One of the best things you can do for your homeowners’ association (HOA) clients is to help them save money. As an HOA manager, you’ll assist your clients with their budgets, payments, and other fiscal requirements. When you can do more to help them save money, you’ll be able to offer even more valuable service and set your HOA management business apart from the competition.
To help your clients’ HOAs save money, use an integrated banking system. Integrated banking has several key advantages over traditional banking. When properly implemented, integrated banking will help you manage your clients’ associations more efficiently than ever. This will enable you to help your clients save money.
Here’s how integrated banking can save money for your clients’ HOAs.
What Is Integrated Banking?
First, to understand how integrated banking helps HOAs save money, it’s important to learn what integrated banking means and what sets it apart from other banking methods. If you’re not familiar with integrated banking, the term may sound vague or confusing. However, integrated banking actually describes a very specific type of banking.
In an integrated banking system, different software systems are able to “speak” to one another by exchanging data. This means that the information in one account can be viewed in another account, even if that second account exists on a completely different platform. How does this affect HOA finances?
With integrated banking for HOAs, you can link each of your clients’ financial accounts to your HOA management accounting software. In other words, you won’t need to login to individual banking websites to view your clients’ finances. All the data you need will be easily available on your accounting software’s dashboard.
While this might not sound like a game-changing feature, it can actually make a huge impact on your HOA management business. Integrated banking streamlines many aspects of financial management for you and your clients. By saving time, you’ll automatically save money. But you’ll also help your clients get more from their HOA budget by utilizing the great features offered by integrated banking.
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Best Type of Software for HOA Integrated Banking
To use integrated banking features to help your clients’ HOA save money, it’s important to choose the best type of integrated banking software. While there are many options available, we recommend choosing software that’s specifically designed for HOA accounting.
HOA accounting software like CINC Systems is fully customizable and offers multiple great tools for your association management business, including integrated banking. Consider your business’ software budget and choose a program that offers the integrated banking features you need.
Integrated Banking Features to Look For
If you’re selecting HOA accounting software with integrated banking features to help your clients’ HOAs save money, there are certain key features to look for. Make sure you invest wisely and choose software that’s easy to install, simple to use, and versatile.
Any integrated banking software for HOA management should include the following features:
Real-Time Account Updates
First, make sure that the software’s integrated banking features include real-time updates. This means that the accounts that have been synched to your software dashboard will reflect financial information live, as it happens. Real-time account updates enable you to monitor your client’s financial transactions as they occur.
This will help you save money for your clients because it will enable you to make better decisions about spending. For example, let’s say you need to hire a contractor to perform work for the association. If you see that an account balance is lower than projected after a recent transaction, you’ll be able to choose a contractor with a more appropriate rate or potentially postpone the work. This will help the HOA save money.
It’s also recommended to choose integrated banking software that uses secure data encryption. Data encryption ensures that your client’s financial information is safe from unauthorized third-parties as it travels back and forth between your system and the bank’s. Encryption works by “scrambling” the data with an encryption key, so it can’t be viewed by anyone else.
Online Payment Portals
Next, look for integrated banking software that includes the option to create an online payment portal. An online payment portal is a website where the HOA’s residents can pay their fees and assessments electronically via credit card or e-check. This makes the collections process easier than ever.
This great feature helps your client save money because it optimizes your time as a manager. In the past, collecting and processing payments by hand could take several days. HOA managers needed to collect each check, deposit it, wait for the check to clear, then cross-reference the payments with a member directory to ensure that everyone has paid on time.
Integrated banking dramatically cuts down on the time spent collecting and processing resident fees. With the extra time, you’re able to take on more projects for your client. Thus, they get better value for your work.
Electronic Bill Pay and Invoicing
Another way that integrated banking can help an HOA save money is through electronic bill pay and invoicing. Make sure that any integrated banking software you choose for your HOA management business offers this feature.
With electronic bill pay and invoicing, you can handle all accounts payable and accounts receivable electronically. Utilities and other recurring monthly bills can be paid automatically, as well, so you don’t even have to think about it.
By paying bills and processing invoices online with integrated banking, you ensure that your clients never miss a payment. This means they’ll never lose money on late fees or penalties.
Try CINC Systems
Integrated banking is one of the best ways for an HOA to save money. As an association manager, it’s your job to help your clients stretch their budgets and receive the highest quality service without breaking the bank. The features of an integrated banking system can streamline your business.
To experience this optimization, as well as great money-saving features, try CINC Systems today.