintenance services and more.
Third-parties such as plumbers and general contractors can also submit invoices online, which you can pay immediately with the real-time funds available in your bank accounts. This is one of the best features of association accounting software because it slashes paperwork and ensures a balanced account sheet.
Improve Communication Among Residents
CINC’s association accounting software can also improve communication between residents. If the HOA you manage has shared community spaces, such as gyms, pools, laundry rooms, or rec centers, you can customize your accounting software’s web portal to handle the scheduling online. An online reservation system for these shared resources is a significant improvement over traditional methods.
Among its many other convenient features, CINC’s software can be used to create and maintain resident directories. This is helpful for making announcements, scheduling meetings and planning community-wide events for holidays or other celebrations. Residents can also use their web portal to communicate discreetly with management and staff if they experience disputes with their neighbors.
Many Association Benefits, One HOA Software
Homeowner association software offers many benefits in one neat package. It’s convenient, efficient and affordable. Try CINC Systems HOA accounting software or cloud-based apps today and see how these online tools can facilitate the lives of your clients!
Related Frequently Asked Questions
- How Can Association Management Companies Working with HOA/COAs Benefit from Association Management Software?
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- Is My Association Management Accounting Data Safe When Using Software Tools?