What Is Homeowner Association (HOA) Accounting Software?
Every homeowner association, or HOA, needs a rock-solid accounting system. With challenges like payment collections, work order processing, invoice payments, and regular maintenance, association managers have a lot on their plates. Luckily, association accounting software like CINC Systems can provide association managers with everything they need.
Accounting software for HOAs offers many advantages over traditional bookkeeping. With HOA management accounting software and cloud-based apps for tablets and smartphones, general accounting tasks such as managing an association’s accounts receivable and payable is easier than ever.
You can also create budgets, generate automated monthly reports, simplify billing, and streamline an HOA’s organizational system. Plus, association accounting software lets you track association finances from anywhere with an Internet connection.
How do you choose the right software program for your client’s needs and get the most out of it? Here are a few tips and considerations:
Choose the Right Accounting Software by Assessing Your Clients’ Needs
There are many different kinds of HOA management accounting software, as well as customizable general accounting software and spreadsheet programs. Most programs or apps will include basic features like finance monitoring and invoicing. However, many tools go above and beyond by providing more advanced options.
How do you choose the best HOA accounting software? Start by considering the needs of your clients’ associations. Look at the numbers. How many homes are do they have? How many residents do they have? Does their association employ a lot of vendors or on-site maintenance crews and landscapers?
If you work with large communities, you’ll need powerful and customizable association accounting software. Choose HOA management accounting software like CINC that can perform advanced functions, such as implementing a web portal for submitting work orders online. Added features will help you automate the day-to-day logistics of managing an HOA community.
For smaller HOAs, however, you may only need basic features such as payment processing, invoicing and account balance monitoring. Simple and straightforward HOA management accounting programs tend to be easier to set up and operate, which is a benefit to association managers who don’t have a lot of time to learn new software.
The Best Features of HOA Management Accounting Software
HOA management accounting software has a number of features that can help association managers. In addition to performing financial functions, many HOA management software programs can implement resident web portals or dashboards.
These portals can be accessed online or via a smartphone or tablet. They offer several beneficial features:
- Make Automated Payments: With HOA management accounting software web portals, residents can make online payments 24/7. Payments can also be automated via direct debit
- Submit Work Orders: HOA members can submit work orders online, which association managers can easily sort by submission date, priority and category. Work orders can then be updated and monitored online
- Report Other Issues: Residents can submit reports about noise violations, unauthorized construction and other issues affecting the community
- Reservation System for Common Areas: If a community has shared common areas, such as a pool, gym, or multi-purpose room, your HOA management software can create a system for helping community members make reservations online
- Go Green – Keep Documents Online: Save paper (and filing time) by making resident documents, work order forms and community guidelines available online in your HOA dashboard
- Community Calendar: Maintain HOA events calendars and make announcements for community events easily accessible online. You can also implement a digital bulletin board
With dynamic, fully customizable software programs, the sky’s the limit. HOA management accounting tools can vastly improve your company’s organization.
HOA Management Accounting Software Is Worth the Investment
HOA management accounting software and apps like CINC Systems are available at a range of price points. Some software is available for a one-time cost, while others require a monthly subscription fee. Other association management accounting software is free or low-cost, but requires payment to unlock premium features.
Different HOA management accounting programs and apps also have a variety of computer system requirements. Cloud-based apps like CINC are the most user-friendly and run on most smartphones and tablets. Accounting software that’s server-based, however, will need a dedicated computer and may require more maintenance and hardware.
The benefits of using HOA management accounting software far outweigh the costs. Association management accounting software can replace the need for additional office staff and CPA services. By digitizing HOA bookkeeping, you’ll also save on paper, printer ink and postage costs.
Plus, association management accounting software will save you hours in labor by automating the tasks needed to run an HOA. HOA accounting programs and cloud-based apps are well worth the investment.
HOA Management Accounting Software Gives You All the Tools You Need
HOA management accounting software gives you all the tools you need to efficiently manage an HOA. Whether the HOA is large or small, HOA management accounting software will provide many benefits. The versatility of association management accounting software means you will have all the tools you need to improve and grow.
The sooner you install HOA management accounting software, the sooner you’ll reap the rewards of streamlined financial organization and online efficiency. Compile a list of features you and your clients need, determine a software budget, and find the best software program or app for your needs. Make the switch today to CINC Systems and see how HOA management accounting software improves your business!
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?