Association managers play a vital role in the success of their clients’ homeowner associations (HOAs) and condominium associations (COAs). Your association manager’s job duties will include many accounting tasks to help your clients manage their organization’s finances. Although accounting may not be the most exciting part of your job, new online accounting software programs make these tasks easier than ever.
Online accounting helps association managers in several ways. It allows you to go paperless, helps you monitor your clients’ finances in real-time, and automates many of the HOA/COA’s daily tasks. With the right accounting software for your association management business, you’ll save time and money by working much more efficiently.
Association management software like CINC Systems offers a wide range of useful features, including built-in online accounting. Using online accounting software to help you manage your clients’ HOA/COAs, you will be able to take advantage of these features and provide superior service. If you’re wondering how online accounting software helps association managers, check out the features below.
Balance the Books in Real-Time
As an association manager, you’re responsible for helping your HOA/COA clients balance their books. Whether big or small, every HOA/COA has various forms of income as well as recurring expenses. To ensure the long-term success of the association, it’s important to monitor your clients’ accounts. In this past, this meant checking bank statements, cross-referencing ledgers, and balancing the books by hand. With online accounting software for association management, however, you can automate this task.
Most online HOA/COA accounting software includes a feature called automatic bank integration. This allows you to sync up all your clients’ different financial accounts in one place. The HOA/COA accounting software will update these account balances automatically and include recent transactions. In other words, you can see deposits and expenditures happen in real-time. This lets you ensure that the HOA/COA is always in good financial health.
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Go Paperless and Backup Data Automatically
Online accounting software for HOA/COA managers also lets you go paperless. When you manage your clients’ finances online, you don’t need physical ledgers or file cabinets full of spreadsheets. You’ll also save money on postage by paying bills and invoices digitally. HOA/COA accounting software also allows you to collect resident fees online, which can be deposited automatically and thus save you a trip to the bank.
Additionally, using online accounting software allows you to backup data automatically. Some online accounting software for HOA/COAs stores your clients’ data in the cloud, which means the information is stored remotely across multiple servers. If your computer crashes or you lose a hard drive, you won’t need to scramble to get the HOA/COA data back. This is a great feature for any association manager, especially those who manage large client portfolios with vast data sets.
Collect Resident Fees Online
In the past, collecting HOA/COA resident fees was a very time-consuming process. Association managers had to collect physical checks from residents, cross-check their records to ensure that everyone paid the correct amount on time, and go to the bank to make deposits. Then, it would take a certain amount of time for the deposits to clear.
With online accounting software, you can make this process much more efficient by digitizing everything. Use your HOA/COA accounting software to make a web portal where residents can pay their fees online via credit card or e-check. Then, link the software to your clients’ bank account so the fees are deposited automatically. You can also use online accounting software to generate a list of delinquent payments.
Process Accounts Payable and Receivable
Online accounting software for HOA/COA management gives you the freedom to process accounts payable and receivable from the convenience of your computer. With association management accounting software, you can give vendors the option to submit their invoices online. This lets you process payments electronically.
When money is owed to the association, you can also use online accounting software to generate an invoice on the HOA/COA’s behalf. This can be sent via email or a direct link. By using online invoices, third-parties will be able to pay faster. You can also send electronic reminders to collect.
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Generate Financial Reports
As an association manager, it’s important to brief your clients about the financial health of their HOA/COA. In the past, this meant combing through spreadsheets and bank statements, crunching the numbers manually, and preparing data reports by hand. Using online accounting software for association management, this process is streamlined and automated.
Most association management accounting software includes the ability to generate financial reports with the click of a button. You can choose specific data sets, such as a date range or transaction category, then email the reports to your clients and their board members. Online accounting software for associations makes it easier than ever to share financial information with the HOA/COAs you manage.
Automate Bill Pay
Most associations require recurring services for upkeep, such as landscaping, general maintenance, or security services. There may also be utility bills for shared spaces or municipal utilities like sanitation. As an association manager, you’ll be helping your clients’ HOA/COA ensure that their bills are always paid on-time so services are never interrupted.
With online accounting software for associations, you can automate all the association’s bills. Once you set up an automatic bill pay for your clients, you’re good to go! Instead of spending time each month paying bills individually, they’ll be handled by the accounting software. This frees you up to focus your energy elsewhere.
Manage HOA/COA Accounts Remotely
Finally, using online accounting software helps association managers work remotely. Because most online accounting software for HOA/COAs is cloud-based, you can access your clients’ data from any laptop or tablet with an internet connection.
For HOA/COA managers with a large client portfolio, this lets you manage financial accounts for one client while being on-site for another. This convenient feature allows you to work from literally anywhere.
Try CINC Systems
With all these amazing features, online accounting software helps association managers run successful HOA/COAs for their clients. See how online accounting software can help your business today with a free CINC Systems demo. Call us at (855) 943.8246 to request a free trial.