Managing a homeowner association (HOA) or condominium association (COA) can be a lot of work.
What is association management?
Association managers are usually responsible for balancing their client’s budget, collecting resident fees, processing work orders and resolving community issues, such as noise violations.
If managing an HOA/COA feels overwhelming at times, you’re not alone. At CINC Systems, we understand the challenges you face when managing an association. That’s why we created a streamlined, cloud-based platform for helping you manage any HOA/COA. Once you try association management software, you’ll discover how you can be more efficient and successful in all areas. Association management software will prove to be one of the most valuable tools available for running a client’s association.
But what does association management software actually do? How can software meet the specific, unique needs of the HOAs/COAs you manage? Will association management software help solve problems for the association? Here are some great association management software features that can help you run any HOA/COA.
Integrated Bank Reconciliation
HOAs/COAs often have complex financial structures. It’s common for associations to have multiple accounts across different banks and credit unions. Keeping track of every account can be a headache. Luckily, association management software is designed to help with this.
Association management software like CINC Systems offers integrated banking solutions. This means you can connect each of the HOA/COA’s financial accounts to your management software platform. In other words, you’ll be able to view all of your clients’ accounts in one place, instead of logging into multiple websites.
Best of all, integrated bank solutions will update in real-time, allowing you to view transactions as they happen and see all of the association’s most recent balances. This feature ensures accounts won’t become overdrawn. With CINC Systems, you can also use your CINC dashboard to easily transfer money between accounts.
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General Ledger Accounting
Association management software also provides general ledger accounting. When you use a platform like CINC Systems to handle association accounting, you’ll be able to streamline all of the HOA’s/COA’s financials. Association management software lets you manage your client’s money in the cloud and offers tools to automatically balance their books.
In the past, general accounting often meant lots of paperwork, filing, and complicated spreadsheets. Association accounting software makes this largely obsolete. You’ll also be able to use CINC Systems to generate financial reports. These reports can be customized with dynamic fields for specific data ranges, and you can easily send them to your clients via email, or give association boards access online.
Using association management software will also make it easier to file the HOA’s/COA’s taxes. All the association’s data will already be gathered in one convenient location along with a detailed history of expenditures and profits. It’s like having a CPA on your iPad!
Online Payment Portals and Invoicing
When you manage an HOA/COA, payments can be a headache. Collecting resident fees requires lots of paperwork, filing and time spent at the bank making deposits. You also need to implement a detailed system to keep track of which residents have paid and which residents are overdue.
With association management software, collecting fees becomes easy. Use CINC Systems web-based association management software to create an online payment portal for the association you manage. Residents can then pay all their fees electronically via credit card or e-check. Payments will be processed automatically, making it easy to see late fees and other violations.
Online payment portals can also be used to pay the association’s bills and vendor invoices. Vendors and service providers can submit their bills online and you can pay them in just a few clicks. Thanks to CINC System’s automatic banking integration, you’ll be able to monitor the association’s budget as payments are made and received.
Automate Work Orders
Association management software gives an HOA/COA the ability to automate work orders. Using your CINC Systems web portal, you can offer residents the ability to submit repair requests online. Users can also include images and updates regarding their work orders. This can be done 24/7.
From the management side, you can write and manage work orders on-site and organize them digitally. Organize work orders by submission date, category or priority. You’ll be able to use association management software to organize repairs more efficiently and schedule accordingly.
Residents can then receive automatic updates about their work orders via email or online notification. This will reduce unnecessary phone calls and give you more time to focus on other projects. The use of association management software to automate work orders will benefit everyone in the HOA/COA.
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Streamline Communication with Residents
Finally, HOA/COA management software solutions will improve how you communicate with your client’s residents. Use association management software to send email newsletters, collection letters, violation notices, and other announcements. You can also employ integrated call logs.
If the HOA/COA community has shared common spaces like a gym, pool, tennis court or meeting rooms, you can use community association management software to create an online reservation system. This will give residents real-time access to the association’s resources and reduce conflicts over scheduling.
Best of all, association management software can be customized to fit any HOA/COA’s unique needs. You’ll be able to use it to communicate with residents and board members in the most efficient way possible.
See for Yourself with a Free CINC Systems Demo
Association management software offers multiple solutions for the organizations you manage. It doesn’t matter whether you’re managing a large HOA or a smaller COA. From financial management to website portals, software like CINC Systems will take any association to the next level and help you truly thrive as a manager.
Best of all, CINC Systems comes with an intuitive mobile app for managing associations on-the-go. Our platform is customizable for any homeowner or condo association. It’s the only software you will ever need.
Try CINC Systems today and see for yourself. Request a free association membership software demo now and explore all the great features this association management software has to offer.