The Best Features of Community Association Management Accounting Systems
Managing a community association can be a lot of work. Whether you’re responsible for homeowner associations (HOAs) or condominium associations (COAs), or both, you’re going to have a lot on your plate. Association managers help their clients with a wide range of tasks, from daily operations to big picture projects. Accounting will often be one of your most important responsibilities.
As an association manager, you’ll help with finances for your clients’ HOA/COAs. This can include collecting resident fees, paying bills and vendor invoices, monitoring transactions, and generating financial reports. Association accounting can be complex and time-consuming. Luckily, there’s great software like CINC Systems to help you get the job done.
With CINC Systems, you’ll benefit from a variety of community association management accounting features. Accounting systems like CINC help you organize your clients’ finances and make your management business more efficient. Here are some of the best features of association management accounting systems.
Real-Time Automatic Bank Integration
As with any organization with communal finances, homeowner associations and condominium associations may be at risk of fraud or theft. There’s also the potential for going over-budget. As an association manager, part of your job is monitoring your clients’ financial transactions. By assisting with this, you ensure the HOA/COA remains in good fiscal health.
Association management accounting systems provide a feature called bank integration. With bank integration, you can link all your clients’ bank accounts to your association management software. This allows you to monitor the accounts in your CINC Systems dashboard without logging into multiple websites. Accounts also update in real-time, so you can see financial transactions as they occur. If there’s ever an issue, you’ll be able to spot it right away and resolve it quickly.
Easy Mobile Access
Another great association management accounting software feature is mobile access. Platforms like CINC Systems are based in the cloud. Cloud-based mobile software lets you access your clients’ data and work from any laptop or tablet with an internet connection.
Being mobile is essential for a busy HOA/COA manager, especially when you’re managing a large client portfolio. You can perform accounting duties for one client while being on-site managing a project for a different client. By using association accounting software with a mobile app, you’ll be able to perform your duties from any location.
General Ledger Accounting
General ledger accounting isn’t the most exciting part of association management, but it’s one of the most important tasks. General ledger accounting lets you get a snapshot of an association’s current financial status.
Managing an HOA/COA’s general ledger by hand, using spreadsheets, can be an overwhelming task. Luckily, association management accounting software like CINC Systems includes general ledger accounting features. After integrating your clients’ bank accounts into your CINC Systems platform, you can begin balancing their general ledger online and avoid the extra time, calculations, and paperwork.
Generate Financial Reports
When you manage an HOA/COA, your role may include advising the clients’ Board in financial decision making. You may also be responsible for providing information to help with filing taxes, performing internal audits, and guiding the association’s leadership during budget meetings. This means you’ll need to prepare financial reports for the HOA/COAs you manage.
In the past, preparing a financial report could be a very time-consuming effort. However, association management accounting software like CINC Systems makes it easier than ever. With CINC Systems, you can generate financial reports automatically. Reports can be customized to specific time periods, transaction categories, or other data sets. These reports can then be emailed to Board members with the click of a button.
Collect and Process Resident Fees
Collecting resident fees is one of the primary duties of an association manager. In the past, this process could be tedious and time-consuming for everyone involved. Residents had to deliver or mail physical checks, then managers had to deposit the payments and wait for them to clear. Association management was also responsible for tracking which residents paid on time and which ones were delinquent.
With association management accounting software like CINC Systems, collecting resident fees can be a simple, fast, paperless process. Association managers can use CINC Systems to create a web portal where residents easily pay their fees online via e-check or credit card. Payments are electronically deposited, saving you a trip to the bank. Plus, the accounting software will automatically update the resident database to display who’s paid and who hasn’t.
Process Work Orders / Accounts Payable
Similarly, association management accounting software provides the ability to create a web portal for processing work orders. When residents need to submit a repair, they can submit their work order online and even include a photo showing the work that needs to be done. On the management side, you can sort work orders by submission date, category, and priority. This will help you coordinate with vendors and schedule work more efficiently.
Once a work order has been completed, association management accounting software lets the vendor submit their invoice online. Your software dashboard will include accounts payable, so you can pay the vendor as soon as the work is finished. Residents also love this feature because they can see the status of their work order online and receive notifications when the repair is finished.
Try CINC Systems for Your Association Accounting Business
These are just some of the great features community association management accounting systems have to offer. To see how HOA/COA accounting software can help your business, try CINC Systems today. CINC Systems includes bank integration, general ledger, and collection processing, and it lets you generate financial reports from anywhere with an intuitive, all-in-one cloud-based system. It’s the only association management accounting platform you’ll ever need.
Best of all, CINC Systems is scalable to any size homeowner association or condominium association. No matter what kind of clients you have in your association management portfolio, CINC Systems can help. Click here or call 855.943.8246 for a free demo.
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