Is Association Management Software Only For Managing Homeowner Associations?
Association management software is for more than just managing homeowner associations (HOAs) and condominium associations (COAs). With association management software like CINC Systems, you gain a valuable tool for running your business, not just managing your clients’ HOAs/COAs. Association management software also offers great accounting features.
When you choose the best association management software for your company, you can optimize your workflow and increase efficiency several times over. In many ways, HOA/COA software is like having multiple employees rolled into one. Your association management software can help you with daily tasks, client communication, accounting services, and more.
The right HOA/COA management software enables you to work smarter, not harder. It provides easy-to-use features that help you in all aspects of your management company. Although association management software is vital for the work you perform on behalf of your clients, these powerful programs offer a world of benefits beyond the basics.
So is association management software only for managing homeowner associations? Definitely not! Learn how association management software can help all aspects of your HOA/COA business.
Go Beyond the Basics
There are many different types of association management software. Many of these programs are designed for specific kinds of HOAs or COAs. For example, some association management software is meant for smaller organizations with only a few dozen members. Other software can handle a large portfolio of commercial neighborhood associations. The best software can be customized to handle more than basic management duties.
This is because managing a homeowner association often requires you to go beyond the basics. Every HOA/COA you manage will have certain universal needs, such as site maintenance, payment processing, community rule enforcement, and more. However, every client is unique. Association management software like CINC Systems offers features that go above and beyond to make sure you can deliver amazing service to your clients.
For example, most association managers communicate with their clients’ residents about rules, fee payment schedules, and news regarding maintenance and repairs. But let’s say your client wants you to do more, such as a monthly email newsletter with a community calendar, gardening tips, or other fun topics. Although there are many software programs designed for email newsletters, the right association management software will include features to send emails right from your dashboard.
Association management software like CINC Systems also includes the ability to take photographs of your clients’ properties, to upload for maintenance requests and work orders. This makes it easier than ever to schedule repair jobs for your clients.
Accounting for HOAs/COAs
Financial management is a very important part of managing an HOA/COA. Most association management software also includes a variety of accounting features for your clients’ finances. With these accounting features, you can say goodbye to spreadsheets, CPAs, and money management software.
As membership-run organizations supported by resident fees, associations have unique financial needs. And, you can use your association management software for this purpose. For example, you can use HOA/COA management software to handle the following accounting tasks:
- General Ledger Accounting: Balance your clients’ books in real-time, automatically, and track incoming withdrawals, deposits, and expenditures.
- Accounts Payable and Receivable: Use HOA/COA management software accounting features to pay vendor invoices, as well as receive payments to the clients’ associations.
- Automate Billpay: Setup automated bill payments for your clients’ monthly expenses, such as landscaping, utility bills, waste disposal, and security services.
- Track the HOA/COA Reserve Fund: Monitor the status of the HOA/COA’ s reserve fund to ensure your client’s organization is in good long-term financial health.
- Receive Resident Fees: Create an online payment portal where residents can submit their association fees electronically, which can then be automatically deposited into the clients’ accounts.
- Create Financial Reports: Use HOA/COA management software to easily create financial reports for your clients, which you can also use to help clients assess their budgets.
When you understand how association management software can handle the unique needs of HOA accounting, you’ll see that this software does more than just manage your clients’ HOA/COA daily responsibilities.
Accounting for Your Business
In addition to accounting features that are useful for your clients, many of the tools provided by association management software will also benefit your own business. Setup a profile for your association management company in your software dashboard to track your own finances. Then, monitor your accounts to ensure you’re staying within your target budget.
Using association management software, many management businesses are able to forgo using other accounting software or spreadsheets. The powerful tools provided in HOA/COA accounting software can be easily transferred and implemented in your own business. For example, you can use your HOA/COA management software to generate invoices for your clients.
Tools for Marketing Analysis
Finally, association management software is useful for marketing your business. At its core, association management software is about managing and processing data. You gain access to your clients’ finances, as well as statistics about their membership fees, resident move-ins and move-outs, and more.
This gives you a snapshot of the current state of the HOA/COA industry. With proper analysis, you can identify trends and anticipate new challenges that your clients may need solved. With this information, you can expand your client base with targeted ads and other forms of strategic marketing.
CINC Systems: More Than Just Management Software
Association management software can make a huge, positive impact on your business. By using association management software, your business will grow and you’ll be able to deliver amazing results for your HOA/COA clients.
Experience the difference today. Request a free demo or call (855) 943-8246 to learn more about CINC Systems’ association management software platform.
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?