Cloud accounting services offer many benefits for association managers. When you manage a homeowner association (HOA) or condominium association (COA), your duties include a lot of accounting. You need to be responsible, organized, and pay close attention to detail. Cloud accounting systems, such as CINC Systems, helps you work more efficiently.
With cloud accounting for association management, you’ll be able to streamline many services for your HOA/COA clients. Cloud accounting software lets you process resident payments online, create web portals for work orders, generate financial reports, and monitor your clients’ accounts with real-time bank integration. It also provides features like mobile access and enhanced online security.
Accounting can be the most difficult part of association management, but it doesn’t have to be! Using cloud accounting software can automate many of your daily tasks, freeing you up to focus on other projects for your HOA/COA clients. Here are some of the key features of cloud accounting services that benefit association managers.
In the past, collecting resident fees could be a difficult, time-consuming task for association managers. Managers needed to collect checks, deposit the checks at the HOA/COA’s bank, and cross-reference payments received with a list of residents. Now, cloud accounting software makes it easier than ever to collect resident fees. Using an online accounting system, association managers can create web payment portals. This allows residents to pay their fees online via credit card or e-check. Payments are automatically deposited, which saves you a trip to the bank, and the accounting software automatically generates a list of which residents have paid and which ones haven’t.
As a bonus, HOA/COA clients and their residents love this feature because they can schedule fee payments automatically. Using cloud accounting services for association management lets everyone go paperless.
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In addition to collecting fees online, most HOA/COA cloud accounting systems also offer the ability to create a web portal for processing work orders. Residents can submit work orders online, allowing managers to easily coordinate with service providers and vendors to complete the work more efficiently.
The accounting process for HOA/COA work orders becomes much easier this way. You can pay invoices online, then track the transaction from your dashboard to see how it affects your client’s budget. By using cloud accounting software to pay outstanding invoices, you also save time, because there’s no longer a need to mail paper checks.
Monitoring your clients’ bank accounts helps the HOA/COA stay financially healthy. If the association is about to exceed its budget, you can alert your clients with enough time to consult with the board on a new spending strategy. Monitoring HOA/COA bank accounts also helps to prevent fraud.
Prior to cloud accounting software, association managers had to access multiple bank accounts, often with different bank websites. Now, services like CINC Systems offer managers a feature called automatic bank integration.
Automatic bank integration means you can link your accounting software to your clients’ bank accounts. You’ll have access to all their account data in one convenient dashboard, which updates in real-time. With cloud accounting software for association management, you can monitor all of your HOA/COA’s financial transactions as they occur.
Without cloud accounting software, doing a general ledger can require intense bookkeeping with complicated spreadsheets. With cloud accounting software, such as CINC Systems, general ledger accounting is easy to do online. After integrating your clients’ bank accounts, you’ll be able to monitor transactions and automatically balance the HOA/COA’s budget.
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Cloud-based accounting software also gives you the ability to generate financial reports. This lets you share data with the association’s board, which they can use for taxes, internal audits, budgeting, and more. Reports can be customized to specific data sets, such as different time periods or transaction categories.
Using cloud-based accounting software to automatically generate financial reports will save you time and energy. Put away your calculators and spreadsheets and let software like CINC Systems do the work for you! With accounting software, you can also conveniently email your financial reports to the HOA/COA board.
One of the greatest benefits of cloud accounting software is mobile access. As the name implies, cloud accounting software stores your client’s HOA/COA data in the cloud. This lets you access accounts from any computer or tablet with an internet connection.
When you’re managing multiple associations, mobile accounting software allows you to be on-site for one client while monitoring financial transactions or processing work orders for another. Choosing cloud accounting software for HOA/COAs with a mobile app will help optimize your efficiency as a manager.
Finally, cloud accounting services offers greater security for association managers. When you’re managing financial accounts for multiple HOA/COAs, it’s important to protect your clients’ data. CINC Systems’ Cloud accounting services uses powerful encryption to ensure financial data is safe.
Plus, when data is stored in the cloud, there’s no risk of losing anything in case damage occurs to your business’ computers. If your computer system breaks, simply access your HOA/COA accounts by logging in with another web browser or app.
There are many ways cloud accounting services will benefit your association management business. From payment processing and work orders to general ledger accounting and financial reports, using cloud accounting services will enable you to work smarter, not harder.