If you’re an association management company, it’s essential to have the right accounting system. Today, association management companies have the option to turn to websites, cloud-based apps and other online tools—such as CINC Systems—for help in handling their accounting. Before choosing an association accounting system, it’s important to understand how this software works and how it can benefit your company.
Association management accounting systems differ from traditional accounting software in many ways. First, association management accounting systems integrate industry-specific features. An accounting system created for an HOA/COA will include relevant real estate information. This means your software will enable you to track vacancies, create resident profiles, and monitor the condition of the physical properties in your client’s community.
Second, association management accounting programs can be tailored to include electronic sales documents and active property listings. They can also monitor maintenance costs and repairs, work order statuses and invoices.
How Association Management Companies Benefit from Association Management Accounting Systems
HOA/COA management accounting systems help your company at all levels, from the top down. This software offers association managers a number of options for increasing productivity in day-to-day logistics handling, improving overall communication and streamlining financial processing.
Association management accounting software helps association managers track expenses for repairs, supplies, and general maintenance. It allows them to generate invoices with one click and easily compile monthly expense reports. Plus, this software makes it easier than ever to process payments from residents.
Many of these systems are customizable, enabling you to create dynamic fields to track an HOA’s unique set of data. By using a cloud-based application or online accounting system like CINC, everything you and your association managers need will be stored in one place for easy remote access. This will eliminate messy filing systems and cut costs of office supplies.
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Association Management Accounting Systems Offer Many Unique Features
HOA/COA accounting systems offer many great features to help you manage your business. In general, most association management accounting programs offer the following features:
Management of Common Areas:
If an association has common areas such as a courtyard, laundry room, pool or gym, this feature will enable you to calculate the costs associated with the maintenance of these areas. You can also generate reports and update resident usage policies.
Online Payment Portal for Residents:
Save time collecting HOA fees by allowing residents to make online payments, either by auto-billing or direct payment. You can also use online payment dashboards to monitor late fees or damages incurred by misuse.
Track Monthly and Annual Financials and Operating Costs:
Association management accounting systems can assist your business by tracking financials and operating costs on a monthly or yearly basis. Many software systems can be customized to include specific regional property taxes, as well as costs like insurance, utilities, and other expenses.
Easy Integration with Banks, Credit Unions or Other Financial Institutions:
Association management software can support your clients through integration between your bank, credit union or other financial institution. You can sync up your accounts in one place and monitor an association’s finances in real-time. This can help you catch discrepancies between accounts and invoices, as well as snuff out potential fraud. You can also use association management accounting software to generate customizable, easy-to-read financial reports for business partners, residents or board members.
Accounting Software for All Types of Association Management, Big and Small
Whether an HOA/COA client is big or small, there’s a perfect association management accounting system for your needs. The creators of association management accounting software like CINC understand the unique challenges faced by different sized HOAs/COAs, so most systems are scalable.
If you manage a small association, focus on basic functions such as fee collection portals for residents, monthly expense tracking and invoicing.
For association managers operating mixed portfolios or very large communities, choose association management accounting software that offers additional options such as online work order submission pages, maintenance tracking, and advanced financial reporting.
With a little research, you’ll find the management software that’s perfect for your client and their budget. Some products, like CINC Systems, offer a one-stop shop for all your HOA/COA management needs.
Cloud-Based Association Management Systems for Mobile Business
Many association management software is fully customizable and entirely cloud-based, eliminating the need for complex in-house servers. Cloud-based association management systems offer a number of advantages by allowing association managers to be fully mobile. This can help you save time and reduce transportation costs if your clients are spread out across a wide geographical area.
With a user-friendly iPad app, CINC Systems gives association managers the ability to take and upload photographs, send email reports with one touch, and manage work orders from anywhere. These features combine the best of cloud-based software with traditional turn-key management solutions.
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See How Association Management Company Accounting Systems Can Help An HOA/COA Grow
Association management is always evolving. Changes like government regulations and the ebb-and-flow of the economy can have a big impact on the success of homeowner or condominium-owner association’s success. Luckily, with a little advanced planning and smart decision-making, it’s easy to optimize your association management company’s structure to help your clients grow.
Using an association management accounting system can give you an edge over the competition and ensure your success as a manager. Use these online software programs and cloud-based apps to stay organized. An association management accounting system designed to handle your specific needs will help with your short-term and long-term financial planning.
Best of all, many of these systems offer free trials and demos. Why not try a new property management company accounting system like CINC Systems today?