Accounting software is one of the most valuable tools for any association management company. Whether you’re managing a large homeowner association (HOA) or a smaller condominium association (COA), you’re going to need accounting software to keep your client’s organization running smoothly. Accounting software for association management helps with daily tasks and the HOA’s/COA’s big picture projects.
Association Management Company Accounting Software will help you create budgets, collect and process resident fees, and pay invoices from vendors. You can also integrate an association’s bank accounts into your software, giving you a live snapshot of account balances and transactions in one convenient place. Plus, HOA/COA accounting software lets you generate customized financial reports to share with your clients. Don’t overlook the ability to have automatic online account reconciliations, one of the most time-consuming tasks in the Accounting Department!
If your current accounting system is lacking, it’s time to give CINC Systems a try! But how do you actually use association management company accounting software? Once you’ve decided to take the next step and optimize the finances of the association you manage, you can get started by following a few easy steps.
Check Computer Requirements
First, check the computer system requirements for HOA/COA software. Depending on the software you’ve chosen, the system requirements will vary. Some software may require a dedicated desktop computer or even a server. Other association management accounting software can run on your laptop, tablet, or even a smartphone.
We recommend using the latest operating systems to ensure your accounting software runs smoothly for the associations your company manages. Make sure your Windows, Mac, or iOS device is running the most recent version. You’ll also want a reliable high-speed Internet. A strong WiFi network is also important for using HOA/COA accounting software on-the-go.
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Buy the Best Software to Meet Any Association’s Unique Needs
After you’ve updated your computer system requirements, consider the unique needs of the associations you manage. Are you managing HOAs with multiple sub-associations or a smaller COA with just a few units? How many residents belong to your client’s associations? Do the associations you manage have shared community spaces such as a tennis court, laundry facility, or multi-purpose room that would benefit from an online reservation system?
Every association is different, so you want to make sure you purchase accounting software that meets the various HOA’s/COA’s unique needs. Once you understand how to use management software, you can shop around for the best program for your unique needs.
CINC Systems is one of the top platforms for association management and accounting because our software is customizable and can be scaled to fit any size community.
Install the Software and Setup User Accounts for Managers
Next, follow the installation instructions for running your software on your computer or internet device, then create your user accounts. Give yourself admin access and add anyone else who needs to use the software, such as co-managers or other employees.
When creating user accounts for HOA/COA accounting software, we encourage everyone to use strong passwords. This will keep your client’s association data safe. Here are some quick tips to create a strong password–and remember, never share your password with anyone!
- Use a minimum of eight characters, ideally 16
- Use a combination of uppercase letters, lowercase letters, numbers and symbols
- Make your password harder to crack by substituting letters with numbers or symbols. For example, use “5” for “S” or “#” for “H”
- Avoid personal information like birthdays and the names of family members or pets
- Never store your password in an email, spreadsheet, or Word document on your computer
Link HOA/COA Financial Accounts to Your Management Software
Now it’s time to put your HOA/COA management accounting software to work! With CINC Systems’ automatic bank reconciliation, you can save huge amounts of time doing your monthly reconciliations. Then you can begin monitoring all of the association’s financial transactions in real time and from one convenient place.
Make sure to add all the financial information for the HOAs/COAs you manage. This will help you track the association’s budgets, resident fees, investments, and expenditures.
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Add Association Data
After you’ve linked the association’s bank accounts to your accounting software, it’s time to add other data. This may be the most time-consuming part of the process, but it will be worth it once you’re done. Putting all of your client’s association data in the cloud via a platform like CINC Systems means you’ll never have to waste time with file folders and paperwork again!
And don’t forget to add all relevant data for the HOAs/COAs you manage. This may include information such as home statistics, resident contact information, insurance information, vendor lists, and maintenance schedules. You can also create calendars and public directories for residents.
Create Web Portals for Payment Processing
In the old days, collecting resident fees was one of the most arduous tasks for association managers. With the proper accounting software, you’ll be able to process all payments online. Create a web portal where residents can pay their association fees online via credit card or e-check. The transactions will process automatically and allow the HOA/COA to go paperless.
Create Web Portals for Work Orders
Next, use HOA/COA accounting software to implement web portals for work orders. Create a page where residents can submit descriptions of repairs they need, and even upload photos from their computer, tablet or smartphone. The association management accounting software will be able to sort the work orders by submission date/time, category and priority.
This will allow you to organize repairs more efficiently, as contractors and other service providers will be able to submit their invoices directly via email or web. You’ll be able to pay bills with the click of a button and monitor the HOA/COA’s budget in real time.
Go Live and Enjoy the Benefits of Association Management Accounting Software
Now that you’ve installed the best accounting software for the HOA/COA you manage, created user accounts and implemented web portals for fee processing and work orders, it’s time to sit back and enjoy the benefits. You’ll soon discover how association management company accounting software makes your day-to-day operations smoother and easier.
If you’re not using accounting software for the association you manage, try CINC Systems today. Request a free demo now.