There are several reasons why you should use online accounting software to manage homeowner associations (HOAs) and condominium associations (COAs). As an association manager, you’ll be helping your clients by taking on many financial responsibilities for their organization.
From daily tasks like a general ledger to collecting fees and invoicing big projects, HOA/COA managers have many accounting duties. By using online accounting software, you can streamline your business and operate with greater efficiency. Whether you manage a large client portfolio of high-density HOAs or a smaller COA, you’ll find online accounting software that meets all your needs.
Here are some of the key reasons why you should use online accounting software to manage HOA/COAs.
No one likes crunching numbers by hand. As an HOA/COA manager, you’re responsible for balancing your clients’ books and balance sheets. In the past, this task required calculating withdrawals and deposits by hand. Say goodbye to spreadsheets and calculators. With online accounting software for HOA/COA management, general ledger accounting is fast and easy.
Online accounting software designed for associations includes the exact tools you need for general ledger accounting. This feature stores your clients’ financial data in the cloud, automatically synching with their bank accounts and updating the balance as transactions occur. Whether it’s an online bill, a resident fee, or a larger one-time invoice, online accounting software can process all transactions for the HOA/COAs you manage.
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Automatic bank reconciliation is one of the best features of online accounting software for HOA/COA management. Automatic bank reconciliation means you can sync all your clients’ bank accounts to the accounting software’s dashboard.
Once they have been connected, accounts are updated in real-time. Using automatic bank reconciliation, you can check the balance of your clients’ association bank accounts any time, any place, from one convenient dashboard. This saves time because you won’t need to login to separate websites each time you want to check an account. You can also monitor transactions live, as they occur, which can help reduce potential fraud. Most importantly, the end of the month reporting becomes a snap when you have your automatic reconciliations done throughout the month.
Resident fees are the major source of income for any HOA/COA. Depending on the association’s governing policies, residents may be required to pay fees monthly, quarterly, or annually. As the association manager, it’s your job to collect them. Using online accounting software can help make this task much easier.
With online accounting software for managing HOA/COAs, you can create a convenient web portal where residents can pay their fees electronically via e-check or credit card. Payments are directly deposited into the HOA/COA’s account, saving you a trip to the bank. Additionally, you can use this software feature to see which residents have paid and which ones still owe.
Going paperless is another reason you should use online accounting software to manage HOA/COAs. Online accounting software automates most accounting tasks and interfaces with most online banks. You can process fees, invoices, and pay bills for your clients’ association entirely online. This increases efficiency and keeps your costs down because you won’t be printing or mailing items nearly as often as you would with traditional accounting systems.
Additionally, most online accounting software for association management is cloud-based. This means that your clients’ data is stored remotely across multiple servers. You’ll be able to access data for the associations you manage from any computer. This will drastically reduce your need for an in-office filing system.
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In addition to creating a web portal for processing resident fees online, you can use online HOA/COA accounting software for accounts payable and receivable, as well as general invoicing. When the association owes money to a vendor or contractor, the service provider can submit their invoice online. Pay with the click of a button, or set up automatic payments for larger bills.
You can also use online accounting software to automate monthly bill pay. Most HOA/COAs require monthly services such as landscaping, sanitation, utilities, and security. Rather than pay each bill individually as it arrives, you can use your online accounting software to pay automatically on a specific schedule.
Online accounting software for HOA/COA management also offers you the flexibility of working remotely. Because most online association accounting software is cloud-based, you can access your clients’ data from any computer or tablet with an internet connection. Some software applications also have mobile apps you can use on your phone.
With mobile features, you can access data for one client while you’re on-site at another location. This lets you monitor transactions, process work orders, or handle other HOA/COA business while multitasking more efficiently.
Finally, you should use online accounting software to manage HOA/COAs because these applications allow you to generate financial reports with the click of a button. As an association manager, you’ll often interface with your clients’ board members to discuss the financial health of the association. Whether you’re helping the board conduct an annual audit or assisting with the HOA/COA’s taxes, you’ll need to provide data in a clear, presentable report.
Using online association accounting software, you can generate reports automatically. Each report can be customized to include specific data sets, such as time periods, transaction categories, or specific accounts. These reports can then be emailed to your clients’ board members or other relevant third parties, such as a tax attorney. Generating financial reports will save lots of time for everyone involved, especially you and your employees or co-workers.
If you’re running an association management business, the right online accounting software can help you increase your efficiency without hiring new employees or outsourcing to expensive CPAs. Online accounting software like CINC Systems provides everything your association management business needs to help your clients with their finances.
To see how CINC Systems can optimize your business, call (855) 943-8246 to request a free software demo.