One of the primary duties of a Homeowners’ Association (HOA) manager is to administer its finances. Even for a relatively small community, this is no small task — especially when using standard accounting methods. Manual payables and receivables processing and report generation can be time-consuming and prone to errors.
Although the accounting process can seem overwhelming, an integrated banking system could be the solution your company needs to keep things running smoothly. The automation and seamless centralization of integrated banking make it an indispensable community management tool.
Follow these top four tips for using an integrated banking system to ensure you are getting the most out of your community management software.
Link all of Your Accounts on One Centralized Platform
Integrated banking systems allow you to use a single login to access all of your transactions, balances, and statements in one place. A centralized platform facilitates:
- Real-time transfers between accounts
- Automated data imports for faster and more accurate reports
Be sure all of your bank accounts are linked to the system for maximum benefit. If any are not connected, you will still need to manage those accounts manually.
Leverage Auto Reconciliation and Customizable Alerts
The banking integration system in CINC Systems’ association management software offers automatic account reconciliation. This means:
- Faster accounting and month-end reports
- Real-time updates
- Daily reconciliation reports to keep accounts balanced throughout the month
If you are concerned about losing control with too much automation, you can also set up customizable alerts. These notices will give you a heads up about certain transactions or balance levels.
For example, if you want to know when an account balance drops beneath $1,000, you can program the software to send you an alert whenever it reaches that threshold. This gives you ultimate control and oversight while still utilizing the convenience of automation.
Set up HOA Website Portals
With branded and customizable online portals, association board members and homeowners can logon anytime to access financial reports, account information, and payment platforms. Since integrated banking allows for real-time updates, your clients will have the latest and most accurate data at their fingertips.
Increased financial visibility and access to information will lead to improved client satisfaction and retention. The use of HOA website portals empowers association managers to make the most of integrated banking’s fundamental advantages.
Employ a System Designed Specifically for HOA Management
Integrated banking is a powerful tool for any business, but to get maximum benefit, you should look for a custom-made system for association management. Aim for accounts receivable features to expedite HOA dues collections, including:
- Lockbox services
- Remote deposit capture
- Payment matching to automatically credit correct accounts
- Recurring payment capability
- Automatic merging of varying payment methods
CINC Systems’ community association management software delivers all of these features, and more. Save time and money for your team and streamline your accounting processes with CINC’s robust all-in-one CAM software with an integrated banking system.