Community Financials

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.

For a free consultation, call 855.943.8246

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.

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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!

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Association managers play a vital role in the success of their clients’ homeowner associations (HOAs) and condominium associations (COAs). Your association manager’s job duties will include many accounting tasks to help your clients manage their organization’s finances. Although accounting may not be the most exciting part of your job, new online accounting software programs make these tasks easier than ever.

Online accounting helps association managers in several ways. It allows you to go paperless, helps you monitor your clients’ finances in real-time, and automates many of the HOA/COA’s daily tasks. With the right accounting software for your association management business, you’ll save time and money by working much more efficiently.

Association management software like CINC Systems offers a wide range of useful features, including built-in online accounting. Using online accounting software to help you manage your clients’ HOA/COAs, you will be able to take advantage of these features and provide superior service. If you’re wondering how online accounting software helps association managers, check out the features below.

Balance the Books in Real-Time

As an association manager, you’re responsible for helping your HOA/COA clients balance their books. Whether big or small, every HOA/COA has various forms of income as well as recurring expenses. To ensure the long-term success of the association, it’s important to monitor your clients’ accounts. In this past, this meant checking bank statements, cross-referencing ledgers, and balancing the books by hand. With online accounting software for association management, however, you can automate this task.

Most online HOA/COA accounting software includes a feature called automatic bank integration. This allows you to sync up all your clients’ different financial accounts in one place. The HOA/COA accounting software will update these account balances automatically and include recent transactions. In other words, you can see deposits and expenditures happen in real-time. This lets you ensure that the HOA/COA is always in good financial health.

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Go Paperless and Backup Data Automatically

Online accounting software for HOA/COA managers also lets you go paperless. When you manage your clients’ finances online, you don’t need physical ledgers or file cabinets full of spreadsheets. You’ll also save money on postage by paying bills and invoices digitally. HOA/COA accounting software also allows you to collect resident fees online, which can be deposited automatically and thus save you a trip to the bank.

Additionally, using online accounting software allows you to backup data automatically. Some online accounting software for HOA/COAs stores your clients’ data in the cloud, which means the information is stored remotely across multiple servers. If your computer crashes or you lose a hard drive, you won’t need to scramble to get the HOA/COA data back. This is a great feature for any association manager, especially those who manage large client portfolios with vast data sets.

Collect Resident Fees Online

In the past, collecting HOA/COA resident fees was a very time-consuming process. Association managers had to collect physical checks from residents, cross-check their records to ensure that everyone paid the correct amount on time, and go to the bank to make deposits. Then, it would take a certain amount of time for the deposits to clear.

With online accounting software, you can make this process much more efficient by digitizing everything. Use your HOA/COA accounting software to make a web portal where residents can pay their fees online via credit card or e-check. Then, link the software to your clients’ bank account so the fees are deposited automatically. You can also use online accounting software to generate a list of delinquent payments.

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Process Accounts Payable and Receivable

Online accounting software for HOA/COA management gives you the freedom to process accounts payable and receivable from the convenience of your computer. With association management accounting software, you can give vendors the option to submit their invoices online. This lets you process payments electronically.

When money is owed to the association, you can also use online accounting software to generate an invoice on the HOA/COA’s behalf. This can be sent via email or a direct link. By using online invoices, third-parties will be able to pay faster. You can also send electronic reminders to collect.

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Generate Financial Reports

As an association manager, it’s important to brief your clients about the financial health of their HOA/COA. In the past, this meant combing through spreadsheets and bank statements, crunching the numbers manually, and preparing data reports by hand. Using online accounting software for association management, this process is streamlined and automated.

Most association management accounting software includes the ability to generate financial reports with the click of a button. You can choose specific data sets, such as a date range or transaction category, then email the reports to your clients and their board members. Online accounting software for associations makes it easier than ever to share financial information with the HOA/COAs you manage.

Automate Bill Pay

Most associations require recurring services for upkeep, such as landscaping, general maintenance, or security services. There may also be utility bills for shared spaces or municipal utilities like sanitation. As an association manager, you’ll be helping your clients’ HOA/COA ensure that their bills are always paid on-time so services are never interrupted.

With online accounting software for associations, you can automate all the association’s bills. Once you set up an automatic bill pay for your clients, you’re good to go! Instead of spending time each month paying bills individually, they’ll be handled by the accounting software. This frees you up to focus your energy elsewhere.

Manage HOA/COA Accounts Remotely

Finally, using online accounting software helps association managers work remotely. Because most online accounting software for HOA/COAs is cloud-based, you can access your clients’ data from any laptop or tablet with an internet connection.

For HOA/COA managers with a large client portfolio, this lets you manage financial accounts for one client while being on-site for another. This convenient feature allows you to work from literally anywhere.

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With all these amazing features, online accounting software helps association managers run successful HOA/COAs for their clients. See how online accounting software can help your business today with a free CINC Systems demo. Call us at (855) 943.8246 to request a free trial.

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Homeowners Association (HOA) software offers many useful features. As an HOA manager, the right association software can dramatically improve your business. Association software gives you the tools you need to manage all your clients’ resources. This includes the HOA’s finances and other critical information needed for regular reports.

Reporting to the HOA board is one of your key responsibilities as an association manager. Reports assure the client that you’re performing your duties well and doing everything you can to help their HOA thrive. Additionally, the information in an HOA report can help you and your clients identify the association’s strengths and weaknesses. You can use HOA reports to help your clients make changes to improve their association.

With association software like CINC Systems, there are many types of critical reports you can automatically generate for your association management company. You can use these reports internally to help delegate tasks to co-managers and assistants. You can also present them to your clients to streamline communication.

If you’re wondering which HOA reports to utilize through association software, we recommend the following six items. These reports are common yet critical because they present vital information about the HOA. With each of these six critical HOA reports, you can ensure that you always do high-quality work as an HOA manager.

1. Balance Sheet

An HOA balance sheet is one of the most critical financial reports you’ll work with as an association manager. A balance sheet gives you a clear snapshot of your client’s financial situation. It includes information about the HOA’s assets, liabilities, and reserve funds. In other words, a balance sheet tells you how much money is available to the HOA at any given point in time.

Using association accounting software like CINC Systems, you can easily set up balance sheets for each of your clients. These balance sheets can display valuable information, such as available cash in the HOA’s checking account as well as accounts payable, or outstanding invoices that are owed to vendors. A balance sheet can help you advise your clients about their finances.

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2. Bank Reconciliation Report

Another very important type of report is called a bank reconciliation report. This report is similar to a balance sheet. However, unlike a balance sheet, a bank reconciliation report shows individual financial transactions. Where a balance sheet is like the financial “big picture” for your client’s HOA, the bank reconciliation report is the day-to-day details. It allows you to track deposits and expenditures as they occur in real-time.

Using CINC Systems, you can perform bank reconciliation from one convenient web dashboard. CINC Systems allows you to connect each of your clients’ financial accounts in one place. This means you won’t need to login to multiple bank websites to monitor your clients’ finances. Bank reconciliation is a valuable tool for catching fraud, excess spending, and bank errors.

3. Comparative Income and Expenses Report

Next, use your association management software to create comparative income and expenses reports for your clients. As the name implies, this report compares the HOA’s income and expenses. It’s one of the best tools to help you advise your clients about the HOA’s budget.

Is spending on target for the current financial quarter? Is the HOA going over-budget, or under budget, in specific categories? What expenses ended up being higher than anticipated? With a comparative income and expense report, you’ll see how the HOA’s spending actually compares with the budgets that have been set by the association board.

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4. Aged Delinquency Report

An aged delinquency report is important to the success of the HOA’s community. This critical report tells you which HOA members are behind on their assessments and fees. It also breaks the delinquency down by date and category. As the HOA manager, you’ll give this report to your client’s board in advance of each board meeting.

Then, the board reviews this report and decides which actions need to be taken. You may be called upon to assist with this by issuing a written warning or engaging a collection service for the delinquent board member. An aged delinquency report ensures that you can help your clients collect fees on time.

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5. Capital Reserve Report

A capital reserve report is another type of financial report used by HOAs and HOA managers. These reports are usually shorter and less complicated than other types of financial reports. Essentially, they display the current balance of the HOA’s reserve fund. Although relatively simple, a capital reserve report is vital to the success of any HOA.

The association’s reserve fund is set aside for big projects as well as emergency repairs. For example, if there’s a fire or weather damage to a community building, the repairs for this unexpected cost will come from the reserve fund. This means it’s important for you and your clients to know exactly how much money is available at any given time.

6. Project Status Reports

Finally, your association management software can help you work more efficiently by creating project status reports. These reports provide information about the HOA’s current projects, from minor repairs and upgrades to big endeavors such as the installation of a new pool or fitness center.

A project status report can take many forms and include a variety of information, including expenses and timelines for completion. These reports will help you manage your clients’ HOA projects and allow you to assist your client’s board with future planning.

Generating Critical Reports is Easier Than Ever with CINC Systems

Critical reports can make a huge difference to the success of an HOA. Each of these reports provide valuable information to you and your clients, which can empower you to make better decisions for the future. It’s important to use reports in your day-to-day management and in planning for the big picture for your clients.

Best of all, critical reports are easy to create. With association management software like CINC Systems, you can generate these reports automatically and even send them electronically. To see how CINC Systems can help your HOA management business with reporting, click here to request a free demo.

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Managing a homeowners association (HOA) includes many financial management tasks for your clients. From paying invoices to balancing the books, HOA managers perform a variety of fiscal duties to ensure the association’s financial viability. Although HOA financing can seem like a complicated, time-consuming process, using association accounting software like CINC Systems gives you powerful features to make the job easier. Banking integration is one such feature.

In HOA accounting, banking integration (also known as bank reconciliation) refers to the process of linking each of your clients’ financial accounts to one place. For example, let’s say your client uses one bank or credit union to manage its reserve fund, and another financial institution for its general operating fund. With banking integration, you can add each account to your association management software’s dashboard. This means you only need to login to one location to view all of your clients’ accounts.

Using integration in banking will help you save time and manage your HOA clients’ money more effectively. It’s a “must-have” feature for any HOA accounting software. Here are some of the best reasons to use banking integration for HOA financial management.

Connecting All HOA Accounts in One Place

As mentioned, banking integration connects all of the HOA accounts in one place. With a cloud-based accounting software program like CINC Systems, banking integration also means that financial accounts are updated in real-time. This powerful feature saves you a lot of time as an HOA manager.

Prior to the availability of banking integration, HOA managers needed to visit multiple financial institutions and maintain several different ledgers for each of their clients’ accounts. This is a time-consuming process that prevents you from working efficiently to manage your clients’ finances. With association accounting software that includes banking integration, you’ll be able to free up more of your time to focus on other tasks.

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Advantages of Banking Integration

Banking integration offers many advantages for HOA management businesses. If your client uses many different financial institutions, integration is crucial for helping them with their accounting. It also gives you the following benefits.

Save Time

First, banking integration will save you time. Account balances are updated in real-time, as transactions occur, and can be viewed from one convenient dashboard. This helps you track your clients’ finances and assists with other aspects of financial management without wasting time logging into multiple different websites or visiting multiple different banks.

Stay Organized and Go Paperless

Banking integration also helps you stay organized. When you’re an HOA manager with multiple clients, organization is key to avoid becoming overwhelmed. Banking integration allows you to access your clients’ financial accounts in one place in your online, cloud-based dashboard. If you need to quickly check an account or cross-reference a transaction, you don’t have to worry about digging through multiple ledgers to find the information you need.

Additionally, banking integration can help your HOA management business go paperless. When your clients’ financial data is integrated into your association management software, you don’t need to keep as many statements or physical paper ledgers to manage their finances. Managing HOA finances online via banking integration cuts down on paper and streamlines your business.

Collect Resident Fees Online

Banking integration also makes it easier to collect and process resident fees online. By linking your clients’ financial accounts to your HOA management software, you can then create an online web portal where they can pay their dues and assessments electronically. As fees are collected, the money can be set to automatically deposit into the correct account. This saves time and reduces errors.

This means no more trips to the bank with deposits slips, then updating ledgers by hand. Additionally, you can automatically generate a list of residents who are delinquent in their payments. Using banking integration as part of your HOA management accounting software will improve the way your clients process their earnings. It’s a valuable solution that all HOA managers should try for themselves.

Automatic Deposits

Whenever you can automate a task, you save time and money for your own HOA management business as well as your clients. That’s one of the many reasons to use association accounting software with banking integration. Using this feature, you can set it up so that the HOA’s income is automatically deposited into the correct accounts.

In addition to dues and assessments paid by the HOA’s residents, this can include any other money owed to the HOA. You can also use banking integration to shift funds from one account to another. For example, if the board members want to move money from the reserve fund into the general operating fund, this can be performed done with an online banking program that uses integration.

Automatic Bill Pay

Deposits aren’t the only type of financial transaction that can be automated via banking integration. Using association accounting software, you can automatically pay bills for your HOA clients.

This includes invoices for projects, as well as payments for regular bills for services like landscaping, waste disposal, security, and utilities. Using banking integration to pay bills automatically will ensure that your HOA is never past due on important invoices. This helps your clients remain in good financial standing.

Monitor Transactions in Real-Time

Finally, banking integration enables you to monitor transactions in real-time, as they occur. As an HOA manager, it’s part of your job to help prevent fraud and financial mismanagement for your clients.

By monitoring bank transactions as they happen live, you’ll be able to catch any errors or suspicious activity right away. This means you can take action to stop potential financial problems before they become a bigger issue for your clients.

Use CINC Systems for HOA Banking Integration

To see how banking integration can help your HOA management business, try accounting software like CINC Systems. CINC Systems will enable you to manage all of your clients’ unique financial accounts in one convenient dashboard online. CINC System’s banking integration for HOAs will help you improve and grow your company. Click here to request a free software demo today.

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One of the best things you can do for your homeowners’ association (HOA) clients is to help them save money. As an HOA manager, you’ll assist your clients with their budgets, payments, and other fiscal requirements. When you can do more to help them save money, you’ll be able to offer even more valuable service and set your HOA management business apart from the competition.

To help your clients’ HOAs save money, use an integrated banking system. Integrated banking has several key advantages over traditional banking. When properly implemented, integrated banking will help you manage your clients’ associations more efficiently than ever. This will enable you to help your clients save money.

Here’s how integrated banking can save money for your clients’ HOAs.

What Is Integrated Banking?

First, to understand how integrated banking helps HOAs save money, it’s important to learn what integrated banking means and what sets it apart from other banking methods. If you’re not familiar with integrated banking, the term may sound vague or confusing. However, integrated banking actually describes a very specific type of banking.

In an integrated banking system, different software systems are able to “speak” to one another by exchanging data. This means that the information in one account can be viewed in another account, even if that second account exists on a completely different platform. How does this affect HOA finances?

With integrated banking for HOAs, you can link each of your clients’ financial accounts to your HOA management accounting software. In other words, you won’t need to login to individual banking websites to view your clients’ finances. All the data you need will be easily available on your accounting software’s dashboard.

While this might not sound like a game-changing feature, it can actually make a huge impact on your HOA management business. Integrated banking streamlines many aspects of financial management for you and your clients. By saving time, you’ll automatically save money. But you’ll also help your clients get more from their HOA budget by utilizing the great features offered by integrated banking.

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Best Type of Software for HOA Integrated Banking

To use integrated banking features to help your clients’ HOA save money, it’s important to choose the best type of integrated banking software. While there are many options available, we recommend choosing software that’s specifically designed for HOA accounting.

HOA accounting software like CINC Systems is fully customizable and offers multiple great tools for your association management business, including integrated banking. Consider your business’ software budget and choose a program that offers the integrated banking features you need.

Integrated Banking Features to Look For

If you’re selecting HOA accounting software with integrated banking features to help your clients’ HOAs save money, there are certain key features to look for. Make sure you invest wisely and choose software that’s easy to install, simple to use, and versatile.

Any integrated banking software for HOA management should include the following features:

Real-Time Account Updates

First, make sure that the software’s integrated banking features include real-time updates. This means that the accounts that have been synched to your software dashboard will reflect financial information live, as it happens. Real-time account updates enable you to monitor your client’s financial transactions as they occur.

This will help you save money for your clients because it will enable you to make better decisions about spending. For example, let’s say you need to hire a contractor to perform work for the association. If you see that an account balance is lower than projected after a recent transaction, you’ll be able to choose a contractor with a more appropriate rate or potentially postpone the work. This will help the HOA save money.

Data Encryption

It’s also recommended to choose integrated banking software that uses secure data encryption. Data encryption ensures that your client’s financial information is safe from unauthorized third-parties as it travels back and forth between your system and the bank’s. Encryption works by “scrambling” the data with an encryption key, so it can’t be viewed by anyone else.

Online Payment Portals

Next, look for integrated banking software that includes the option to create an online payment portal. An online payment portal is a website where the HOA’s residents can pay their fees and assessments electronically via credit card or e-check. This makes the collections process easier than ever.

This great feature helps your client save money because it optimizes your time as a manager. In the past, collecting and processing payments by hand could take several days. HOA managers needed to collect each check, deposit it, wait for the check to clear, then cross-reference the payments with a member directory to ensure that everyone has paid on time.

Integrated banking dramatically cuts down on the time spent collecting and processing resident fees. With the extra time, you’re able to take on more projects for your client. Thus, they get better value for your work.

Electronic Bill Pay and Invoicing

Another way that integrated banking can help an HOA save money is through electronic bill pay and invoicing. Make sure that any integrated banking software you choose for your HOA management business offers this feature.

With electronic bill pay and invoicing, you can handle all accounts payable and accounts receivable electronically. Utilities and other recurring monthly bills can be paid automatically, as well, so you don’t even have to think about it.

By paying bills and processing invoices online with integrated banking, you ensure that your clients never miss a payment. This means they’ll never lose money on late fees or penalties.

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Try CINC Systems

Integrated banking is one of the best ways for an HOA to save money. As an association manager, it’s your job to help your clients stretch their budgets and receive the highest quality service without breaking the bank. The features of an integrated banking system can streamline your business.

To experience this optimization, as well as great money-saving features, try CINC Systems today.

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Managing a community association can be a lot of work. Whether you’re responsible for homeowner associations (HOAs) or condominium associations (COAs), or both, you’re going to have a lot on your plate. Association managers help their clients with a wide range of tasks, from daily operations to big picture projects. Accounting will often be one of your most important responsibilities.

As an association manager, you’ll help with finances for your clients’ HOA/COAs. This can include collecting resident fees, paying bills and vendor invoices, monitoring transactions, and generating financial reports. Association accounting can be complex and time-consuming. Luckily, there’s great software like CINC Systems to help you get the job done.

With CINC Systems, you’ll benefit from a variety of community association management accounting features. Accounting systems like CINC help you organize your clients’ finances and make your management business more efficient. Here are some of the best features of association management accounting systems.

Real-Time Automatic Bank Integration

As with any organization with communal finances, homeowner associations and condominium associations may be at risk of fraud or theft. There’s also the potential for going over-budget. As an association manager, part of your job is monitoring your clients’ financial transactions. By assisting with this, you ensure the HOA/COA remains in good fiscal health.

Association management accounting systems provide a feature called bank integration. With bank integration, you can link all your clients’ bank accounts to your association management software. This allows you to monitor the accounts in your CINC Systems dashboard without logging into multiple websites. Accounts also update in real-time, so you can see financial transactions as they occur. If there’s ever an issue, you’ll be able to spot it right away and resolve it quickly.

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Easy Mobile Access

Another great association management accounting software feature is mobile access. Platforms like CINC Systems are based in the cloud. Cloud-based mobile software lets you access your clients’ data and work from any laptop or tablet with an internet connection.

Being mobile is essential for a busy HOA/COA manager, especially when you’re managing a large client portfolio. You can perform accounting duties for one client while being on-site managing a project for a different client. By using association accounting software with a mobile app, you’ll be able to perform your duties from any location.

General Ledger Accounting

General ledger accounting isn’t the most exciting part of association management, but it’s one of the most important tasks. General ledger accounting lets you get a snapshot of an association’s current financial status.

Managing an HOA/COA’s general ledger by hand, using spreadsheets, can be an overwhelming task. Luckily, association management accounting software like CINC Systems includes general ledger accounting features. After integrating your clients’ bank accounts into your CINC Systems platform, you can begin balancing their general ledger online and avoid the extra time, calculations, and paperwork.

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Generate Financial Reports

When you manage an HOA/COA, your role may include advising the clients’ Board in financial decision making. You may also be responsible for providing information to help with filing taxes, performing internal audits, and guiding the association’s leadership during budget meetings. This means you’ll need to prepare financial reports for the HOA/COAs you manage.

In the past, preparing a financial report could be a very time-consuming effort. However, association management accounting software like CINC Systems makes it easier than ever. With CINC Systems, you can generate financial reports automatically. Reports can be customized to specific time periods, transaction categories, or other data sets. These reports can then be emailed to Board members with the click of a button.

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Collect and Process Resident Fees

Collecting resident fees is one of the primary duties of an association manager. In the past, this process could be tedious and time-consuming for everyone involved. Residents had to deliver or mail physical checks, then managers had to deposit the payments and wait for them to clear. Association management was also responsible for tracking which residents paid on time and which ones were delinquent.

With association management accounting software like CINC Systems, collecting resident fees can be a simple, fast, paperless process. Association managers can use CINC Systems to create a web portal where residents easily pay their fees online via e-check or credit card. Payments are electronically deposited, saving you a trip to the bank. Plus, the accounting software will automatically update the resident database to display who’s paid and who hasn’t.

Process Work Orders / Accounts Payable

Similarly, association management accounting software provides the ability to create a web portal for processing work orders. When residents need to submit a repair, they can submit their work order online and even include a photo showing the work that needs to be done. On the management side, you can sort work orders by submission date, category, and priority. This will help you coordinate with vendors and schedule work more efficiently.

Once a work order has been completed, association management accounting software lets the vendor submit their invoice online. Your software dashboard will include accounts payable, so you can pay the vendor as soon as the work is finished. Residents also love this feature because they can see the status of their work order online and receive notifications when the repair is finished.

Try CINC Systems for Your Association Accounting Business

These are just some of the great features community association management accounting systems have to offer. To see how HOA/COA accounting software can help your business, try CINC Systems today. CINC Systems includes bank integration, general ledger, and collection processing, and it lets you generate financial reports from anywhere with an intuitive, all-in-one cloud-based system. It’s the only association management accounting platform you’ll ever need.

Best of all, CINC Systems is scalable to any size homeowner association or condominium association. No matter what kind of clients you have in your association management portfolio, CINC Systems can help. Click here or call 855.943.8246 for a free demo.

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Cloud accounting is an efficient, secure way to manage your finances (or your clients’ finances) using modern internet technology. Cloud accounting works by storing your data remotely on multiple servers in different physical locations, instead of a single harddrive on the computer in your office. This means you can access your accounting data virtually anywhere as long as you have the right software and password.

For homeowner association (HOA) or condominium association (COA) managers, cloud accounting offers multiple advantages when compared to traditional methods of accounting. Using cloud accounting to manage your clients’ HOA/COA financial accounts is fast, easy, and can help both you and your client cut costs. Cloud-based accounting software for associations, like CINC Systems, also include automatic integration for management features like collecting resident fees.

By switching to cloud accounting, your association management business can offer even better service to its HOA/COA clients. Plus, you’ll be able to reduce time spent on tedious accounting activities like balancing the books or physically depositing checks. Learn more about cloud accounting and you’ll quickly see why this is one of the best choices for HOA/COA managers.

Cloud Accounting Vs. Traditional Accounting

To further explain the question, “what is cloud accounting?”, it’s important to highlight the key differences between cloud accounting and traditional accounting. Both types of accounting include financial management, such as monitoring account transactions, preparing balance sheets, and providing useful data about an organization’s fiscal health. However, the way they operate is fundamentally different.

Traditional accounting methods may utilize lots of physical paper documents, files, and spreadsheets. Traditional accounting can also include software programs to manage finances on a computer. Typically, a user will install the software on their computer, then begin storing the data on their computer’s harddrive.

With cloud accounting software, your data is stored remotely in a virtual network of secure servers known as “the cloud,” not your computer’s harddrive. In some cases, you don’t even need to install any software — you may be able to access your cloud accounting system over a regular internet browser, the same way you can login to many popular email services without downloading or installing anything.

Cloud accounting is more convenient, secure, and often easier to use than traditional methods of accounting.

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How Cloud Accounting Benefits Association Managers

For association managers, cloud accounting software such as CINC Systems can streamline your business and help you do your job more efficiently. Often, performing accounting services for your clients can feel daunting if you don’t have an accounting background. There’s a lot of important data to track and it’s vital to ensure that this data remains secure and well-organized. If you’re not careful, association accounting can become overwhelming.

Luckily, cloud accounting software automates many aspects of HOA/COA accounting. Most association managers discover that switching to cloud accounting enables them to work much faster and more efficiently. It can turn a tedious or confusing task into a simple action on a laptop or tablet. Listed below are several reasons why association managers love accounting software.

1. Go Paperless

First, cloud accounting software lets your business go paperless. Once your data is uploaded to the secure cloud, you can shred documents. You can also connect your cloud accounting software to your clients’ bank accounts, which means their financial data will automatically update online. This eliminates the need to receive paper statements from the client’s bank.

Going paperless means a more organized office space and reduced business costs as well. Plus, it’s environmentally friendly! Everyone wins with cloud accounting software.

2. Improves Security

Some individuals question the security of cloud accounting software. Is it really safer than traditional methods of accounting? What if someone hacks the cloud? Once you understand how cloud software works, you’ll realize that it’s often much easier to steal files or hack into a personal computer in an office.

With cloud computing, data is encrypted as soon as it’s uploaded. This means that the information becomes “scrambled” using a special key. It can’t be unscrambled unless the computer or device accessing the data also has that key. In other words, even if someone were to hack into the cloud and steal your client’s data, it’s highly unlikely that they could decode it.

3. Get Real-Time Updates

Cloud accounting helps association managers save time by providing real-time updates from a client’s bank account. Using a feature called automatic bank reconciliation, you can synch each of your client’s accounts to your software’s dashboard. This means you can access the data in one place instead of logging into multiple different websites.

The client’s accounting data then updates in real-time, providing information about withdrawals, deposits, and other transactions as they occur. By monitoring these transactions live, you’ll be able to spot any potential overcharges, fraud, or financial misuse. This helps you protect your client’s finances.

4. Streamlines Payment Processing and Communication

Cloud accounting software also streamlines payment processing and communication. With cloud accounting software for HOA/COA management, you receive great features that enable you to create an online payment portal for your clients. This means that residents can pay fees, assessments, and penalties online. The funds are then automatically deposited into your client’s accounts.

Additionally, cloud accounting software makes it easy to send financial reports to your clients. Using CINC Systems accounting software, you can generate financial reports to send via email. Reports can be customized to specific data sets including transaction categories, such as expenditures versus income, or specific time periods.

Try CINC Systems for Cloud Accounting Software

Cloud accounting software can truly change the way you approach accounting for your HOA/COA management business. It offers greater security, convenience, and improves overall efficiency. You can use cloud accounting software to go paperless, work remotely from any computer or tablet, monitor client transactions in real time, and more.

If you’re not using cloud accounting software to improve your HOA/COA management company, try CINC Systems today. Just click here to request a free software demo.

Call 855.943.8246 or complete a contact form