Association management software is one of the most powerful tools available for your association management business. Like any small business owner, choosing the best software for your company can make a big impact on your bottom line. Association management software helps you increase efficiency and grow your business.
Whether you manage a large homeowners association (HOA) or a smaller condominium association (COA), association management software is key to your success. The right association management software gives you the ability to manage all aspects of your clients’ HOA/COAs. Association management can often be a difficult job, but association management software makes it easier than ever!
If you’re wondering how association management software can improve your business and help you do a better job for your HOA/COA clients, keep reading. The following features make association management software one of the best investments you can make.
Automate HOA/COA Fees and Assessments
Association management software is a versatile system that includes many useful tools. One of these tools is the ability to automate HOA/COA fees and assessments. With software like CINC Systems, you can create an online web portal for collecting fees electronically, 24/7. This can be a significant improvement for you, your clients, and your clients’ residents.
By using association management software to collect payments online, you’ll cut back on trips to the bank because funds are immediately transferred to your clients’ accounts. Then, you’re able to monitor the account balances as they update in real-time. Additionally, you can use this feature to generate a list of which HOA/COA members are behind on payments, as well as the amount they owe.
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Process Work Orders Online
With association management software, you can also process work orders online. Use your HOA/COA management software to create a web portal where residents can submit work orders and maintenance requests online. Unlike paper forms, you’ll be alerted immediately when these requests arrive. There’s no need to go on-site to collect them from a mailbox.
Then, you can automatically sort these work orders by date, category, or priority. This allows you to streamline the repair process. For example, you can easily organize work orders so that all HOA plumbing problems are addressed at the same time. Once the work has been completed, you can also update the ticket online to let residents know that the issue has been resolved.
Set up Automatic Bill Pay
When you manage an HOA/COA, one of your key roles is to assist your clients with their association’s finances. This means ensuring that the HOA/COA never falls behind on its bills. Depending on the client, the HOA/COA may have recurring bills that include utilities, landscaping, waste disposal, private security services, and more.
Using association management software, you can make this process easier than ever. Instead of setting reminders for payments, writing and mailing checks, and balancing the HOA/COA’s ledger by hand, you can set up automatic payments for bills online via your association management software.
Protect Your Clients From Financial Fraud
Like any organization where multiple people have access to financial accounts, an HOA/COA is always at some level of risk for fraud. As an HOA/COA manager, you can help your clients avoid this by keeping a close eye on withdrawals, deposits, and other financial transactions. After all, the sooner you catch financial fraud, the sooner you can prevent it from becoming a bigger problem.
Using association management software can help you with this. With a feature called automatic bank reconciliation, you can link all of your clients’ financial accounts to your HOA/COA management software’s dashboard. This allows you to monitor your clients’ financial transactions as they occur in real-time. By doing this, you can protect the association from fraud.
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Track Income and Expenditures
Proper budgeting is crucial to the success of any association. As an HOA/COA manager, you can assist your clients by keeping them on track with income and expenditures. This means monitoring the association’s financial transactions and seeing how each transaction affects the HOA/COA’s account balance.
With the automatic bank reconciliation features of your association management software, this becomes an easy task. Instead of logging into different websites to check on your clients’ accounts, you can view everything in one place in your online association management software’s dashboard.
Generate Financial Reports
Association management software also gives you the ability to generate financial reports for your clients. As an HOA/COA manager, you’re responsible for presenting valuable financial data to your clients. This helps the association’s board create budgets and informs decisions such as whether to raise fees or levy assessments.
Without association management software, creating a financial report for your client could be a huge, time-consuming task. Thankfully, software like CINC Systems lets you generate reports automatically with the click of a button. You can even customize reports to reflect specific data, such as different financial categories or time periods. Then, you can send each report electronically via email. This saves time printing and mailing presentation materials.
As with any business, association management can quickly generate a long paper trail. But with association management software, most of your business can now be handled online. From work orders to paying bills, you can process these tasks for your clients electronically.
Going paperless has many benefits. It will help your business save money by eliminating printing and paper costs. It also saves you and your clients valuable time. Using association management software to go paperless also makes your company more environmentally friendly.
Finally, association management software enables you to work remotely. By choosing cloud-based association management software like CINC Systems, you receive mobile capabilities that let you manage your clients from anywhere.
Working remotely helps you work more efficiently. Using CINC Systems on your tablet or laptop, you can manage the assets for one client while being on-site to supervise a project for a different client. It’s a win-win for everyone.
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To see how CINC Systems association management software can help your business, click here to request a free demo.