Answers To Our Most Frequently Asked Questions.

Fidelity bonds, also known as “crime insurance” or “fidelity insurance,” are policies that protect the HOA from unexpected financial losses like theft and fraud. Employees, volunteers, and management companies who work with HOA funds have to keep the organization’s best interest in mind. If someone breaches their duty, however, fidelity bonds can replace the money that is lost.

The Federal Housing Administration ( FHA) and Fannie Mae require homeowner’s associations to carry this coverage. Loans for the purchase of homes in the community may be denied if your HOA does not have sufficient fidelity bond coverage.

How Much HOA Fidelity Bond Coverage Is Required?

According to the U.S. Department of Housing and Urban Development ( HUD), associations must carry fidelity policies that meet  FHA standards by covering:

• An amount equal to three months of dues and assessments
• All reserve funds
• All association employees, volunteers, board members, and management company personnel involved in the organization’s finances

Additional federal guidelines for  Fannie Mae-backed loans require:

• Coverage for three months of scheduled maintenance fees
• A deductible of $25,000 or less

Some states have requirements over and above the federal guidelines, and an HOA’s governing documents may also contain details about how much fidelity bond coverage should be maintained. If there is any question about the appropriate levels of fidelity bond coverage for your organization, consult with an attorney or insurance agent.

What Events Are Covered by HOA Fidelity Bonds?

HOA fidelity bonds protect the association from dishonest individuals who decide to put their financial interests ahead of the organization’s. Once adequate coverage levels are established, and fidelity bonds are in place, your company and the community associations you manage will be prepared to handle several potentially devastating scenarios. Events covered by HOA fidelity bonds include:

• Forgery — Illegal alteration of checks or contracts
• Employee theft — Siphoning of funds or other assets by HOA or management company employees or volunteers
• Loss of funds while in transit — Mishandling of cash or other assets that have been received but are not yet recorded on bank statements
• Funds transfer fraud — Inappropriate fund transfers through electronic, telephonic, or written instructions
• Computer fraud — Unauthorized use of a computer system to transfer association assets out of the rightful accounts

The fidelity bond coverage must extend to everyone who might handle HOA funds or property, including reserves and regular operating expenses. This list includes, but is not limited to:

• Board members
• Board officers and directors
• HOA employees and other volunteers
• Property managers
• Bookkeepers
• Association management companies and their staff

In some cases, fidelity bonds may also cover theft or fraud by third parties who are not otherwise associated with the HOA or management company.

It is a management company’s responsibility to ensure each association in its portfolio is compliant with federal and state regulations, including fidelity bond coverage. Take the time to review applicable guidelines, consult with legal and insurance professionals, and educate association boards about how fidelity bonds can keep their organizations running smoothly and efficiently.

Your HOA reserve studies are planning reports used to manage and assess the current status of your associations’ reserve accounts. The study results can then be used to create a plan to build the funds for later use.

Your community associations’ reserve studies can supply a concrete basis for how your HOAs should budget their finances. To help grow your communities, hire a reputable reserve specialist who works closely with a structural engineer, and knows what to include in the studies. Even if your state does not have  reserve requirements, you should have them performed every few years.

Reserve Studies Can Reveal Your Associations’ Financial Health

Reserve funds are rainy-day funds for HOAs. Your associations’ financial health can be found by examining the fund’s strength through a reserve study.

Reserve studies seek to evaluate each significant capital component in the association, determine the life left in each, and how much it will cost to replace it when it wears out. From that evaluation, your team can calculate how much is required to be set aside annually.

To calculate those fund amounts, specialists take the approximate replacement cost and divide that number by the estimated amount of years the item will last. That is how much the association should set aside each year.

Capital components include each common area the HOA is accountable for including:

• Building foundations
• Structural Siding
• Courtyards
• Elevators
• HVAC systems
• Roofs
• Swimming pools

Reserves Should Reflect Real-World Values

The results should provide a real-world estimate for future repairs or maintenance. To illustrate, if a community center’s roof is designed to last 20 years and it is 10 years old, it is considered 100% funded if your HOA has one-half of its replacement cost in its reserve fund. Fifty percent is the amount of roof life that has been used up. Your association’s consultant or structural engineer would need to repeat this process for each component.

Once the process is repeated, and your HOA discovers it has reached the necessary funding each time, the HOA’s reserve account is considered 100% funded.

The goal is to have that amount funded through homeowners’ fees as close to 100% as possible. Reserve funds that have reached 70% are in reasonable shape; however, anything beneath 50% is unacceptable.

One reason for this is that if a project comes up for completion and the reserve funds fall short, the board will have to increase assessments to cover the costs. Increased fees can foster community mistrust and can damage relationships.

Lower Fees Can Hurt in the Long Run

Some HOAs seek to charge lower fees to reduce the risk of aggravating residents; however, they probably will not be able to build their reserve fund that way. Often, this is indicative of an unsound HOA management strategy that will subsequently hurt the association if an unexpected capital improvement is required.

A successful reserve study underpins a solid budget, which strengthens the association’s financial health and helps homeowners and board members enjoy an equitable relationship.

Homeowners have sometimes asked why a homeowners’ association (HOA) needs a management company when there is a perfectly good board of directors that they elected to run the community.

First of all, HOAs are usually classified as non-profit companies, and bylaws and declarations necessitate a board of directors.

Secondly, board members are community volunteers using their spare time to attend meetings, guide decisions, and send out occasional emails. They are unlikely to have the 20-plus hours per week needed to oversee the HOA’s daily operations.

Lastly, if board volunteers did have full-time hours available to serve the association, it would probably be difficult for them to commit the time needed to make the HOA successful due to other life factors.

A management company can make a full-time commitment to a community association because it is their job. They are focused on providing:

• Heightened communication between homeowners and boards
• Accounting support with cloud-based finance management software like CINC Systems
• Guidance and strategies for long-term growth
• Preventative, not only responsive, maintenance
• Dispute management

Management companies provide expert-level support for community associations ensuring residents’ needs are met and that property values continue to climb. An association community should ultimately be a place that current residents desire to live, and a destination that future buyers seek out.

Benefits to an HOA Management Company

When you elect to hire an HOA management company rather than self-managing, you can expect these advantages:

Financial Oversight

When a property management company takes over an association’s finances, it can lead to increased home values, lower overall settlements and claims, enhanced onsite facilities, and improved quality of life for everyone. Companies using CINC’s multi-faceted association management software improve homeowner experience by increasing financial transparency and improving communication between the board and its homeowners. Bank integration and automated account reconciliation allow financial reports to reach board members within days of month’s end. This enables an association board to make timely, informed business decisions.

Management Consistency

Boards of directors change every couple of years; however, a property manager can provide consistent contact from one administration to the next. Continuity is vital for budgeting, record keeping, relationships with vendors, suppliers, contractors, and even residents.

Expertise and Experience

When communities hire an association property management company, they acquire the expertise and experience of its team. This includes specialties in law, finance, and governance. Associations benefit significantly from a management company’s thorough knowledge of federal, local, and  state laws that impact everyday community association operations. This wealth of expertise and experience makes professional managers a priceless resource for the community’s board.

Economic Benefits

HOA management companies can save homeowners and association communities thousands of dollars in unplanned expenses and depreciated property value. By creating a solid budget with adequate reserves, a management company can see to it that capital components are maintained, and funds are available for upgrades. They can also ensure fees are paid and policies are followed, keeping every resident on the same page.

An HOA property management company can be one of the most cost-effective decisions an association’s board of directors can make. Management companies can ease stress, maintain a smooth-running community, and improve homeowner/board relationships.

A well-formed HOA budget provides an accurate road map for community operations and future goals. It can be a challenging and time-consuming process. However, by starting on the first day of your current fiscal year and gathering the information necessary for your next budget, you can make the process easier and create a more accurate budget. Although the board members are ultimately responsible for setting up their budgets, they may call on community association management companies for advice and assistance.

Steps to Creating a Practical HOA Budget

Take the following steps to form your HOA budget:

1. Use Accurate Monthly Financial Statements

Monthly financial statements provide a snapshot of the health of your company. Using association management software allows you to create them with specificity so you and your association can analyze the information down the road when it is time to form the next budget.

2. Generate a Thorough Business Plan

Your HOA business plan should include your financial targets for the coming year. A good idea is to outline your HOA’s annual goals according to month so that you know what to include in the budget. The board will need time to read and approve the business plan, so make sure it is ready for review well before the start of the fiscal year.

3. Send out Requests for Proposals (RFPs)

To ensure accurate vendor costs, send out a  request for proposal (RFP) for each of your contracted services. RFPs help you eliminate budget guesswork for lawn care, pool management, landscaping, snow and trash removal, audits and tax preparations, and insurance policies.

4. Evaluate Utility and Maintenance Costs

To accurately evaluate the coming year’s utility, repair, and maintenance expenses, examine what your HOA spent on these things in the previous year. If you anticipate utility cost increases or items that may need to be repaired or replaced, add these amounts in as well.

5. Perform Regular Reserve Fund Analyses

It is wise to analyze your  reserve fund regularly. Check your state’s regulations regarding how often a reserve fund study should be conducted. Regularly updating your reserve fund analysis confirms that community members are setting aside enough to provide for unanticipated expenditures for items like new roofs, parking lot paving, and playground equipment.

6. Enter the Numbers

Once you have the RFPs back from your vendors and have evaluated probable maintenance, repairs, utilities, and reserve fund expenses, input your figures into either a spreadsheet or a budgeting association management software like CINC Systems. For added clarity, it may be prudent to preserve your budget assumption notes and calculation methods as line item explanations.

7. Figure Your Expected Income

You then need to calculate all other income sources and arrive at the assessment fee amount each homeowner is obligated to pay. Do not include monies leftover from previous years, since HOAs practice zero-based budgeting. You should, however, incorporate late fee income, along with other reliable income sources. With expense and income sources budgeted, you can determine the assessment payment amounts.

8. Share Your Budget with Community Members

Distribute the approved budget to your homeowners according to your state’s guidelines. Keep in mind that your community members are entitled to see the budget. Transparency, collaboration, and cooperation are crucial for a thriving HOA.

Simplify Your HOA Budget Formation with CINC

Forming an accurate HOA budget might seem overwhelming. You can simplify the process by taking it one step at a time, giving yourself adequate time to gather information and perform the required work, and using association management software like CINC to streamline your budget’s formation.

Detailed, error-free homeowners’ association (HOA) accounting reports are vital for successful homeowners’ associations. These reports provide a gauge to monitor the organization’s financial health.

They are often prepared by elected financial officers or certified public accountants in smaller HOAs. Larger community associations often use management companies with in-house accounting teams to develop their accounting reports. Despite this, any-sized HOA can benefit from cloud-based accounting software like CINC to prepare reports and automatically submit them to the entities required to have them.

Figuring out where HOA accounting reports should go depends on community association bylaws and state regulations. Generally speaking, HOA, condo, and community association boards should turn in accounting reports to three places:

The HOA Board

The HOA board of directors should receive a complete, unredacted report. The board requires access to accounting details to make prudent financial decisions and set goals to maintain a strong economic foundation for the community.

The association board utilizes accounting reports to calculate budgets, track dues, and allocate reserves for new projects and maintenance. Producing thorough reports allows board treasurers or management accounting teams to manage the association’s finances effectively. The more detailed the report, the more useful it is. Up-to-date records allow association financial managers to look over previous fiscal years to spot economic patterns that could impact current budgetary issues and modify them appropriately.

HOA boards also need accurate accounting reports to monitor receivables. This is vital; otherwise, community associations would lose track of delinquent dues and be unable to budget for future projects and structural maintenance.

Community Members

Accounting reports should also be made available to all dues-paying HOA members. When residents can see where their money is going, there is often a higher degree of community involvement and a sense of organizational teamwork. Financial transparency for the board, the residents, and the association management company engenders a higher level of trust and satisfaction.

Not every report needs to be made public, however. For example, delinquency reports contain sensitive information regarding homeowner payment status; therefore, these should be redacted or remain private. Though, in general, the more detailed and accessible accounting reports are to community members, the better.

Accounting reports can be disseminated to residents in whatever manner is most efficient and convenient. Additionally, using multi-channel communication allows each resident to access reports using his or her preferred method. Potential delivery methods include:

• E-mail
• Postal mail
• Uploaded to the community website
• Online portal
• Broadcast texting

Secretary of State or Equivalent State Department

Community association financial management is one of the most challenging and essential jobs for any homeowners’ association (HOA) board. Preparing an HOA financial statement serves several objectives, including financial transparency, insight into reaching organizational goals, and in some cases, it may be required by law.

The statement provides an official account detailing the community association’s financial activities. How often you need to prepare a report is contingent upon the HOA’s  state laws, the community’s bylaws, and association size.

What Is Included on an HOA Financial Statement?

Specific details must be included on an HOA financial statement depending on community bylaws and state regulations; however, the following are items that should be on a financial statement regardless of community association location or size:

• Balance sheet — Showing the HOA’s assets, liabilities, and equity
• Bank statements — Detailing deposits and debits that have cleared the bank
• General ledger — Exhibiting all account activities
• Bank reconciliations — Balancing the ledger to the bank statements
• Receivables — Statements that include money still owed to the association
• Reserve fund balances — Money set aside to cover expenses on future projects or unforeseen shortfalls
• Statement of income — Detailed accounting of money coming into the HOA through assessments, dues, fines, and fees

Other supporting schedules that commonly go into a statement include prepaid and delinquency reports showing overdue assessments — both are collections-related.

Often, accounting teams fail to provide enough detail to their HOA’s financial statements. Every piece of information that can be included, no matter how small, can allow for more accurate decisions. If there is uncertainty over whether something should or should not be included, it is better to include it.

HOA financial statements should be prepared so that anyone can understand it. If they are too complicated, it could alienate some people, damaging relationships between boards and community members.

Using CINC Systems cloud-based accounting software allows you to produce polished, well-organized financial statements that anyone in the community can read.

Why Financial Statements Are Important

The community associations you manage need financial information to plan their economic futures successfully. Unwavering, dependable, and transparent financial statements are critical for HOAs to make smart decisions. These reports nourish community health by empowering each association resident and stakeholder to feel they can participate as a team member.

Unclear, inaccurate, or missing financial statements can confuse members and breed mistrust among community members and their board of directors. Reserve accounts can quickly become underfunded, creating difficulties for new projects and maintaining capital components.

Financial statements are also a crucial part of the HOA  loan qualification process — if the HOA wants to procure a loan for a renovation project, for example. Additionally, the statements are vital for demonstrating to alert buyers that the association is financially sound. The reports are available through the escrow package, and homeowners have a legal right to them.

Accounting Software for Financial Statement Preparation

Using cloud-based accounting software like CINC Systems can help small and large associations produce professional financial statements consistently and on time. Improve transparency, accuracy, and efficiency with CINC Systems.

Part of a Homeowners’ Association (HOA) management company’s job is to make the community a desirable place for homeowners to live. Sometimes this responsibility includes the enforcement of rules and regulations put in place by the community.

Although an HOA board is ultimately responsible for establishing and maintaining community standards, board members are also fellow homeowners in the community they serve. To maintain harmony with their neighbors, boards often hire an outside management company to act as a rule enforcer.

The association management company will likely be tasked with visiting the community regularly to look for violations. If a violation is noted, they are also in charge of:

• Notifying the homeowner
• Following up to make sure the violation is corrected
• Assessing and collecting fines

Each association has its own rules and guidelines for how community regulations should be enforced. When a new resident buys a home in the neighborhood, he or she agrees to follow these rules, as stated in the community’s governing documents.

Check the Bylaws and CC&Rs for Guidance

HOA violation enforcement cannot be arbitrary or discriminatory. An HOA and its management company can only enforce rules allowed by the association’s governing documents. These documents include:

• Bylaws — As a nonprofit corporation, an HOA must have procedural rules in place. The bylaws contain information about how the association business should operate, including board members elections, board meeting frequency, and voting procedures for new regulations.
• CC&Rs — An HOA’s Covenants, Conditions, and Restrictions (CC&Rs) provide detailed regulations on how homeowners should maintain their properties and the appropriate penalties for violation.

Common HOA Violations

Although rules vary from community to community, some common HOA violations that an association management company may be called on to enforce include:

• Landscaping — Homeowners will likely need to keep their lawns watered, trimmed below a certain height, and free of debris. In some cases, the HOA may even specify what kind of grass or other landscaping options are allowed in the front yard.
• Vehicle parking and storage — Some HOAs have regulations about what vehicles can be parked on the street or even on the property itself. Storing a boat, RV, or non-operational vehicle could be a violation.
• Trash receptacles — There may be a limit to how long garbage and recycling containers can remain at the curb after the trash is collected.
• Signs — The community may choose to ban signs placed in the yard or displayed on the exterior of a home or in a window.
• Architectural modifications — In most cases, a homeowner who wants to make exterior property improvements will need to get prior approval from the HOA board. These improvements could include an addition, a new fence, or even a fresh coat of paint.

CINC Systems’ community management software includes features to help meet an HOA condo manager’s specific needs. The dedicated violations module allows managers to maintain violation photographs and documents in one centralized location while automating tasks like homeowner notifications and precise calculations to optimize the violation enforcement process. Click here to try a  free CINC Systems demo today.

Every homeowners’ association (HOA), no matter its size, must keep accurate financial records. Income, expenses, assets, and liabilities should all be carefully tracked to prepare useful accounting reports.

Accounting reports provide  financial transparency and inform current and potential community members about the financial health of the organization. They also assist the board with budgetary decisions, demonstrate stability to banks if the HOA applies for a loan, and satisfy legal and tax-related requirements. So who is responsible for preparing these pivotal reports?

HOA Accounting Report Preparation

Although smaller HOAs can elect a financial officer or treasurer and attempt to self-manage the books, it is usually better to hire a professional. Even relatively simple financial reports can contain errors and lose their usefulness if the preparer does not have the necessary accounting experience. A  certified public accountant (CPA) should prepare HOA accounting reports or at least review them for accuracy after completion.

If the HOA has a community association management company running its day-to-day operations, it will prepare the accounting reports. This is often the case for large associations with more complicated budgets, but even small HOAs can benefit by using outside management for vital accounting services and report generation.

Regardless of who is preparing the accounting reports, the right HOA Board reporting software can increase report accuracy and efficiency. For example, CINC’s community association management software utilizes integrated banking systems and automation of repetitive tasks to create timely reports as often as needed.

Frequency of HOA Accounting Reports

There is no national standard for HOA accounting report preparation frequency. Some reports may be generated monthly, while others can be released quarterly, or even annually. The more frequent the statements, the more useful they will be to the board and the rest of the community. Variables to consider when determining report frequency include:

• Community size — The more substantial an HOA, the more complicated its financial statements. These communities may decide to receive quarterly rather than monthly budget updates, especially if they lack the accounting software tools to generate automated reports.
• Community goals — If a community is undergoing or preparing for a costly renovation project, financial reports may need to be generated more frequently.
• Government regulations — Some states or local governments have rules regarding how often HOAs need to submit specific financial reports.

HOA Accounting Reports Foster Transparency

Financial transparency is crucial for any organization. Accounting reports prepared by an inexperienced board officer or an accountant or association manager who lacks automated software tools may not satisfy this need for transparency.

When manually input, reports are likely to take longer and contain more errors — neither of which promotes trust among homeowners, HOA boards, and the association management companies that handle their operations.

Selecting robust, multi-faceted, cloud-based software is the first step in preparing HOA accounting reports. CINC’s automated accounting software with integrated banking features can provide the tools needed for frequent, timely, and accurate HOA accounting reports.

Like any small business, a homeowner association (HOA) management company needs to save money. When you keep your operating costs low, you increase your profit margins and free up your assets to invest in new resources. Saving money is key to helping your business grow and succeed. By using association accounting software, your HOA management business can cut costs and increase efficiency.

Many HOA managers use basic spreadsheets, ledgers, and general accounting software for their finances, which aren’t designed to meet the specific needs of an association. If this describes your business, you may feel that upgrading to association accounting software isn’t necessary. However, making the switch to a platform like CINC Systems is well worth the investment.

By using association accounting software, your HOA management company will save money and increase your business. It’s one of the best investments you can make for your HOA management business. With features designed specifically for association management, HOA accounting software makes your job much easier. It increases your overall efficiency and frees up your valuable time, allowing you to take on more clients.

To learn more about how an HOA management company can save money by using association accounting software, check out the great cost-cutting features below.

Go Paperless and Mobile

First, association accounting software allows your HOA management company to go paperless. This helps your business save money by reducing the cost of office supplies like paper, printer ink, filing cabinets, and storage. Additionally, going paperless means you’re doing all your accounting in your association management software, instead of crunching numbers by hand. This is faster and more accurate than paper accounting.

Additionally, if you choose association accounting software like CINC Systems, your clients’ financial data is stored in the cloud. This means the information is spread out across multiple servers that you can access from any device with an internet connection. In other words, you don’t need to be stuck in your office all day to do your accounting. With cloud capabilities and mobile apps, association accounting software lets you work for your clients at any time, at any place. Going mobile makes it easier than ever to multitask, thereby saving you lots of time and money.

As a bonus, going paperless is also better for the environment. Although this might not save you money directly, you can highlight your earth-friendly initiatives on your website and in your marketing materials. This can help attract new clients.

For a free consultation, call 855.943.8246

Manage Accounts Payable and Receivable

Another way to save money with HOA accounting software is to manage accounts payable and accounts receivable. Accounts payable refers to any money that your client’s HOA owes to vendors, such as outstanding invoices or bills. Accounts receivable is the opposite, referring to any money that is owed to the HOA, such as resident fees.

Without association accounting software, you need to manage these accounts manually. This means mailing checks to cover invoices, visiting the bank to make deposits, and updating your client’s ledger with each transaction so their accounts reflect the most current balance. Each of these tasks can be very time-consuming. They’re also prone to human error, which means you may have to redo certain aspects of the accounts payable and receivable if someone makes a mistake.

By using association accounting software, this process becomes almost fully automated. You can pay vendors electronically on behalf of the association, collect invoice payments via email, and process these payments immediately and online. Best of all, association management accounting software also ensures that your client’s financial accounts are always updated with the most recent balance.

Automate Bill Payments

You can use association accounting software to automate bills for your clients. As the HOA manager, it is your responsibility to make payments for the association’s recurring costs. This can include general repairs as well as services like landscaping, waste disposal, utilities, and private security.

Rather than paying bills individually by check, you can use association accounting software to set up automatic payments. Once set, you can forget about paying the bills and focus on other tasks. Plus, automatic bill payment also ensures that you’ll never miss a deadline. This protects your clients from late fees and interest, which will make them happier with your performance as an HOA manager.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Collect Resident Fees Online

For an association manager, one of the biggest responsibilities is collecting HOA fees from the association’s members. Resident fees are vital to the success of the association, covering monthly costs as well as adding to the HOA’s reserve fund. Without association accounting software, fees must be collected by mail or submitted to an office inbox.

In this process, the HOA manager needs to deposit the checks, received as fees at the bank, wait for the deposit to clear, and check the HOA’s resident database to ensure that everyone has paid the full amount on time. This is a very time-consuming process for what should be a simple task.

Association accounting software makes fee collection an easy task. With association accounting software, HOA managers can set up an online web portal to process payments electronically. Residents are able to pay via credit card or eCheck and the money is automatically deposited into the client’s account. HOA accounting software also alerts you when residents are delinquent on their payments.

Complete a contact form now

Monitor Bank Accounts in Real-Time

HOA managers can also use association accounting software to save money by taking advantage of a feature called automatic bank reconciliation. This means that you can link all of your client’s financial accounts to your software’s dashboard. The accounts are updated in real-time, showing transactions as they occur and reflect an accurate, current balance.

With this feature, you can monitor the HOA’s finances without logging into multiple banking websites. It also eliminates the need to balance the books by hand. Automatic bank reconciliation also helps you to detect suspicious activity and potential fraud.

Prepare Financial Reports

Finally, association accounting software can automatically prepare financial reports for your clients’ board members. Instead of spending all day creating spreadsheets, charts, and graphs, you can select the information you want to share with your clients and automatically generate a report from within the software. Then, you can email this report directly to the board members.

Using association accounting software to generate financial reports means less work for you, and lower costs for your clients because they won’t need to hire an external CPA. It also makes it much easier to calculate taxes and conduct internal financial audits.

To learn more about how CINC Systems association accounting software can help your management company save money, request a free demo or call (855) 943-8246.

Call 855.943.8246 or complete a contact form

As anyone involved in a homeowner association (HOA) or condominium association (COA) knows, management duties can be a full-time job. That’s why many HOA/COAs hire outside association management companies. An association manager can handle many tasks for an HOA/COA.

Depending on the association’s needs, a management company can assist with accounting, collect resident fees, process work orders, schedule services, and more. Association managers are expert advisors who will streamline daily operations and help ensure the HOA/COA’s long-term success.

Because of this, clients may have misinformed expectations about your role. However, there are many things an association management company DOESN’T do for its clients. Here are some of the responsibilities and tasks an association manager won’t do.

Every Association/Manager Relationship Is Unique

Overall, the difference between an association and an association manager can be compared to the difference between a boss and an employee. Association board members are usually residents who volunteer and are elected to lead the community. They may have a better feel of what’s best for their association, but lack the time and qualifications/experience to physically manage it.

The HOA/COA board makes big decisions and sets goals for the community, then hires the association management company to carry out their wishes. However, every business relationship is unique. Some HOA/COAs may hire a management company to handle the association’s daily logistics, while others may use managers as consultants. They may ask the association management company to give advice on the community charter or other leadership topics.

This means there’s always a potential exception to every rule. In general, there are certain tasks or responsibilities an association property manager won’t handle for its clients.

For a free consultation, call 855.943.8246

Represent Residents in Board Meetings

Association managers are involved in many of the tasks that help create a thriving community. The best association management companies take pride in their work and feel passionate about supporting their clients’ HOA/COAs. They are friendly with residents and easily approachable. However, despite this, they are not members of the community.

This means it’s inappropriate and unprofessional for an association manager to represent residents in board meetings. Association managers may be present at a meeting to observe or deliver reports, but they can’t speak on behalf of residents or the board, or give their own opinions about resident issues.

Establish Fees and Set Payment Schedule

Association managers often collect association fees as part of their job. Using software like CINC Systems, they may create a web payment portal where residents can pay dues via credit card or e-check. Managers may also follow up with residents who are delinquent with their payments and inform them about late fees.

However, association managers don’t establish these fees. They don’t set the amount or the payment schedule. The board determines the amount and frequency of resident payments and late fees. An association property manager simply enforces the policy and accounts for the transactions.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Create Budgets for the Association

Similarly, association managers don’t set the budget for an HOA/COA. Although they may sometimes act as consultants and offer professional advice, the final budget is always created and approved by the association’s board.

Association managers are responsible for general ledger accounting, paying vendor invoices, processing resident fees, and creating financial reports for HOA/COA leadership. Based on these duties, they can alert their clients when the association needs to adjust its budget. But the client always makes the final call.

Complete a contact form now

Accounting or Financing for Residents

Despite their financial responsibilities to the association and its board, association managers never do any kind of accounting for individual HOA/COA residents. They are not authorized to waive fees or security deposits, issue loans, or perform other financial work for an association’s residents on a person-by-person basis.

Maintenance and Repairs

Association managers do handle maintenance and repairs for HOA/COAs. With an association management software platform like CINC Systems, they often set-up web portals where residents can submit work orders online. They schedule work and pay vendor invoices accordingly.

However, association managers do not perform physical maintenance or repairs themselves. They are not general contractors, plumbers, or electricians. It is inappropriate for a community member to ask association managers to fix anything. It may also violate the HOA/COA’s liability policy.

Basic Monthly Services

HOA/COA property managers also do not do basic monthly services such as landscaping, waste disposal, or cleaning common areas. Instead, an association manager will hire professionals for these tasks.

They will schedule the work, perform inspections to ensure that the service was done correctly and on-time, and pay the vendors. But service work itself is not part of your association manager’s job.

Security or Law Enforcement

Often, a homeowner association or condominium association chooses to provide extra security for residents. This may include a gate with an on-duty guard, as well as security officers to monitor surveillance cameras and patrol the association’s grounds.

The association management company will often hire professional security and handle their contracts. They will never do the security company’s job. Despite handling complaints and mediating resident disputes, an association manager is not qualified to protect residents’ physical safety.

If a crime has occurred within the association or a resident is in danger, the HOA/COA manager may call security, contact local law enforcement, or both. They will not take the law into their own hands.

They WILL Improve HOA/COAs with CINC Systems

Now that we’ve discussed some of the duties that an association management company won’t do, here’s something they will do: improve their clients’ HOA/COAs with CINC Systems cloud-based management software.

CINC System offers a wide range of features to make your job as an association manager easier and more efficient than ever. CINC Systems will allow association property managers to help their clients’ HOA/COAs thrive and grow.

To learn more, click here or call 855.943.8246 for a free CINC Systems demo.

Call 855.943.8246 or complete a contact form

Community association management is no easy task. You’re responsible for a wide range of duties for the associations you manage. From daily maintenance to big picture projects, it’s your job to ensure your clients’ homeowner associations (HOA) or condominium associations (COA) always run smoothly.

When you’re managing associations, the right software can transform your business. Community association management software like CINC Systems provides the tools you need to be an effective, efficient manager. Use association management software to process fee payments, schedule repairs, handle your clients’ finances, and communicate with residents.

As you get ready to upgrade and use new software tools, you may be wondering, what are the computer system requirements for community association management software? Different software programs have different requirements, so before you can answer this, you’ll need to choose the best software for your HOA/COA management company. Find association management software that’s right for you by asking the following questions.

Can It Handle All Your Community Management Needs?

No two associations are alike. A large homeowner association with 100+ residents will have different needs compared to a smaller condominium association with a dozen units. When considering the computer system requirements for community association management software, you’ll want to choose a program that can handle the unique needs of all your HOA/COA clients.

Additionally, you’ll want to consider the size of your community association management company. How many employees will need to use your new management software? If you have co-managers or subordinates who need access, you’ll want to choose management software that can create multiple user accounts.

If you manage large community associations and need multiple user accounts, your community association management business will benefit from more powerful software. This may mean having greater computer system requirements than less advanced software for smaller organizations. Always choose the best software to fit your organization’s unique needs.

For a free consultation, call 855.943.8246

Does the Software Offer Community Association Accounting Features?

Accounting duties are among the most important responsibilities for HOA/COA managers. Your clients will need you to handle many aspects of their community’s finances, from collecting resident fees to paying vendor invoices. You may also be tasked with balancing the budget, scheduling bill payments, and monitoring accounts.

With community association management software like CINC Systems, you’ll find many key features to help you perform HOA/COA accounting. For example, you can use association management software to create online payment portals. This allows residents to pay fees online, helping your business go paperless. Accounting software for associations can also generate a list of which residents have paid their fees and which ones are behind.

You can also use HOA/COA software to perform bank integration and link your clients’ financial accounts to your software. You’ll be able to see financial transactions in real-time, in one place, without logging into multiple banking websites.

Other HOA/COA accounting features may include:

• Generating financial reports for your clients’ board
• Paying utilities and other bills
• General ledger accounting

If your community association management software offers these tools, it may have different computer system requirements than software without accounting features.

Will Community Association Management Software Make Your Job Easier?

When researching the computer system requirements for community association management software, look for software that makes your job easier. When you manage homeowner associations or condominium associations, find ways to work smarter, not harder. The right software can streamline your day-to-day tasks, freeing you up to work on bigger projects.

Look for software, like CINC Systems, that can process work orders online. With CINC Systems, you can create a web portal where residents can submit work orders from their computer or phone. They can even submit a photo of the repairs that need to be done and track the work order’s status online. Processing work orders online makes your job easier because you can organize submissions by date, category, and priority.

However, community association management software that processes work orders online may require a more advanced computer system.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Is It Cloud-Based/Mobile?

Next, ask yourself if you need community association management software that can go mobile. When using a cloud-based program, such as CINC Systems, all your clients’ data is stored remotely. This means you can access the accounts for every association you manage from almost any location with the Internet.

Using mobile software offers several advantages for HOA/COA management companies. It allows you to manage different locations when you’re on-the-go. This is especially beneficial for managers responsible for large associations with several sub-associations, or managers whose portfolio is spread out across a large geographic area.

Cloud-based mobile software often requires less computer power, operating on a simple laptop or tablet device without the need for complicated installations. Depending on your management company’s needs, HOA/COA software that’s mobile can be a better choice than traditional desktop software.

Complete a contact form now

Will Your Clients’ Data Be Secure?

Finally, choose community association management software that will keep your clients’ data secure. When you manage an HOA/COA, you may be handling sensitive financial information as well as personal information about residents. The best software will employ several security measures to keep this data safe.

As you consider the computer system requirements for your community association management software, make sure you assess the software’s security protocols. We also recommend installing antivirus software and firewalls on your company’s system. This will protect your clients’ data on all sides.

CINC Systems: The Perfect Software for Any Computer System

Different association management software has different computer system requirements. Depending on the software you choose, your computer system may need to be upgraded or replaced. However, a cloud-based platform like CINC Systems can run on almost any computer system.

See how well CINC Systems functions on your computer system with a free demo! Once you install CINC Systems, HOA/COA management will be easier than ever. Click here or call 855.943.8246 to get started with CINC Systems today.

Call 855.943.8246 or complete a contact form

It can be a lot of work to run a homeowner association (HOA) or condominium association (COA). A successful HOA/COA requires hard work and can be a significant time commitment. From communicating with residents and enforcing rules, to maintaining the grounds and coordinating repairs, association management comes with many challenging duties.

That’s why many HOA/COAs benefit from hiring an association management company. An association property manager helps clients with many different aspects of their business. Managers often handle accounting, communications, upkeep, and more. A platform like CINC Systems can help association property managers transform their clients’ HOA/COAs into thriving communities.

If you’re wondering what your association management company can do for its HOA/COA clients, here are some of the daily tasks and big picture projects managers handle.

HOA/COA Maintenance and Upkeep

Homeowner associations and condominium associations can require a considerable amount of physical maintenance and upkeep. This may include landscaping, painting, waste disposal, septic/plumbing maintenance, electrical work, roofing, and other repairs. For large HOA/COAs, maintenance and upkeep alone can feel like a full-time job.

Luckily, an association management company can take over these duties for the association. Association managers can hire contractors and other service professionals, schedule repairs, and pay invoices once the work is complete. They can also be on-site during maintenance and upkeep to ensure that work is being done to the association’s satisfaction. If there are any issues with a contract job or additional repairs are needed, the association property manager can follow up.

For a free consultation, call 855.943.8246

Day-to-Day Accounting Duties

Associations often require a lot of financial management. This includes paying bills, general ledger accounting, balancing budgets, and more. With the association accounting features provided by CINC Systems, HOA/COA managers can streamline all these tasks for their clients’ associations. This saves time, reduces paperwork, and ensures the association’s long-term financial health.

Additionally, HOA/COA managers can use CINC Systems to monitor their clients’ finances. With automatic bank integration, managers can link an association’s financial accounts to CINC Systems and check them in one convenient dashboard, instead of having to access multiple websites. Accounts are then updated in real-time, allowing association property managers to monitor financial transactions as they occur.

Association managers can also use accounting software to generate financial reports for their clients’ board members. This is very helpful for meetings and annual audits.

Collecting Resident Fees

Resident fees help HOA/COAs pay for maintenance, shared amenities, landscaping, and other operations. Whether paid monthly, quarterly or annually, collecting resident fees is a very important part of running an association. It can also be one of the most difficult, time-consuming tasks, which is another reason why HOA/COAs benefit from hiring a property manager.

An association property manager can collect resident fees for the association and even create web portals, allowing residents to pay online via credit card or e-check. With a CINC Systems payment portal, residents can pay all their association fees online. Fees will be automatically deposited, saving time by eliminating trips to the bank. Payment portals also make it easier for association managers to track which residents have paid on time and which ones are delinquent.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Manage Common Areas

Association managers help their clients manage common areas such as gyms, courtyards, swimming pools, tennis courts, multipurpose rooms, and laundry facilities. Managers can perform regular inspections of these areas and arrange repairs or upgrades when needed.

With a tool like CINC Systems, HOA/COA managers can manage common areas online. They can use association management software to create web portals for scheduling, allowing residents to reserve spaces online. Rules, hours of operation, and announcements can also be posted on the web portal or emailed to residents.

Complete a contact form now

Post and Enforce HOA/COA Rules and Regulations

A successful, thriving HOA/COA will have rules to ensure a great community for its residents. These regulations can cover a wide range of topics, including quiet hours, parking restrictions, and aesthetic rules for houses and condominiums. Association managers can work with board members and residents to craft the perfect charter for the community. They can also update the rules and regulations as the community’s needs change.

Additionally, association managers will usually be the ones to enforce these rules for their clients. As the “eyes and ears” on the ground for the HOA/COA, managers are often the first to notice violations. Residents can also report problems or complaints for the association property manager to handle.

Communicate with Residents and Board Members

Communication is important for any HOA/COA, and an association management company plays a crucial role in this. Association managers use software like CINC Systems to send email announcements and newsletters to residents, prepare reports for board members, and create call logs.

An association manager is also trained to resolve disputes among residents and respond to issues. They can help board members schedule meetings, make appointments, and run community forums for resident feedback.

Perform Regular Site Inspections

Along with physical maintenance, an HOA/COA manager can perform regular site inspections for their clients. While using mobile management software like CINC Systems, they can walk or drive to different areas within the association’s grounds. If there are areas that need repairs or maintenance, they’ll be able to quickly identify the problems and solve them.

Work with Vendors

Finally, association managers will work with vendors on behalf of their clients’ HOA/COAs. Using CINC Systems, managers can create online web portals where residents can submit work orders. When they receive a work order, managers will be able to coordinate with vendors to provide repair or upgrade services.

They can also find new vendors, negotiate service contracts, and pay invoices online on behalf of the association. This helps HOA/COAs become more organized and operate more efficiently.

CINC Systems Allows Property Management Companies To Help

With CINC Systems, an HOA/COA property management company can perform many tasks for their clients’ associations. Association management and accounting software from CINC Systems lets managers handle finances, work orders, communicate with residents, and more.

If you’re not using CINC Systems as part of your association management company, click here or call 855.943.8246 to request a free demo today. See how CINC Systems can take your association management business to the next level.

Call 855.943.8246 or complete a contact form

Association management companies have a lot on their plates. Whether you’re handling a large portfolio or running a large homeowner association (HOA) or a smaller condominium association (COA), you have many responsibilities to your client’s board members and residents. It’s up to you to ensure the success of the association you manage as well as its future growth.

One of the best ways to help an association is to use association management software. Association management software, such as CINC Systems, provides valuable tools to automate daily tasks and streamline efficiency. But how do you know what to look for in association management company software?

When you’re choosing association management software, we recommend looking for software that will meet the unique needs of your clients’ HOAs/COAs. Use this helpful guide to choose the best management company software for the associations you manage.

Features to Suit Any Type of Association

Every association is different. Are you managing a large HOA with many homes or a smaller COA with only a few units? Depending on the size of your client’s association, you will have different software needs. Make sure you choose management company software that can be customized to the specific needs of the HOA/COA you manage.

Look for scalable features designed for different types of associations. The CINC Systems platform can assist any type of HOA/COA, however, other association management company software may not be universally suited. Before investing in new software, do your homework and make sure it can handle all the unique needs of your clients’ homeowner or condominium associations.

For a free consultation, call 855.943.8246

Bank Account Integration

Next, look for management company software that includes bank account integration. Bank account integration means you can link an association’s financial accounts with your software interface. The client’s accounts will sync up automatically and you’ll be able to monitor the HOA’s/COA’s finances in one place.

Bank account integration is an important feature for any association software program because it also allows you to organize the association’s finances. It will make it easier to create monthly and annual budgets, help with balance sheets and perform general ledger accounting. Use CINC Systems for daily reconciliation of accounts, lockboxes and more.

Online Payment Portals

Collecting resident fees can be one of the most arduous tasks of an association manager. It requires notifying residents that fees are due, keeping a record of who has paid and who hasn’t, depositing checks at the client’s bank and waiting for these deposits to clear. Luckily, association management software can automate this process.

Look for management company software that gives you the ability to create online payment portals. Once you’ve created a payment portal for your clients, residents can pay their fees and fines online via credit card or e-check. They can also schedule reminders and autopay. Best of all, payments will process automatically, so the association can go fully paperless and you can avoid long lines at the bank.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Submit and Process Work Orders Online

We also recommend looking for association management company software that allows you to create website portals for work orders and maintenance requests. Dealing with work orders can be a headache, but when everything is online, you can create a streamlined system that handles repairs faster than ever. This will help you streamline your daily tasks and give you more time to focus on other projects.

Many association management software programs give residents the ability to submit work orders online. Often, residents can also upload a photo of the work that needs to be done. Once they submit a work order, you can organize it by date, category, and priority. This will help you organize and coordinate the job with vendors. You can also email status updates to residents.

Complete a contact form now

Scheduling Systems for Common Use Spaces

If your client’s homeowner association or condominium association has shared common use spaces, look for management company software that can create an online scheduling system. When you manage facilities like laundry rooms, gyms, tennis courts, or pools, you can save time and make your job easier by allowing residents to reserve these areas online.

Online scheduling systems allow residents to see when spaces are available and book them accordingly. You can also set hours, post rules and create announcements such as scheduled maintenance times. Using association management company software that allows scheduling systems will help your client’s community run more smoothly.

Intuitive Mobile Functionality

When choosing association management company software, look for a program or application that doesn’t come with a steep learning curve. Find software that’s easy to set up and intuitive to use. Although you may need to take a few hours to acclimate yourself in the beginning, your time is valuable and shouldn’t be wasted on overly complicated software. Look for programs that are user-friendly.

Additionally, your association management company should invest in software that offers mobile functionality. By storing your data in the cloud, you’ll be able to access your client’s data from anywhere. This is helpful for managers who cover a large association and need to be on-the-go. Software like CINC Systems offers a great mobile app that’s easy to install and use on your laptop, tablet or smartphone.

Automated Communications with Residents

Finally, look for association management company software that can streamline your communication with clients. Communication is key to a successful association. Whether you’re notifying residents of overdue fees and violations, sending reports to board members, or making community-wide announcements, you’ll want to implement a system that makes communication easy.

Many association management company software programs include integrated call logs, one-touch emails, and newsletter functionality. Choose software that will also allow residents to ask questions and provide feedback online. Being able to automate communication with your client’s residents will make you a more efficient manager.

Try a Free CINC Systems Demo Today

If you’re not already using association management company software to run HOAs/COAs, try CINC Systems today. Request a free demo and see how our association software can make a positive impact on your business.

Call 855.943.8246 or complete a contact form

Managing a homeowner association (HOA) or condominium association (COA) takes hard work. You need to be responsible, organized and possess strong communication skills. Association managers are the ones who ensure your client’s HOA/COA grows into a successful, thriving community.

There are many duties you will be expected to perform as an association manager. You will handle the HOA’s/COA’s finances, work orders and maintenance, and interface with residents. Association managers are often tasked with hiring service providers and vendors, too. It can be a very rewarding position, but association management is not without its challenges.

Thankfully, there is a wide variety of software and apps designed specifically for association management. These programs can help automate daily tasks, organize the HOA’s/COA’s finances, and streamline communication between residents. If you’re in charge of an HOA/COA, association management software will make your job much easier.

But with so many apps and programs to choose from, how do you know which association software is right for you? What is the best association management software? Here are some factors to help you decide.

Consider What the Association Needs

Because there are so many different association programs and apps to choose from, start by taking stock of the specific needs of the HOA/COA you manage. How big is the association? Does the community include shared spaces, like a pool or multi-purpose room, that would benefit from online scheduling?

If you’re managing a small COA, for example, you may not need all the bells and whistles that come with expensive management software. Conversely, managers who have a large portfolio or oversee HOAs with a large number of residents will require software that can handle bigger databases.

Also, consider your own management style preferences. If you like to work on-the-go, instead of staying in an office all day, choose association management software that offers a mobile app.

Once you’ve made a list of your association’s HOA’s/COA’s software needs, you’ll be able to find the perfect program or app for your needs.

For a free consultation, call 855.943.8246

Choose Software that Offers Accounting Features

No matter how big or small the association is, one software feature remains absolutely essential: accounting. Let’s face it, managing an HOA’s/COA’s finances isn’t the most glamorous part of the job. Luckily, association software with accounting features will make your financial responsibilities easier than ever.

With accounting features, association management software will save you time and money. You will be able to organize HOA/COA finances like never before. With everything stored in the cloud, association management software will eliminate the need for complicated paper filing systems. You can also balance the budget online, in real-time, by linking the association’s bank accounts to your software.

Additionally, association software accounting features will let you conduct financial business online. You’ll be able to create a web portal where residents can pay association fees, vendors can submit invoices, and you can pay bills. The best kind of association software is one that displays everything in one convenient dashboard. As a bonus, you’ll be able to generate and share easy-to-read financial reports with your clients.

Association Software Will Help Automate Daily Tasks

When choosing the best association management software, ask yourself this: how can I work smarter, not harder? High-quality software will do just that! As an association manager, you have a lot on your plate. The right management software for the HOA/COA you manage will help you automate daily tasks and streamline operations so you have more free time for other projects.

Look for association management software that can assist with day-to-day operations. For example, many association software programs allow managers to process work orders online. This allows residents to submit work orders along with photos or videos of what needs to be repaired. As a manager, you can sort the work orders by date received, category, or priority. You can then schedule repairs in clusters that make the most sense based on the type of work. Residents can then receive online updates about the job.

Great association management software will also give you the option to create resident directories and online scheduling for community spaces like gyms or rec rooms. These features will help you manage your client’s association more efficiently.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Make Sure You Can Go Mobile

In a mobile world, it’s important to make sure your association management software can keep up. Whether you’re managing an HOA with a large portfolio of properties or you just enjoy working out of the office, choose software that includes a reliable, easy-to-use mobile app.

A mobile app lets you stay connected to the HOA/COA no matter where you go. You can manage your clients’ associations from a laptop, a tablet or even a smartphone.

Complete a contact form now

Quality Software Keeps Your Client’s Data Secure

Finally, good association management software will keep your client’s HOA/COA data secure. Because you’ll be handling sensitive financial data, and possibly private information about residents, you will want to choose the software you can trust. Choose a program or app that closely guards the association’s data and keeps it safe in the cloud.

CINC Systems is the Best Choice for Association Management Software

There are several key features that make a program or app essential to association management. First, look for accounting features and integrated banking that lets you streamline account reconciliation online. Second, find software that can automate daily tasks, like work orders and scheduling. Finally, choose a platform with a great mobile app and robust security.

CINC Systems is the best choice for association management software because it includes all these features and more. CINC Systems is also customizable and scalable to meet the needs of different HOAs/COAs. With CINC Systems, you’ll be able to strengthen any association and create a truly amazing community.

Don’t just take our word for it. Try CINC Systems and see the difference for yourself. Request a free demo today.v

Call 855.943.8246 or complete a contact form

Managing a homeowner association (HOA) or condominium association (COA) can be a lot of work.
What is association management?
Association managers are usually responsible for balancing their client’s budget, collecting resident fees, processing work orders and resolving community issues, such as noise violations.

If managing an HOA/COA feels overwhelming at times, you’re not alone. At CINC Systems, we understand the challenges you face when managing an association. That’s why we created a streamlined, cloud-based platform for helping you manage any HOA/COA. Once you try association management software, you’ll discover how you can be more efficient and successful in all areas. Association management software will prove to be one of the most valuable tools available for running a client’s association.

But what does association management software actually do? How can software meet the specific, unique needs of the HOAs/COAs you manage? Will association management software help solve problems for the association? Here are some great association management software features that can help you run any HOA/COA.

Integrated Bank Reconciliation

HOAs/COAs often have complex financial structures. It’s common for associations to have multiple accounts across different banks and credit unions. Keeping track of every account can be a headache. Luckily, association management software is designed to help with this.

Association management software like CINC Systems offers integrated banking solutions. This means you can connect each of the HOA/COA’s financial accounts to your management software platform. In other words, you’ll be able to view all of your clients’ accounts in one place, instead of logging into multiple websites.

Best of all, integrated bank solutions will update in real-time, allowing you to view transactions as they happen and see all of the association’s most recent balances. This feature ensures accounts won’t become overdrawn. With CINC Systems, you can also use your CINC dashboard to easily transfer money between accounts.

For a free consultation, call 855.943.8246

General Ledger Accounting

Association management software also provides general ledger accounting. When you use a platform like CINC Systems to handle association accounting, you’ll be able to streamline all of the HOA’s/COA’s financials. Association management software lets you manage your client’s money in the cloud and offers tools to automatically balance their books.

In the past, general accounting often meant lots of paperwork, filing, and complicated spreadsheets. Association accounting software makes this largely obsolete. You’ll also be able to use CINC Systems to generate financial reports. These reports can be customized with dynamic fields for specific data ranges, and you can easily send them to your clients via email, or give association boards access online.

Using association management software will also make it easier to file the HOA’s/COA’s taxes. All the association’s data will already be gathered in one convenient location along with a detailed history of expenditures and profits. It’s like having a CPA on your iPad!

Online Payment Portals and Invoicing

When you manage an HOA/COA, payments can be a headache. Collecting resident fees requires lots of paperwork, filing and time spent at the bank making deposits. You also need to implement a detailed system to keep track of which residents have paid and which residents are overdue.

With association management software, collecting fees becomes easy. Use CINC Systems web-based association management software to create an online payment portal for the association you manage. Residents can then pay all their fees electronically via credit card or e-check. Payments will be processed automatically, making it easy to see late fees and other violations.

Online payment portals can also be used to pay the association’s bills and vendor invoices. Vendors and service providers can submit their bills online and you can pay them in just a few clicks. Thanks to CINC System’s automatic banking integration, you’ll be able to monitor the association’s budget as payments are made and received.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Automate Work Orders

Association management software gives an HOA/COA the ability to automate work orders. Using your CINC Systems web portal, you can offer residents the ability to submit repair requests online. Users can also include images and updates regarding their work orders. This can be done 24/7.

From the management side, you can write and manage work orders on-site and organize them digitally. Organize work orders by submission date, category or priority. You’ll be able to use association management software to organize repairs more efficiently and schedule accordingly.

Residents can then receive automatic updates about their work orders via email or online notification. This will reduce unnecessary phone calls and give you more time to focus on other projects. The use of association management software to automate work orders will benefit everyone in the HOA/COA.

Complete a contact form now

Streamline Communication with Residents

Finally, HOA/COA management software solutions will improve how you communicate with your client’s residents. Use association management software to send email newsletters, collection letters, violation notices, and other announcements. You can also employ integrated call logs.

If the HOA/COA community has shared common spaces like a gym, pool, tennis court or meeting rooms, you can use community association management software to create an online reservation system. This will give residents real-time access to the association’s resources and reduce conflicts over scheduling.

Best of all, association management software can be customized to fit any HOA/COA’s unique needs. You’ll be able to use it to communicate with residents and board members in the most efficient way possible.

See for Yourself with a Free CINC Systems Demo

Association management software offers multiple solutions for the organizations you manage. It doesn’t matter whether you’re managing a large HOA or a smaller COA. From financial management to website portals, software like CINC Systems will take any association to the next level and help you truly thrive as a manager.

Best of all, CINC Systems comes with an intuitive mobile app for managing associations on-the-go. Our platform is customizable for any homeowner or condo association. It’s the only software you will ever need.

Try CINC Systems today and see for yourself. Request a free association membership software demo now and explore all the great features this association management software has to offer.

Call 855.943.8246 or complete a contact form

Managing a homeowner association (HOA) or condominium association (COA) has many challenges. You’re responsible for an association’s finances, repairs and maintenance, and more. Although association management can be very rewarding, it can also be overwhelming.

That’s where association management software comes in. Using association management software like CINC Systems will make your job considerably easier. Software designed for HOAs/COAs can handle the unique needs of your client’s association. It will automate daily tasks, help you stay organized, and provide valuable tools for managing your business.

There are many types of association management software on the market. How do you choose the best association management software for the HOAs/COAs you manage? When buying a program or app for your client’s association, choose wisely. The following considerations will help ensure that you find the perfect management software for any HOA/COA.

Consider the Size of the Association

Start by considering the size of the associations you manage. How big is the association’s board? How many households are in your client’s neighborhood or building? A big homeowner association with dozens of members will have different needs compared to a smaller condo association with only a few residents.

If an association is on the smaller size, you may not need all the bells and whistles (and higher price tag) of management software designed for a bigger organization. Conversely, if you’re managing a big HOA/COA, make sure you purchase management software that can handle all of the association’s needs.

For a free consultation, call 855.943.8246

Do You Have Common Spaces to Manage?

Next, consider the association’s physical assets. Does the HOA/COA have common spaces that need management? Areas like tennis courts, gyms, pools/spas or multi-purpose rooms can require extra attention. In addition to improved maintenance scheduling and cleaning, these spaces will benefit from an online reservation system.

If the association you manage has many shared common areas, choose management software that can let you create web portals for your client’s residents. This will make it easier for residents to book time in these spaces and eliminate scheduling conflicts. You can also use this platform to post rules and usage hours.

How Many People Will Use the Software?

As you research the best association management software, consider how many people in your organization will be using it. If your HOA/COA management company has many employees, choose software that can create multiple user accounts. You may also benefit from software that can create user accounts at different “tiers” of access. You’ll want full administrative access to every feature, but you may wish to restrict other users.

For example, not everyone will need access to your clients’ financial data. We also recommend paying attention to privacy and security when choosing association management software. Make sure the software you choose will keep your clients’ data safe. And don’t forget to encourage your users to create strong passwords, which they shouldn’t share with anyone else.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Does the HOA/COA Software Offer Bank Integration?

When you’re managing an HOA/COA, accounting can be one of the most difficult and important tasks on your plate. Make sure you choose association management software that will help you organize and maintain your client’s finances. Software like CINC Systems offers web-based financials and bank reconciliation. This means you’ll be able to link all of your client’s bank accounts to your software and monitor them in real-time from one handy dashboard.

The best association management software also offers the ability to generate custom financial reports. Along with general ledger accounting, these reports will make it easier than ever for you to balance an association’s books. You can observe financial transactions and adjust the HOA’s/COA’s budget accordingly.

Complete a contact form now

Can It Process Payments Online?

If you’re shopping for the best association management software, consider whether an application can process payments online. This is a very valuable feature that will help your client’s association stay organized and let you focus on bigger projects.

With software like CINC Systems, you can create a web portal where residents can pay their association fees online. Fees are then processed automatically, saving you a trip to the bank. You can also use online payment processing to track who has paid their fees and who is overdue. Residents also love this feature because it’s more convenient for them, too. Choose association management software with online payment processing and go paperless.

Can You Create Web Portals for Work Orders?

Work orders are another aspect of HOA/COA management that can be very time-consuming. Luckily, many association management programs and apps make this easier. With the right association management software, you can create a web portal that allows residents to submit repair requests online, 24/7. They can also upload photos to document the work that needs to be done.

Once submitted electronically, work orders can be sorted by date and time, category, and priority. You can easily organize jobs and send notifications to residents about the status of the work order. This is one of the most valuable features of any association management software, so we recommend you look for this when you’re considering new software.

Look at the Computer Requirements

Finally, consider the computer system requirements of any potential association management software. Some programs require a dedicated computer server, while others are cloud-based, so you can run them on your tablet or even your smartphone.

Make sure your company’s current computer system can run whatever software you choose. If not, consider an upgrade.

Try CINC Systems Today

When you’re considering buying software for association management, it’s important to do your research and make sure you have the best software for the needs of each client. Read reviews, get opinions from other association managers and do your due diligence to ensure you make a good choice.

We also recommend trying before you buy. That’s why CINC Systems offers a free demo: so you can see how our platform can help you get the most from your association management company. Try CINC Systems today, for free, and experience it yourself.

Call 855.943.8246 or complete a contact form

What’s one of the best ways to improve association management? Accounting software! Although it might not sound as interesting as other aspects of management, accounting software is actually one of the most valuable tools for managing a homeowner or condominium association.

Once you’re up and running with the perfect accounting software, like CINC Systems, you’ll discover how easy it can be to manage HOA/COA finances. Accounting software designed for associations will help you process your client’s resident fees, pay invoices, and balance their budget. You’ll quickly discover how HOA/COA accounting software streamlines your business and helps you accomplish daily tasks in minutes.

One of the best features of association management accounting software is online integration. Today, most accounting programs store information on remote servers, also known as “the cloud.” This means you can access an association’s financial data from any location on a laptop, tablet, or even your smartphone. Cloud-based software also gives easy access to other people in your association management company.

But is your client’s data safe? We often hear about companies being hacked or accidentally leaking private personal information, such as passwords. When you’re managing an HOA/COA, it’s important to protect your client’s community and do whatever you can to safeguard the association’s financial data.

Here are some points to consider regarding the safety of cloud-based financial data.

Advantages of Cloud-Based Association Accounting Software

First, let’s take a look at some of the benefits of cloud-based association accounting software.

• General ledger accounting: Easily balance the books and track expenditures so your client’s association always stays on budget.
• Online fee payment processing: Create an online payment portal where residents can pay association fees, eliminating the lengthy process of paper checks.
• Invoicing for vendors: Allow vendors to submit their invoices online, then pay right away with the click of a button. You can also set up autopay for the association’s recurring bills.
• Sync bank accounts: Use integrated bank reconciliation to add an association’s accounts to your software. This will let you monitor the HOA/COA bank accounts in real-time from one dashboard instead of multiple websites.
• Generate financial reports: When it’s time to share financial data with your clients, you can automatically create detailed financial reports and share them via email.

Each of these features will save you time, money and headaches. You’ll be able to go paperless, too. Say goodbye to spreadsheets and long hours organizing paperwork.

Ultimately, the advantages of accounting software far outweigh the risk of having your client’s data hacked. In fact, the possibility of a data leak is actually quite remote. However, if you’re still concerned about protecting an association’s financial information, you can put your mind at ease by learning more about how accounting software keeps data secure.

For a free consultation, call 855.943.8246

How Accounting Software Keeps Financial Data Secure

Accounting software uses several techniques to protect data in the cloud. First, an association’s financial information is encrypted. Encryption means that data becomes “scrambled” and can only be unlocked by a computer program with the right access key. Most software programs use a type of secure encryption called 256-bit SSL, but we recommend asking your software developer for their specific methods.

Second, there’s a good chance that an HOA’s/COA’s financial data is spread across multiple servers, instead of just one. This means that even if there’s a data breach, it would only affect a partial percentage of the secure information and the rest would still be safe. Again, ask your software developer for more information about their cloud security.

You can also ask your accounting software provider about the security employed at the physical address where the servers are located. Although online hacking is a much bigger threat, data servers are still vulnerable to physical break-ins. Your software provider most likely uses extra security measures like alarms and cameras to protect their cloud servers.

Finally, research how your accounting software provider uses firewalls, virus scanners, and malware protection. Most of these digital security measures are standard protection to keep financial data from being targeted.

Tips for Protecting an Association’s Financial Data Online

Although your accounting software providers take many measures to protect your financial data in the cloud, there are ways you can help secure it on your end, too. The most important thing you can do to protect accounting information in the cloud is to use a secure password.

If you’re not already using a secure password, now is a great time to update it. (Cybersecurity experts recommend changing your online passwords every three months.) To create a secure password for your association accounting software, follow this formula:

• Use at least eight characters. Sixteen is ideal
• Include at least one capital letter, ideally in a random place
• Create your password from a combination of letters, numbers, and symbols
• Try substituting letters with numbers and symbols. (For example; consider using “8” for “B”, or substitute “@” for “a”)
• Use creative acronyms that no one else can guess, such as the first letter from each word in the opening lines of a favorite movie

When creating a secure password for HOA/COA management accounting software, never use anything “obvious” such as the name or address of your client’s association. Also avoid personal information, like birthdays and pet names.

If you have trouble remembering a strong password, consider using a keychain program such as LastPass. You could also write your password down (without the accompanying username or the name of the software program) on an unlabeled sheet of paper and hide it somewhere. Whatever you do, never store your passwords in an email, spreadsheet or Word document.

If there are other members of your HOA/COA management company who use your accounting software, make sure they create strong passwords, too.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Try CINC Systems, One of the Most Secure Programs for HOA/COA Management Accounting

Your association management accounting software data will be safe in the cloud, helping HOAs/COAs function more smoothly. If you’re not yet benefiting from association accounting software, try a CINC Systems free demo today.

Call 855.943.8246 or complete a contact form

Managing a homeowner association (HOA) or condominium association (COA) can be a challenge. Although association management is often very rewarding, it requires a lot of work to create and maintain a thriving community for your clients. When you manage an HOA/COA, it’s your job to keep things running smoothly so the client’s residents have a safe, peaceful place to live.

Accounting is a significant part of association management. Your duties may include collecting resident fees, paying vendors, balancing accounts, and reconciling financial information for taxes. Crunching the numbers for an HOA/COA isn’t the most exciting aspect of association management, but it may be the most important. That’s why many companies offer accounting software for managing associations.

Association management accounting software is custom-tailored for HOAs/COAs. However, every software is unique–just like the associations you manage! So how do you choose the best accounting software for managing associations? Here are some considerations:

How Big Is Your Association Management Company?

First, consider the size of your association management company. Is it just you, or do you have co-managers and employees? Figure out how many people in your company will need to use accounting software. If you’re going to have multiple users, make sure you choose accounting software that can accommodate them.

Today, many types of software for association management are cloud-based. This means you can use the software from any computer, tablet, or smartphone with an internet connection. Cloud-based software makes it easy for multiple users to access the same data at the same time, so if you work with a big team, we recommend looking for cloud-based features in your HOA/COA accounting software.

For a free consultation, call 855.943.8246

How Many Association Properties Are You Managing?

When you’re responsible for HOA/COA accounting, it’s important that your software is up to the task. A management company with a small number of properties will have different needs compared to a larger company. As you research the best accounting software for association management, consider whether the software is designed for high or low capacity management.

A larger HOA/COA will need software with more powerful and advanced features. As you might guess, more powerful accounting software also tends to be more expensive. If you manage smaller HOAs/COAs that don’t require all the bells and whistles, don’t overpay for accounting software intended for a big community.

Are You Managing Common Spaces?

Do you manage an association that has common spaces like swimming pools, gyms, tennis courts, or laundry rooms? If so, look for HOA/COA accounting software that can handle this. With the right association software, you can create a dashboard for residents, a reservation system for common spaces and post important information, such as hours of operation and rules, all online!

Accounting software can also help you track expenses associated with HOA/COA common spaces. This may include basic utilities, such as water and electric costs for operating a laundry room, as well as renting fees of the common area, maintenance, repairs, and upgrades.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Does the Software Offer Bank Integration?

Next, look for bank integration. This is one of the most useful features of association management accounting software–and one of the most important. Bank integration means you can link an association’s bank accounts to your software. It gives you the ability to see the association’s financial data in one place, in real time, without logging into multiple websites.

With bank integration, you will be able to perform account reconciliation, general ledger management and monitor cash flow for the HOAs/COAs you manage. This helps you ensure that the association doesn’t go over-budget. It also makes it easier to generate financial reports.

Complete a contact form now

Can You Create Payment Portals?

Collecting fees is often the most tedious task of association management. However, by choosing the right accounting software you can streamline this process for management and residents alike. Look for HOA/COA accounting software that can create a payment web portal, like CINC Systems. This allows residents to pay their fees online via credit card or e-check.

With a payment portal for resident fees, the association you manage can also go paperless. Additionally, this accounting software feature will save you a lot of time. You won’t need to go to the bank to deposit physical checks and your accounting software can automatically generate a list of residents with outstanding balances.

Can You Process Work Orders Online?

The best accounting software for managing a homeowner association or condominium association will offer the ability to process work orders online. With the right accounting software, you will be able to create a web portal where residents can submit work orders electronically. Some software also allows users to upload photos of the work that needs to be done.

Residents love this feature because they can track the status of their work order online or receive email updates. It’s also great for association managers because it helps to stay organized. You can sort work orders by submission date, category, and priority. Once the work is done, your HOA/COA accounting software will also let you pay invoices online.

What Are the Computer System Requirements?

Finally, consider the computer system requirements for association accounting software. Does the software require a dedicated server on an office computer, or is it a robust cloud-based application you can run on your iPad? If you’re considering software with advanced accounting features, make sure you’ll be able to install it on your existing computer equipment–or be prepared to upgrade.

Try a CINC Systems Free Demo

When you’re ready to upgrade to the best accounting software for managing an association, try CINC Systems. CINC Systems offers all the accounting features you need to successfully manage an HOA/COA. Whether the association you manage is big or small, CINC Systems can be customized to fit your needs. It’s an indispensable platform for association accounting and property management.

Register for a free CINC Systems demo today.

Call 855.943.8246 or complete a contact form

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.

Click to contact our get a no-obligation demo of our revolutionary CINC System

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!

Call 855.943.8246 or complete a contact form

Is your association management’s accounting data safe when you use software tools?

Online accounting services and cloud-based apps like CINC Systems offer many advantages for association managers compared to traditional paper bookkeeping. Many programs designed for HOA/COA accounting can also be linked to resident payment web portals, allowing you to  collect fees online.

However, some association managers may be concerned that using online accounting software places their client’s financial data at risk. Security and privacy always need to be considered when choosing accounting software or apps for your business.

Why Data Security Matters for HOA/COA Accounting Data

Your HOA/COA clients’ data needs to be extra safe because it may include private financial information, vendor invoices, utility accounts, and personal resident information. In a world where online breaches are the order of the day, it’s very important to know how to protect data. Luckily, most software companies understand this and make it a priority.

Are you wondering how to keep financial data secure when using accounting software and apps? The key is to stay informed. Here are some questions to ask your service provider to ensure the safety of your clients’ accounting data:

For a free consultation, call 855.943.8246

How to Keep Your Client’s Financial and Accounting Data Secure

Knowledge is power. While you can’t always prevent hackers from causing a breach, you can make sure your client’s financial data is as secure as possible by understanding how your software works. Before trusting your data to an online accounting service or cloud-based management app, ask the following questions:

Does the accounting service provider use multiple servers?

Typically, online data is stored in a special type of computer called a  server. Data will be more secure if it’s spread out across multiple servers instead of one. It’s even better if these servers are in different physical locations, such as different cities. If one server is hacked or compromised, the others may still be secure. Spreading data across multiple servers reduces its vulnerability.

What physical security measures are in place at the server’s physical location?

Although many data breaches are the result of online hacking, servers that store accounting data may still be targeted by traditional break-ins. Ask your accounting service provider how they protect financial data. Does the server location have security alarms? Video surveillance? Protection from environmental damage such as fire and floods?

How does the accounting software itself protect financial data?

Accounting data and financial information needs to be encrypted to be truly secure. This is a very important security feature. Ask your online accounting service provider if they protect your data via 256-bit SSL encryption, which is ideal. Also, find out how often your data is backed up and what kind of security measures are used to protect the backups.

Firewalls, employee access, virus protection and security history

We also recommend talking to your accounting software provider about other factors that may affect security. Find out if they employ firewalls, which block unauthorized access to internal server networks, and if they use protection against viruses and malware. If possible, ask how many employees within the company have access to the data servers.

Finally, learn what you can about the accounting software company’s security history. Have they ever had a data breach? If so, how did they handle it? If the accounting software company cannot disclose this information, see what you can find on Google. Data breaches are often published on news sites, social media, and online forums.

Keep Association Accounting Data Secure and Private Within Your Association Management Company

To make sure your association accounting data is safe when using software tools such as websites and cloud-based apps, you should also take steps to secure your information within your company. This will help protect you as well as your HOA/COA clients’ board members, vendors, and residents.

One of the best ways to secure financial data when using accounting software is to implement strong passwords. Unfortunately, common passwords that are easy to remember are also easy for hackers to guess. When creating a password for your accounting software tools, never use information such as a date of birth, family member name, or anything that includes the name of your business or client. Avoid passwords that you use for other services, too.

If you want to know how to create a strong password for your accounting data, here are a few key guidelines from security experts:

• Make your password at least eight characters long, ideally 16
• Use a combination of letters, numbers and symbols
• Include at least one capital letter, in addition to lowercase letters
• Substitute letters with numbers and symbols (for example, consider using “1” for “L”, or substitute “$” for “S”)
• Use unique acronyms that only you will understand, such as the first letter from each word in the lyrics of your favorite song

Once you’ve created a strong, unique password to protect financial data stored by  accounting software or apps, the next step is to guard that password. Many people use special password security software, such as LastPass or  KeePass, to store their passwords with extra encryption. You can also go old-school. Some experts recommend writing passwords down on an unlabeled piece of paper and hiding it somewhere inconspicuous.

Make sure that you don’t store your passwords in an Excel sheet, Word document, email or any type of file marked “PASSWORDS.” Also, don’t share your passwords with anyone else within your organization. Even the most trustworthy associates can be victims of hacking or computer/phone theft. Treat your accounting software password like the key to a treasure chest.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Keep Accounting Data Private and Secure with the Right Software Tools

Your client’s association accounting data can be kept safe and secure with the right software tools, including online HOA/COA management systems and cloud-based apps. Although there is always some risk associated with storing data online, the benefits of accounting software far outweigh the possibility of a data breach.

Try CINC Systems today to see how CINC Systems accounting software can streamline your business and increase growth.

Call 855.943.8246 or complete a contact form

If you’re an association management company, it’s essential to have the right accounting system. Today, association management companies have the option to turn to websites, cloud-based apps and other online tools—such as CINC Systems—for help in handling their accounting. Before choosing an association accounting system, it’s important to understand how this software works and how it can benefit your company.

Association management accounting systems differ from traditional accounting software in many ways. First, association management accounting systems integrate industry-specific features. An accounting system created for an HOA/COA will include relevant real estate information. This means your software will enable you to track vacancies, create resident profiles, and monitor the condition of the physical properties in your client’s community.

Second, association management accounting programs can be tailored to include electronic sales documents and active property listings. They can also monitor maintenance costs and repairs, work order statuses and invoices.

How Association Management Companies Benefit from Association Management Accounting Systems

HOA/COA management accounting systems help your company at all levels, from the top down. This software offers association managers a number of options for increasing productivity in day-to-day logistics handling, improving overall communication and streamlining financial processing.

Association management accounting software helps association managers track expenses for repairs, supplies, and general maintenance. It allows them to generate invoices with one click and easily compile monthly expense reports. Plus, this software makes it easier than ever to process payments from residents.

Many of these systems are customizable, enabling you to create dynamic fields to track an HOA’s unique set of data. By using a cloud-based application or online accounting system like CINC, everything you and your association managers need will be stored in one place for easy remote access. This will eliminate messy filing systems and cut costs of office supplies.

For a free consultation, call 855.943.8246

Association Management Accounting Systems Offer Many Unique Features

HOA/COA accounting systems offer many great features to help you manage your business. In general, most association management accounting programs offer the following features:

Management of Common Areas:

If an association has common areas such as a courtyard, laundry room, pool or gym, this feature will enable you to calculate the costs associated with the maintenance of these areas. You can also generate reports and update resident usage policies.

Online Payment Portal for Residents:

Save time collecting HOA fees by allowing residents to make online payments, either by auto-billing or direct payment. You can also use online payment dashboards to monitor late fees or damages incurred by misuse.

Track Monthly and Annual Financials and Operating Costs:

Association management accounting systems can assist your business by tracking financials and operating costs on a monthly or yearly basis. Many software systems can be customized to include specific regional property taxes, as well as costs like insurance, utilities, and other expenses.

Easy Integration with Banks, Credit Unions or Other Financial Institutions:

Association management software can support your clients through integration between your bank, credit union or other financial institution. You can sync up your accounts in one place and monitor an association’s finances in real-time. This can help you catch discrepancies between accounts and invoices, as well as snuff out potential fraud. You can also use association management accounting software to generate customizable, easy-to-read financial reports for business partners, residents or board members.

Accounting Software for All Types of Association Management, Big and Small

Whether an HOA/COA client is big or small, there’s a perfect association management accounting system for your needs. The creators of association management accounting software like CINC understand the unique challenges faced by different sized HOAs/COAs, so most systems are scalable.

If you manage a small association, focus on basic functions such as fee collection portals for residents, monthly expense tracking and invoicing.

For association managers operating mixed portfolios or very large communities, choose association management accounting software that offers additional options such as online work order submission pages, maintenance tracking, and advanced financial reporting.

With a little research, you’ll find the management software that’s perfect for your client and their budget. Some products, like CINC Systems, offer a one-stop shop for all your HOA/COA management needs.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Cloud-Based Association Management Systems for Mobile Business

Many association management software is fully customizable and entirely cloud-based, eliminating the need for complex in-house servers. Cloud-based association management systems offer a number of advantages by allowing association managers to be fully mobile. This can help you save time and reduce transportation costs if your clients are spread out across a wide geographical area.

With a user-friendly iPad app, CINC Systems gives association managers the ability to take and upload photographs, send email reports with one touch, and manage work orders from anywhere. These features combine the best of cloud-based software with traditional turn-key management solutions.

Complete a contact form now

See How Association Management Company Accounting Systems Can Help An HOA/COA Grow

Association management is always evolving. Changes like government regulations and the ebb-and-flow of the economy can have a big impact on the success of homeowner or condominium-owner association’s success. Luckily, with a little advanced planning and smart decision-making, it’s easy to optimize your association management company’s structure to help your clients grow.

Using an association management accounting system can give you an edge over the competition and ensure your success as a manager. Use these online software programs and cloud-based apps to stay organized. An association management accounting system designed to handle your specific needs will help with your short-term and long-term financial planning.

Best of all, many of these systems offer free trials and demos. Why not try a new property management company accounting system like CINC Systems today?

Call 855.943.8246 or complete a contact form

Association managers benefit from accounting software in several ways. The software offers key advantages over traditional paper bookkeeping and it allows you to run your business more efficiently and stay organized. No matter what kind of association you’re managing, CINC Systems accounting software will make your job  easier than ever.

Most of the accounting software available for association managers includes standard features like financial reporting, invoicing, and bill payment. You can also find specialty software that’s customizable to your association’s needs.

For example, association managers can benefit from CINC’s custom accounting software by creating web portals where homeowners can make online payments. They can also use association management software to submit work orders, track vacancies, pay bills, generate expense reports, manage the cost of the association’s upkeep, and more.

Here are some of the many benefits of CINC Systems’ association management accounting software:

CINC’s Accounting Software Helps You Manage Associations Any Time, Anywhere

Like almost everything in today’s world, association management accounting software is largely mobile. Once you set it up, you can access your accounts either with a laptop, tablet, or smartphone. This frees you up to manage your associations 24/7 from virtually any location with an Internet connection.

By going mobile, you won’t be restricted to an office. This is especially useful when managing large HOAs. You can receive and track work orders for one home while being on-site at another. This can eliminate excessive travel costs.

For a free consultation, call 855.943.8246

Automate Payments for Bills and Other Expenses

How can association managers use accounting software like CINC Systems to save time and manage their HOAs/COA accounts more efficiently? Most association management software allows you to automate your weekly, monthly, and annual expenses. Once you create an automated payment schedule for recurring bills, you’ll save lots of time each month.

Association managers can also automate non-recurring payments, such as repair costs and upgrades. CINC’s accounting software allows vendors to submit invoices online, which you can fulfill within moments. By making the switch to CINC, you won’t need to spend time and money sending checks in the mail.

Accounting software can also send you account alerts. Association managers can receive notifications whenever residents pay fees or whenever money is deposited or withdrawn from business accounts. As a bonus, many accounting software programs and apps like CINC Systems also calculate local taxes and fees and automatically add them to your financial transactions.

Bank Reconciliation Is Easier Than Ever with CINC

Along with the  many organizational benefits of association management accounting software, these programs make it very easy to reconcile bank accounts. By linking your accounting software to your business’ bank account, you’ll be able to monitor your company’s finances alongside the information of the HOAs you manage. This feature allows you to see when checks are deposited and cleared in real time.

Using CINC’s association management accounting software in tandem with your bank also drastically reduces clerical errors. You can easily generate balance sheets, cash-flow statements, and other financial reports automatically. When it’s time to file taxes for your HOA/COA clients, these software features will give you a strong advantage over traditional accounting.

Plus, most accounting software can display your financial data in charts and graphs for improved readability. This will allow you to see a clear picture of your clients’ overall finances. You can also sort your data by category to generate unique, custom reports for investor meetings and presentations.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Manage Work Orders, Building Maintenance, and Resident Information

CINC Systems allows you to customize accounting software to meet associations’ unique day-to-day logistics needs. It lets you handle work orders entirely online. You can create dynamic online web portals or dashboards where residents can submit work orders 24/7, eliminating the often lengthy process of paper filing.

Association management software will then help you sort work orders by priority and category, connect to vendor lists to find the right contractor for the job, and monitor completion status.

CINC’s association management web portals also enable you to track regularly scheduled building maintenance, as well as cleaning and landscaping services. Support staff can even upload photographs as work is being performed. The right accounting software can be your eyes and ears on the ground when you’re not able to be on-site.

Additionally, association managers can benefit from accounting software by using it to create and maintain a database of resident information. Track fee payment history, parking assignments, and other resident info from one convenient website or mobile dashboard. This eliminates the need for complicated paper filing.

Complete a contact form now

Use Online Association Management Accounting Software to Streamline HOA Properties

Finally, accounting software benefits association managers by improving online accessibility for homeowners association (HOA) and community properties. Depending on your client’s needs, accounting software can be customized to create online reservation systems for shared spaces like gyms and barbecue areas.

Overall, accounting software offers a number of key benefits for association managers. A new accounting system is a valuable investment that will quickly pay for itself and help you grow your business.

Try CINC’s online property management accounting software for your homeowner association or condo association clients and see the difference. Whether you’re looking to receive fee payments, process work orders, or streamline tax data and financial reports, accounting software will make a direct, positive impact on your association management team.

Call 855.943.8246 or complete a contact form

Managing accounts for a homeowner association can be challenging. Whether the homeowner association (HOA) is large or small, managing their accounts requires attention to detail, strong organizational skills, and clear communication. You’ll need to balance budgets, process work orders, collect payments, hire maintenance and repair workers, and handle many other recurring tasks.

On the other hand, managing HOA accounts can be highly rewarding. An efficient, well-managed HOA creates a thriving community that benefits all its residents for years to come.

What are the  best ways to manage your HOA’s accounts? Here are 10 tips to help you manage homeowner associations.

1. Read All HOA-Related Documents

When you’re getting started in association management, familiarize yourself with common HOA documents. Read all rules, regulations, covenants, governing charters and membership guidelines, as well as all city, county and state ordinances that apply to the HOAs you manage. You may also benefit from researching local tax codes.

This research will help you manage your homeowner association accounts. When you understand the relevant legal framework, you’ll be able to make decisions quickly. You’ll also have a complete picture of your personal responsibilities as a manager.

For a free consultation, call 855.943.8246

2. Get to Know the Residents of the HOAs You Manage

Reach out to HOA residents as often as you can. Ask for feedback. Invite comments and questions. This will help residents feel more comfortable approaching you for help. Open communication will enable you to anticipate your client’s needs and manage your accounts with everyone’s best interests in mind.

3. Create a New Budget Every Fiscal Year

Maintaining a budget is one of the most important duties of an association manager. In addition to monitoring monthly expenses, homeowner association managers are often responsible for creating the HOA’s annual budget.

Although an HOA’s finances may not change dramatically from year to year, it’s still important to draw up a new budget at the beginning of each fiscal year to reflect economic changes. Keep your budget updated and manage HOA accounts accordingly.

Click to contact our get a no-obligation demo of our revolutionary CINC System

4. Keep Vendor Lists and Contracts Current

Depending on the needs of your clients, their HOA may require regular services from vendors and contractors. This may include plumbers, electricians, general contractors, gardeners, and cleaning and office staff.

When you manage HOA accounts, it’s important to make sure that your list of contractors is accurate and up-to-date. By keeping a database of businesses you trust, you’ll know exactly who to call when your HOA client needs work. Building strong, long-lasting relationships with vendors can also help homeowner associations save money by receiving better deals or discounts on services.

Complete a contact form now

5. Use the Best Accounting Software for Your HOA Clients

Accounting software is crucial to successful HOA management. HOA accounting software like CINC Systems streamlines an association’s finances and makes it easier than ever to stay organized. Use  homeowner association accounting software to receive fee payments from residents, complete vendor invoices, and automate monthly bills.

Depending on the size of your HOA client and its unique needs, we offer accounting software that can improve the association’s financial situation.

6. Closely Monitor Income and Expenditures

Once you’ve found  the best HOA accounting software  for your needs, you can closely monitor your income and expenditures. Sync your HOA accounting software with your bank accounts so you can see transactions in real time. This will allow you to observe withdrawals, deposits, and scheduled payments as they happen.

By closely monitoring your HOA accounts, you’ll be able to align your client’s finances with their monthly and yearly budgets. This will limit clerical errors and cut back on excessive spending. It can also reduce incidences of fraud.

7. Automate Work Orders

When managing an HOA, we recommend implementing a community web portal where residents can submit work orders online. This will save you time and money. Processing work orders in an automated system allows you to sort by submission date, priority and category so you can solve issues more efficiently.

Members prefer to submit work orders online versus traditional paper systems. They can file 24/7 and check for updates in real time. Automating an HOA’s work order system will ensure that maintenance and repairs are performed accurately and quickly.

8. Establish Online Payment Portals for Residents

Your business can use accounting management software to create online payment portals so association residents can pay fees online. This saves time by eliminating the need for check collection. It also enables an HOA to process payments much faster.

An HOA payment portal can also be expanded to include an invoicing system for vendors. By establishing online payment processing, association managers, board members, and residents alike will be able to go paperless.

9. Maintain Adequate Insurance Coverage

Association managers have many duties. Maintaining an association’s insurance policy is one of them. Assess the needs of your HOA clients and make sure they carry liability insurance at all times. List the HOA’s assets, consult with board members, and speak to a licensed insurance agent to find the best policy for their association.

When managing accounts, add the HOA’s insurance to your list of vendors and contractors. This will make it easy to access their policy information at all times.

10. File Annual Tax Returns

Finally, always file HOA tax returns on time. Accounting software will help you do this. HOA accounting software gives you a customizable system for organizing HOA finances and generating reports, which will assist CPAs or other tax professionals.

File local and federal taxes each year with detailed, accurate information. Make receipts easily available in the event of an audit, and always ensure HOAs pay what they owe in a timely manner. Filing taxes and managing an HOA’s accounts can seem like a lot of work, but with enough organization and planning, your organization will always run smoothly.

Try  new HOA management software today with CINC Systems and see how it can improve your organization.

Call 855.943.8246 or complete a contact form

Managing a homeowners association (HOA) or condominium-owners association (COA) is a big responsibility. Even when you’re working as an employee, being an association manager comes with many challenges. However, these challenges also yield big rewards for you and your clients. A well-managed HOA/COA contributes to the long-term success of your business.

When you’re managing an HOA/COA, CINC Systems  association management software is your best friend. Association management software offers a wide range of features that can help you and your homeowner or condominium-owner clients. It can help you streamline your business procedures, enable you to keep your finances organized, allow you to communicate more easily with board members, and expedite the processing of maintenance requests.

Whether you’re managing a huge HOA with dozens of homes or a smaller condominium association with just a few units, our association management software will help you get the job done. The right association management software can be customized to meet all your clients’ needs, too.

How can your association management business benefit from association management software, specifically? Here are a few reasons why association managers love using software and cloud-based apps to help manage their HOA/COA clients:

HOA/COA Management Software Gives You a Live Snapshot of Financial Health

Most HOA/COA management software can be linked to your association’s bank accounts. This lets you monitor your accounts in real-time from your laptop, tablet, or smartphone. Depending on the management software you use, you may also be able to receive notifications of financial transactions such as withdrawals, deposits, and account credits as they happen.

In short, our association management software will give you a live snapshot of your association’s financial health. This means you can see how well your organization is following its budget and easily track expenses.

You can also generate financial reports for specific time periods or transaction types, which can be emailed to board members or shared via secure web connections. Keeping your association’s finances online will help you file taxes, annual budgets, or self-audits.

For a free consultation, call 855.943.8246

HOA/COA Management Software Enables Association Members to Pay Online

Paying dues and fees with paper checks can be a headache. It takes time to collect, sort, and wait for deposits to clear, not to mention travel time to the bank. Checks also require more office work because you need to track who has paid and who hasn’t, and balance the books yourself. Luckily, an  HOA/COA management software like CINC Systems can make this arduous process obsolete.

With CINC Systems HOA/COA management software, you can easily create an online payment portal. Members of the homeowner association or condominium-owner association you manage can then pay fees online or by phone from any location, 24/7.

Association payment fees can also be auto-scheduled and auto-debited through CINC. By using an online payment portal, it will be easier than ever for your clients to stay fiscally responsible.

CINC Systems HOA/COA Management Software Can Automate Your Clients’ Bills

Every homeowner or condominium-owner association requires regular services. In addition to utility bills and vendor payments, the association may have regular costs such as waste disposal and landscaping.

Paying vendors’ invoices used to be a hassle, with different amounts due at different times, but CINC’s association management software allows you to schedule all bills in advance. Vendors can also submit invoices online, which can be paid in one click. Plus, with real-time access to an HOA or COA’s bank account balances, you can help them avoid the inconvenience and stress of overdrafts.

Click to contact our get a no-obligation demo of our revolutionary CINC System

CINC Management Software Streamlines Work Orders and Repairs

CINC’s association management software can help association managers go fully paperless. In addition to creating web portals for HOA/COA member fees and automating association bills, you can also implement an online system for work orders.

Residents can submit work orders online and even take pictures or videos of items that need repairing. This can be done online or by phone. It’s easy and convenient.

Association management will be further facilitated by your newfound ability to sort work orders by time received, priority, difficulty, and category. CINC Systems association management software also allows you to integrate your work order system with a vendor list. For example, if a member submits a work order related to an irrigation system, you can pull up your landscaper’s information with a few clicks and call them right away.

HOA/COA members can also track the status of their work order in real-time. This transparency will improve the relationship between residents, board members, and association management.

Complete a contact form now

CINC’s HOA/COA Management Software Increases Efficiency and Communication

Often, one of the greatest challenges facing association managers is the community itself. Residents may have disputes with one another over issues such as noise or parking violations, unauthorized construction, and other neighborly disagreements. They may also experience discontent with board members and association managers. Even the most well-managed, harmonious HOA or COA has occasional communication problems.

Luckily, this is another area where CINC Systems can come to the rescue. Our software allows association managers to create an email directory, an events calendar, and send announcements online. If your clients have shared spaces such as a gym or rec room, you can use our software to manage an online reservation system for them.

The Best HOA/COA Management Software for Your Association Management Business

Depending on the size of HOAs/COAs you manage and their unique individual needs, you’ll be sure to find the association management software that works best for you and your clients. Many programs and apps can also be fully customized to fit the demographic profile of the HOA/COA you manage.

How will you choose the best HOA/COA management software for your business? That will depend on the needs of your HOA/COA clients. No matter their size, we have the perfect software or app for you.  Try CINC’s association management software today and see how it can help your business run more smoothly than ever.

Call 855.943.8246 or complete a contact form

When you manage a homeowner association (HOA) or condominium association (COA), it’s important to protect your client’s information. Association managers often have access to highly sensitive data such as HOA/COA financial accounts and other residents’ personal information. Therefore, we recommend having several safety protocols in place.

A software platform like CINC Systems takes data security very seriously and employs many state-of-the-art safeguards to protect client information. With CINC Systems, all the data for the associations you manage will be safe in the cloud. Still, it’s important to consider security protocols. Understanding the safety measures that protect your clients’ association information will help put their minds at ease.

If you find yourself wondering what safety protocols should be in place when managing association information, consider the following.

Choose the Best HOA/COA Management Software

First, do your homework and choose the best association management software for your company. Look for HOA/COA management software that is reliable. Read online reviews or talk to other association managers to learn about their experiences using association management software.

We also recommend talking to the management company about their system. Ask them how their software protects your clients’ data and find out how often they issue updates. Hackers often find new ways to steal data, so it’s important to choose software that receives regular security updates. Make sure you purchase HOA/COA management software that has an active customer support team available to help you in the event of any security emergencies.

For a free consultation, call 855.943.8246

Find Out What Encryption Is Used

Today, almost all data stored in remote online servers (also known as “the cloud”) will be encrypted. Encryption means your HOA/COA client data will be “scrambled” when it gets uploaded. If someone accessed the data, it would be useless gibberish unless their computer software had the right key to decode it.

Software companies use many different types of data encryption. Currently, a type of encryption called 256-bit SSL is considered the most secure, as it is very difficult to crack without a decryption key. Talk to your HOA/COA management company and find out what type of encryption they use to protect your data.

Ask About Server Types

Next, ask your association management company about the servers that their system is housed on. A server is a computer dedicated to storing and processing remote data in the cloud. Thanks to encryption and other security measures like firewalls, servers are usually very difficult to hack. However, it has been known to happen.

That’s why the best HOA/COA software platform will spread user data across multiple servers, not just one. Then, even if some of your clients’ account information is compromised in a security breach, other data will remain untouched on separate servers. Many software companies even store different servers in different physical locations–sometimes in different timezones–for additional protection.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Research Firewalls and Antivirus Software

Firewalls and antivirus software are also very important safety protocols for your clients’ HOA/COA information. A firewall refers to software or hardware that adds extra digital “layers” between computers, making them more difficult to hack. Your association management software company most likely uses several firewalls to protect your data in the cloud. However, we also recommend installing a firewall on your own company’s computers to be extra safe.

Antivirus software, meanwhile, protects your computer from malware. Malware often gives hackers “backdoor access” to your software data, sometimes without you being aware of it until it’s too late. There are thousands of different types of malware that can be accidentally installed on your computer by opening a spam email or clicking a bad link. Luckily, antivirus software protects you from this. It can catch malware before it gets installed or removes it from your computer if it still sneaks in.

Complete a contact form now

Use Super Secure Passwords

Most data breaches are the work of sophisticated hackers. However, sometimes they happen due to sheer human error. One of the biggest risks to your HOA/COA management company’s information is sharing passwords among employees. Make sure each employee who uses your company’s software has their own account with their own unique password. Never share passwords with anyone.

It’s also important to create secure passwords. You’ve heard this before, but it is tried and true… don’t use a password that would be easy for someone else to guess, such as the name of your management company or personal information like the name of your dog. Instead, experts recommend using a combination of uppercase letters, lowercase letters, numbers, and symbols. Make your password at least eight characters long (16 is ideal) and get creative. Substitute numbers for letters (such as “4” for “A”) and use unique acronyms that only you would know.

Experts recommend changing your software passwords every 90 days. Additionally, never store your passwords in an email, spreadsheet, or Word document on your computer. If you have difficulty remembering your password, try using a keychain app like LastPass.

Assess Safety Protocols at Physical Locations

Finally, assess the safety protocols at physical locations. Although most data breaches occur online, it’s important to make sure your clients’ information is still secure in its physical location. Talk to your association management software company about the security measures they employ for their servers. Most companies store their servers in secure locations with security cameras and alarms.

Consider your own security, too. Make sure your office has protections in place to prevent theft. Use locks for desktop computers and laptops, and store tablets in a safe when not in use. When you or your employees work remotely, make sure you never leave your laptop or tablet unattended.

Protect Your Association Management Information with CINC Systems

CINC Systems uses the best safety protocols to protect your association management information. With CINC Systems, we take every precaution to make sure your clients’ data is secure in the cloud.

Although there’s always the remote possibility of a data breach, the benefits of HOA/COA management software far outweigh the risk. Using CINC Systems will give your business the tools to succeed and grow. From accounting features to online work order processing and more, CINC Systems is the only association management software you’ll ever need.

Request a free demo today or call 855.943.8246 to see how CINC Systems can help you and your association management company.

Call 855.943.8246 or complete a contact form

Accounting plays a key role in association account management. When you’re managing a homeowner association (HOA) or condominium association (COA), you will have many financial responsibilities. You may be asked to monitor your clients’ HOA/COA bank transactions, balance their books, process resident fees, and more.

Accounting for HOA/COAs isn’t always the most exciting part of the job, but it can be very rewarding to help your clients stay fiscally healthy. Today, there are also many HOA/COA accounting software programs specifically designed to help you with association accounting. These applications, like CINC Systems, can be customized with unique features to fit each HOA or COA in your portfolio.

How Much Accounting Knowledge Do I Need?

Although it will certainly help if you have a background in accounting and finance, you don’t need to be a CPA to use association management accounting software such as CINC Systems. HOA/COA accounting software is very user-friendly.

To get started with accounting software for your HOA/COA management business, it will help to have some basic knowledge. Familiarize yourself with a few core accounting concepts, remember to be thorough when you add a client’s data, and let the accounting software do the number crunching for you.

Here are some accounting basics that will help you with HOA/COA management, as well as some key features provided by association management accounting software. Learning these concepts will help you manage your HOA/COA accounts more efficiently than ever.

For a free consultation, call 855.943.8246

HOA/COA Accounting Basics

Understanding certain fundamental accounting concepts will help you get the most out of your HOA/COA accounting software. More financial knowledge will also help you assist your clients because you’ll be able to clearly communicate their financial status.

Here are some accounting terms and concepts you should learn:

• Balance Sheets: balance sheets provide an overview of an HOA/COA’s net worth. A balance sheet will list the association’s financial assets, costs, and expenses. When an HOA/COA is in good financial health, it will have a positive balance.
• Income and Expense Ledgers: these ledgers compare how much the association spends with the income it receives. Income and expense ledgers are usually calculated on a monthly basis to help managers understand how the HOA/COA’s current finances compared to its projected budget.
• Check Register: also known as a cash distribution statement, a check register is a detailed account of each check written by the HOA/COA. This will include information such as the date, invoice number, and what the check was written for.
• Accounts Payable: this refers to any outstanding invoices the association may have, such as unpaid bills to vendors and service providers.
• Accounts Delinquency: in contrast to accounts payable, accounts delinquency refers to any payments the HOA/COA is owed. This generally means resident fees that haven’t been paid.

There are many features of HOA/COA accounting software that will enable you to streamline your clients’ finances. The following features of HOA/COA accounting software will make associations easier to manage. Best of all, you don’t need to know professional accounting techniques to make the most of them.

General Ledger Accounting

In simple terms, general ledger accounting covers all the above elements. It combines balance sheets with income and expense ledgers, as well as cash flow, accounts payable, and accounts delinquency. General ledger accounting gives you an immediate snapshot of an association’s financial health.

HOA/COA accounting management software like CINC Systems largely automates general ledger accounting. Although you’ll need to add financial data for your HOA/COA clients, you won’t need to crunch the numbers. The software will do it for you.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Monitor Financial Transactions

HOA/COA accounting software also helps you monitor financial transactions. With a feature called automatic bank reconciliation, you can link your clients’ bank accounts to your association management software dashboard. This enables you to see their accounts in real-time from one convenient place, rather than having to log into multiple bank websites.

By monitoring financial transactions, you can ensure the association stays within its budget. This will also reduce the risk of fraud.

Complete a contact form now

Process Resident Fee Payments

Processing resident fee payments is another great feature of HOA/COA accounting software. With software such as CINC Systems, you can create online web portals where your clients’ residents can pay their association dues automatically.

This streamlines the payment process for everyone involved. Residents can make easy payments via credit card or e-check, which are automatically deposited into the HOA/COA’s account. This saves you a trip to the bank to process paper checks.

Additionally, processing resident fees online means that your list of accounts delinquency is maintained by the software. This makes it more convenient to contact residents with outstanding dues.

Pay Invoices Online and Automate Bills

Similarly, using HOA/COA accounting software gives managers the option to automate bills and pay invoices online. This cuts back on your paperwork and streamlines the organization.

Association management accounting software allows vendors and service providers to submit invoices electronically. You’ll see bills and accounts payable appear automatically. Simply pay them with the click of a button.

Generate Financial Reports

When you manage an HOA/COA, there will be many occasions where you need to provide your client’s board with a financial report. The association board uses these reports to file taxes, conduct internal audits, set budgets, and more.

Prior to the development of accounting software, creating a financial report for HOA/COAs could be very time-consuming and require a lot of accounting knowledge. With accounting software, however, you can generate reports automatically. These reports can be customized to specific dates, income/expense categories, or any other variable.

Try CINC Systems Today

Try CINC Systems today and see how HOA/COA accounting software can help you manage your clients’ associations. You don’t need to be a financial wizard to use CINC Systems. Call (855) 943-8246, or request a free demo.

Call 855.943.8246 or complete a contact form

Accounting software is essential to managing a homeowner association (HOA) or condominium association (COA) for clients. In general, there are two types of accounting software for HOA/COA management: the first is known as traditional accounting software, while the second is called cloud accounting software. Traditional accounting software refers to accounting programs that need to be installed on your computer. They’re self-contained systems, meaning all your accounting data is stored in the computer’s hard drive.

Cloud accounting software stores your entire HOA/COA accounting system on remote servers, also known as “the cloud.” This method has a number of advantages over traditional accounting software. Whether you’re managing a large HOA, a smaller COA, or a mixed portfolio of clients, using cloud-based accounting software like CINC Systems will drastically improve the running of your association management business.

Cloud accounting software for HOA/COAs will save time and help you manage your clients’ finances much more efficiently. Cloud software makes it easy to share financial reports and other data with your clients. It also allows other members of your management company to access this data remotely at any time and any place. Here are some key differences between cloud accounting software and traditional accounting software. Learning more about cloud accounting software will allow you to see how applications can optimize client management services.

Best Uses for HOA/COA Cloud Accounting Software

HOA/COA cloud accounting software such as CINC Systems will make your job even easier. HOA/COA Cloud accounting software can help you streamline tasks such as:

• Paying Bills: use HOA/COA accounting software such as CINC Systems to automate billpay for your clients’ utilities and other regular expenses.
• Collecting Resident Fees: enable a payment web portal where residents can pay their association fees online.
• General Ledger Accounting: get a live snapshot of your clients’ finances and track expenditures in real-time.
• Reconciling Outstanding Invoices: pay invoices for third-party services and vendors online with the click of a button.
• Create Financial Reports: automatically generate financial reports to share with clients, including custom data sets for specific time periods or financial categories.

HOA/COA accounting software also enables your business to go paperless. With accounting software like CINC Systems, everything is done online. This includes deposits, so you can eliminate unnecessary trips to the bank.

For a free consultation, call 855.943.8246

Cloud Accounting vs. Traditional Accounting

Using accounting systems of any kind will give your HOA/COA management company many advantages. However, cloud accounting differs from traditional software in many ways. With traditional accounting software, added data remains stored on a specific computer. It can only be accessed from that account. If you need to share accounting data with coworkers or clients, you’ll have to export it and share the data manually.

With cloud accounting software, there’s no need to install a large application on your business’ computers. Simply create an account and log in to access the software. That way, any data you enter for your HOA/COA clients will be stored remotely in the cloud. You can access their accounts from any computer or tablet with an internet connection. This also makes sharing data much easier because other users can also log in remotely.

Cloud Accounting Software Has Fewer Software Requirements

Because cloud accounting software doesn’t need to be installed on your computer, the system requirements tend to be much lower compared to traditional accounting software. There’s no need to worry about whether your computer has enough hard drive space or a fast enough processor.

In general, as long as your computer can access the internet, you can use cloud accounting software for HOA/COA management. Many HOA/COA cloud accounting software applications can also be used on a tablet. This offers greater convenience than a stationary desktop.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Share Data with Coworkers and Clients Easier

Cloud accounting software also allows you to share data with coworkers and clients more easily than traditional accounting software. If your HOA/COA management company has multiple members working on the same accounts, each team member can access their accounting dashboard from their own individual computers. Simply create unique logins for each person who needs access. Team members can also work collaboratively with one another in real-time from remote locations.

Additionally, cloud accounting software makes it easier to share accounting data with clients. When you’re managing an HOA/COA, you’ll need to provide financial reports to the board. These reports help the client understand their budget and expenditures, offering a snapshot of the HOA/COA’s financial health.

With traditional accounting software, you often need to generate these reports by hand, then print, scan and email them as separate file attachments. Cloud accounting software, on the other hand, allows you to share financial reports by inviting the client to the software dashboard or by using an automated email functionality.

Complete a contact form now

Go Mobile with Cloud Accounting Software

Most cloud accounting software for HOA/COA management, such as CINC Systems, offers full mobile integration. This means you’ll be able to access your clients’ financial accounts from your tablet or smartphone. When you’re managing HOA/COAs, you may find yourself traveling to different locations on a regular basis. Cloud accounting software gives you the freedom to work from anywhere. You can manage one client while being on-site for another.

Data Security for Your HOA/COA Clients

Using HOA/COA accounting software that’s cloud based offers greater security than traditional accounting software. Although your client’s data is stored remotely, it’s spread out across multiple servers using secure encryption technology. Companies that offer cloud-based software take many cybersecurity precautions to ensure data is always protected.

Additionally, cloud accounting software backs-up automatically. This eliminates the risk of crashed hard drives, stored tapes, and broken computers.

Try CINC Systems Cloud Accounting Software

To really experience the difference between cloud accounting software and traditional accounting software for HOA/COA management, try CINC Systems today. Request a free demo, or call (855) 943-8246.

Call 855.943.8246 or complete a contact form

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.

Online Fee Processing

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.

For a free consultation, call 855.943.8246

Web Portal for Work Orders

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.

Automatic Bank Account Integration

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.

Click to contact our get a no-obligation demo of our revolutionary CINC System

General Ledger Accounting

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.

Complete a contact form now

Generate Financial Reports

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.

Convenient Mobile Access

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.

Cloud Data Security

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.

Try CINC Systems for Your Association Management Business

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.

Try CINC Systems today and see how our association management platform can help your business. Call (855) 943-8246, or request a free demo.

Call 855.943.8246 or complete a contact form

There are many advantages to using cloud-based software for homeowner association (HOA) and condominium association (COA) management. Cloud-based software like CINC Systems can dramatically streamline your business and help you manage your clients’ HOA/COAs more efficiently. However, some users are concerned that cloud-based software poses a greater risk of data hacking.

You may think that hackers would have no reason to look at the association management industry, but think again. The association management industry is a $5 billion industry; that is reason enough for hackers to be looking at us. All management companies hold private data, account numbers, and possibly even some bank information. At a minimum, your database is a possible opening into your bank(s) database; think about that!

HOA/COA managers are often responsible for the client’s sensitive private data, such as financial information and resident directories, so it’s natural to be concerned about hacking. Additionally, cloud-based software is potentially more vulnerable than traditional software.

With traditional software, your data is stored on one physical server, usually your office computer. Cloud-based software spreads your data across multiple remote servers, also known as “the cloud.” This gives you significantly greater mobile access, which helps when you’re managing HOA/COAs, but it also means that hacking is a bigger threat.

Luckily, it’s easy to protect your association management data from cloud hacking. If you follow the right security precautions, your data is just as secure in the cloud as it is on a standard traditional server. To make sure your clients’ HOA/COA data is never compromised by a data breach or other forms of hacking, here’s how you can protect it in the cloud.

Limit Access to Essential Staff Only

Many types of cloud hacking occur due to human error. Hackers love to exploit weaknesses caused by oversight or negligence. If HOA/COA data isn’t handled with care, it can be an easy target for a breach. The first step to protecting association management data in the cloud is making sure there are no holes or leaks in your system.

This means that you should prevent cloud security threats by limiting access to essential staff only, such as yourself and any co-managers. If your HOA/COA management business employs multiple staff members, review everyone’s role and see who needs access to specific information. For example, let’s say you have a receptionist who doesn’t directly work with your clients or handle any tasks for the HOA/COA’s operation. He or she might not need access to all data in your management software platform.

If possible, customize your HOA/COA management software so you can create different “tiers” of access for your employees. If you have an employee who is responsible for handling resident work orders but never deals with financial reports, you may be able to restrict this individual’s access to the client web portal. If their account is hacked, the only data that becomes compromised is the data they had permission to view.

By restricting access to your association management clients’ data, you reduce the likelihood of a co-worker or employee accidentally causing a full security breach.

For a free consultation, call 855.943.8246

Create Strong Passwords

Next, create strong passwords. This is one of the biggest steps you can take to improve your cloud data security. Often, hackers use complex software that cycles through common words and number combinations until it cracks your password. You may think a password like “nameofmyolddog33” is clever, and it might be impossible for your friends and co-workers to guess, but a hacker can gain access to an easy password within minutes or even seconds.

This is why experts recommend creating strong, unique passwords. If you’re not sure how to make a secure password to protect your HOA/COA data in the cloud, follow these tips:

• Use between eight and 16 characters.
• Include a mix of uppercase letters, lower case letters, numbers, and symbols.
• Substitute numbers and symbols for letters, such as “$” for “S” or “8” for “B.” For example, spell “Baseball” as “8a$e8all.”
• Avoid obvious words like the name of your business, clients, family members, or pets. Consider inventing an acronym that would only make sense to you, such as a word created from the first letter in each line of your favorite song.

Never use the same password twice. It’s tempting to have the same password for all of your online accounts, but this poses a big security risk. If a hacker manages to crack the password for your email account and it’s the same password for your HOA/COA management software, your clients’ data becomes vulnerable.

Also, never share your password with anyone or store it in a list on your computer or phone. Experts also recommend changing your passwords every three to six months. If you have difficulty remembering your passwords, consider using a secure keychain app like LastPass or KeePass.

Share this information with your coworkers to keep your accounting management software data safe in the cloud. Encourage everyone who has an association management software account to create a strong, secure password of their own.

Don’t Use Auto Logins

Most websites, apps, and software programs give you the option to stay logged in all the time, or remember your password for easier access. Although this is a convenient feature, it’s not ideal for cloud security. If you stay logged in, it creates more opportunities for other people to access your clients’ HOA/COA data.

Instead, train yourself to log out each time you’re finished working and log back in the next day.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Keep Your Devices Secure

With cloud-based association management programs, your clients’ data won’t be stored on your computer. However, it’s still important to keep your devices physically secure. If an unauthorized user gets access to your computer or tablet while you’re logged into your management software, that’s a big data risk.

To avoid this, follow basic anti-theft precautions. Don’t leave laptops or tablets unattended in a public place or in a car for long periods. When you travel, make sure you use a secure briefcase or laptop bag. Finally, take steps to secure your business’ office so no one can access or steal your devices.

Complete a contact form now

Protect Your Association Data with CINC Systems

With CINC Systems, your HOA/COA management data is always secured in the cloud using the latest data encryption and other protections. Try a free CINC Systems demo by calling (855) 943-8246.

Call 855.943.8246 or complete a contact form

Data management is an important part of any business. When you’re managing a homeowner association (HOA) or condominium association (COA), how you store your client’s data is crucial. Using cloud servers and cloud-based management software like CINC Systems offers many benefits over traditional data storage. Transferring your data to the cloud will help you manage your clients’ HOA/COAs more efficiently.

So how do you transfer your association management software data from your servers to the cloud? Depending on your business’s digital infrastructure, transferring your data may take some time. Moving your data to cloud storage is a process that involves a few key steps. Although you may be tempted to rush the process, each step will ensure that your data stays more secure, organized, and easy to access.

If you’re thinking about transferring your client’s HOA/COA data to the cloud, here’s what you need to know.

Benefits of Cloud Servers

First, it’s helpful to understand the benefits of cloud storage versus traditional data storage. With traditional data storage, your HOA/COA management data exists on the physical hard drives and computers located in your office. Think of a traditional server like a file cabinet, where all of your client’s data is stored on files in one place. If you need access to those files, you have to be in the same location as the file cabinet.

With a cloud server, you can access your client’s HOA/COA data anywhere. A cloud server means that your data is stored on remote servers, or “in the cloud,” rather than existing on a single computer. Cloud data storage allows you greater mobility than traditional data storage because all you need to access the data is a username and password. You’re not tied down to a specific computer.

Cloud servers are also more secure. When you upload data to the cloud, most software developers use state-of-the-art encryption to protect it. Encryption “scrambles” the data so that it can’t be read by unauthorized third-parties. Plus, remote cloud servers are usually spread out across multiple physical locations. This means that if one server becomes compromised by a hacker or goes offline due to a technical problem, the data stored on the other servers is still safe and intact.

As an HOA/COA manager, cloud storage is a great choice for your business. Using cloud servers for your data allows you to manage your client’s associations from any location, 24/7. The increased security is also a great feature because you’re often working with financial data and residents’ private information.

For a free consultation, call 855.943.8246

Sign Up for Cloud-based HOA/COA Management Software

Given the benefits of cloud storage, most HOA/COA managers can streamline their businesses and manage clients more efficiently by transferring their data to the cloud. The first step in this process is choosing a cloud-based HOA/COA management software platform, such as CINC Systems.

Cloud-based HOA/COA management software can be customized for any association, large or small. You’ll be able to find software that handles the unique needs of each of your client’s associations. After you’ve selected the cloud-based HOA/COA management software you want to use, purchase the software or sign up for a subscription.

Create Accounts with Secure Passwords

After you’ve acquired cloud-based software, the next step for transferring your HOA/COA management data to the cloud is to create accounts with strong passwords. Make new, separate user accounts for anyone who needs access to the software. It may be tempting to let your co-managers or other employees share one account, but this isn’t secure.

When creating accounts, everyone should use a strong password. Experts recommend creating a password that’s between eight and 16 characters long. It should include a mix of capital letters, lowercase letters, numbers, and symbols such as $, @, or %. Use a brand new, unique password for your HOA/COA management software that you don’t use with any other software program or account.

Never share your password with anyone else or store it on your computer in a Word document, spreadsheet, or email. If you have difficulty remembering all your different passwords, try using keychain software. You can also write the password down on a piece of paper to keep in a private, locked safe.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Backup Your Data on an External Drive

You’re almost ready to start transferring your association management data to the cloud! Before you do, however, we recommend creating a physical backup. This will protect your HOA/COA data just in case there is a problem during the transfer.

Purchase a brand new external hard drive or USB drive, then transfer your data to this drive. Depending on how much HOA/COA data you have, this probably won’t take more than an hour. Create a password to protect the hard drive or USB drive, safely eject it from your computer, then store it in a secure location.

Complete a contact form now

Use a Secure, Reliable Internet Connection

Next, check your internet connection. If possible, connect your computer directly to your modem via an ethernet cable instead of using WiFi. When you are transferring data to the cloud, it’s important to use a reliable internet connection to avoid disruptions. If you get disconnected in the middle of the transfer, it can cause file errors. If you’re uploading data in very large quantities, we recommend separating it into smaller batches instead of transferring everything all at once.

Also, make sure your connection is secure and private. Avoid using public WiFi or an internet connection shared by other businesses.

Test the Transfer

After you’ve successfully uploaded your HOA/COA management data to the cloud, now it’s time to test it out. Log out of your association management software, then log back in. You could even try moving to another location. Once you log back in, check to see that all your data is present and accessible. You can also use this time to reorganize your files, if needed.

Once you’ve confirmed that your data is successfully transferred to the cloud, you can delete it from the servers in your office if you feel comfortable. This will save space on your computer and increase its performance.

Try CINC Systems

To experience the benefits of cloud-based data storage for your HOA/COA management business, try CINC Systems. Request a free demo by calling (855) 943-8246.

Call 855.943.8246 or complete a contact form

Homeowner associations (HOAs) and condominium associations (COAs) often need repairs and maintenance As an HOA/COA manager, you’ll often interact with vendors and contractors on the association’s behalf. me associations also employ private security for their community.

In addition to hiring vendors and contractors for the HOA/COA, part of your job may include handling service contracts, communicating with the vendor or contractor, monitoring work, and paying invoices for the association. In some cases, you’ll be working with a vendor or contractor for a short-term project, such as painting a common area. Other times, the vendor or contractor will have an ongoing relationship with the association, as is the case for maintenance workers, landscapers, and private security.

It’s important to choose reliable vendors and contractors who deliver quality work. As an HOA/COA manager, your clients trust you with great responsibility for the well-being of their community. If you hire someone who does a poor job, their performance may reflect badly on you.

That’s why it’s important to vet anyone who performs work for the association. When you’re hiring a new vendor or contractor for the HOA/COA you manage, we recommend looking for the following conditions.

Effective, Prompt Communication

First, how well does the vendor or contractor communicate? Do they answer your questions in a clear, patient manner? When you send an email or leave a message, how long does it take them to reply?

Strong communication skills usually reflect integrity and hard work. It’s important that you develop a positive professional relationship with all vendors and contractors you hire for your clients’ associations.

To get a sense of a potential vendor or contractor’s communication skills, make sure you conduct an in-person interview. This is especially important for long-term contracts for any workers who will be a regular presence in the community, such as security guards.

When you interview vendors and contractors, pay attention to your gut and look out for any “red flags.” Ask yourself: would you hire this vendor or contractor for your own home? If not, don’t hire them for your clients.

For a free consultation, call 855.943.8246

State and Local Licensing

Next, look for state and local licensing. Licensing requirements will vary from place to place. They also depend on the type of work being done. For example, a handyman hired to perform a small repair job probably won’t need to be licensed because most states have a legal precedent called a “Minor Work Exemption.” However, a contractor hired to do renovations needs to be fully licensed for the state and county.

Do your homework and figure out what kind of license each vendor or contractor needs to have before you hire them. Ask the business owner about their licensing, then confirm their answers on your own. Business licenses are public record, so you’ll be able to search online at the country registrar or local Better Business Bureau. When you vet potential vendors and check for the business’ licensing, remember to make sure that their license hasn’t expired.

Insurance Compliance

Certain types of vendors and contractors are also required to carry insurance. Again, this will vary depending on the circumstances and it’s something you’ll want to research as you begin the vetting process. Your client’s association should have its own liability policy, however, it’s important to make sure that vendors and contractors also have the necessary minimum coverage, including Workers Comp insurance

As you consider a vendor or contractor for your clients’ HOA/COA, ask them to provide copies of any applicable, required insurance policies. Keep a copy for your records and call the insurance company to verify that the policy is currently active.

Click to contact our get a no-obligation demo of our revolutionary CINC System

References and Reviews

When vetting vendors and contractors for an HOA/COA, ask for references from the business’ previous clients. Most businesses will be happy to do this (it’s a big red flag if they refuse). Talk to these previous clients and bring a list of any questions you may have. Ask them about the process of working with the vendor or contractor, as well as their overall satisfaction with the work completed.

Bear in mind that the vendor or contractor won’t offer a testimonial from an unhappy former customer. That’s why we also advise doing your own research on the internet. Use sites like Facebook, and Google Reviews to see what others have to say about the business.

However, with online reviews, remember that people often exaggerate–especially if they’re posting on a semi-anonymous site like Yelp. Use your judgment. If a vendor or contractor has mostly four and five star reviews but one reviewer says they’re terrible, that reviewer may be holding a grudge or complaining about something unreasonable. If you find a really bad review, it’s okay to ask the business owner about it.

Complete a contact form now

Employee Background Checks

As an association manager, it’s your responsibility to consider the safety of your client’s HOA/COAs and the residents who live there. Therefore, you may wish to perform background checks on workers before you hire a new vendor or contractor. This is an extra important consideration if you are vetting workers who will regularly interact with residents, such as security guards.

There are many free or low-cost online services that allow you to search public criminal records and perform your own background checks. Use one of these services to search for the names of anyone you’re considering hiring for the HOA/COA.

Privacy Policy and Terms of Service

Finally, talk to the vendor or contractor about their privacy policy and terms of service. Since they’ll be working near homes, it’s important to confirm that anyone performing work for the HOA/COA will use discretion and respect residents’ privacy.

Don’t forget to discuss the terms of service. Ask for a written document called a Service Level Agreement (SLA). This will clearly define the work being performed by the vendor or contractor, including the timeline for the project and expectations about payment. A trustworthy, reliable professional will have no problem giving you an SLA. If they refuse or seem hesitant, that’s a red flag.

Try CINC Systems Today

When you’re managing vendors or contractors for your HOA/COA clients, the right software will make all the difference. Try CINC Systems today and see how our association management platform can help your business. To request a free demo call (855) 943-8246.

Call 855.943.8246 or complete a contact form

Homeowner associations (HOAs) and condominium associations (COAs) have many rules. As an HOA/COA manager, enforcing these rules is part of your job. Your clients may also ask you to act as a consultant when they revise the association’s rules or create new ones. As a professional association manager, you have valuable insight into the types of rules that help a community thrive.

But what types of rules can homeowner associations regulate? Unlike an apartment complex with renters, the membership of an HOA/COA consists of property owners. This means residents have different legal rights. When someone buys property in a community that has an association, they agree to follow the association’s rules and regulations.

Residents will receive a copy of these rules and regulations before they buy their property. However, they may have questions about the rules or ask for clarification. Helping residents understand and follow the rules is one of your responsibilities as the HOA/COA manager. From time to time, you may also be responsible for issuing new documents as the association updates its community guidelines.

To help your clients run a great association, you’ll want to understand the type of rules an HOA/COA can legally regulate. Every association is different. Rules will vary based on the community’s membership, as well as state or local laws. However, the following categories often fall under the HOA/COA’s authority.

Common Areas

Most HOA/COAs have common areas shared by all residents. Depending on the size of the association, common areas can be as small as a mailroom or as large as a private park. The HOA/COA may include a laundry room, swimming pool, tennis courts, gyms, or multi-purpose rooms for events.

Because these areas are open to everyone in the association, it’s the HOA/COA’s job to set the rules. This can include hours of operation, as well as specific rules about using the space. For example, a swimming pool will have rules about how many people can be in the pool at a given time. Make sure you know the rules for each common space so you can enforce them as needed.

For a free consultation, call 855.943.8246

Quiet Hours and Noise

An association can also regulate noise levels for the community. This is one of the many reasons why people choose to live in an HOA/COA rather than an unregulated neighborhood. The HOA/COA can set quiet hours, ensuring there’s no loud music or other disturbances to wake people in the middle of the night. Often, quiet hours are different on weekends and holidays.

Sometimes, noise restrictions are generalized, such as no loud noises after 10 pm on weeknights. Other times, the rules specify decibel levels. A decibel is a measure of noise that can be determined by using a device called a decibel meter. Some HOA/COA managers carry decibel meters to determine when a resident is violating quiet hours.

Architecture and Home Construction

Although all homes in an HOA/COA are owned by individual residents, the association has the power to regulate certain aspects of architecture and construction. For example, the HOA/COA can set restrictions on exterior paint colors, roofing materials, and porch design. The association can also require residents to gain approval from the board before doing construction on their homes.

As an HOA/COA manager, you’ll assist your clients by helping residents file paperwork or schedule meetings with board members about architectural changes or upgrades. You will also look out for illegal construction within the community and report any unauthorized building to your clients.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Home Landscaping

Similarly, an association can set rules about landscaping. This will be different for every community. Some associations only require residents to make sure their yards are well-kept, while others have very specific guidelines about the types of plants and flowers they can have. Certain plants may be prohibited for aesthetic or environmental reasons.

Make sure you understand the HOA’s/COA’s rules about landscaping so you can help enforce them. You also need to be available to answer questions from the residents. Landscaping rules can be a common source of misinformation or confusion.

Complete a contact form now

Pets

Depending on the association, there may be different rules regarding pet ownership. This can include the types of animals residents are allowed to have. For example, the HOA/COA may allow dogs, but only if they’re under 10 pounds.

The HOA/COA can also limit the number of pets per household and enforce guidelines about cleanup, spaying and neutering, vaccinations, and animal noise. Familiarize yourself with each of your clients’ pet regulations so you can make sure residents follow the rules.

Visitors and Private Events

Some HOA/COAs set rules about visitors and private events. They may limit the number of people allowed at parties and set rules about visitors using common areas. Additionally, it’s common for associations to regulate the number of days guests may stay in a resident’s home. Guests who stay for an extended period of time may cause liability issues for the association.

Make sure you understand all the rules pertaining to visitors and private events in the HOA/COA communities you manage. Be available to assist residents who have questions, and monitor the community for violations.

Home Businesses

Many associations prohibit residents from running businesses out of their homes or restrict the type of businesses that are allowed. For example, the HOA/COA may allow a freelance graphic designer to have a home office, but prohibit residents from manufacturing items for retail sale in their garage.

Often, these rules are imposed based on the city’s local zoning laws. It’s a good idea to research municipal codes for your clients so you can better assist with the enforcement of the HOA/COA’s guidelines.

Association Fees

Finally, the HOA/COA sets rules about resident fees. Resident fees fund the infrastructure for the association’s community, from common areas and maintenance to security. As such, the HOA/COA can set the fee amount and fee payment schedule. It can also raise fees as needed.

As the HOA/COA manager, collecting these fees is one of your main financial responsibilities. With your association accounting software, you can create an online web portal where residents can pay fees online. You can also generate a list of who has paid and who hasn’t, which will help you collect late fees more efficiently.

Help Enforce the Rules with CINC Systems

Using HOA/COA management software will help you enforce your clients’ rules and regulations. Try CINC Systems today and see how our association management platform streamlines your business. Request a free demo by calling (855) 943-8246.

Call 855.943.8246 or complete a contact form

When you manage a homeowner association (HOA) or condominium association (COA), the right software makes all the difference. Using an HOA/COA management software platform like CINC Systems will optimize your work-flow. With great features to help you manage daily tasks for your clients, HOA/COA software can increase your productivity and help your business expand.

HOA/COA software is available for all types of management companies. Whether you manage a handful of HOA/COAs or a large client portfolio with dozens of properties, you’ll find association management software that’s perfect for you. HOA/COA management software can be broken down into two main categories: systems on-premises and cloud systems.

Cloud systems are better for managing properties than systems on-premises. To understand the benefits of cloud systems for HOA/COA management, let’s begin by highlighting the differences between cloud systems and systems on-premises.

What Are Systems on Premises?

Systems on-premises are an older software model that is installed locally on your computer. For businesses like HOA/COA management, this means your software is installed on the laptop or desktop computer in your office. If you have co-managers or employees with their own computers, each person will need a separate copy of the software.

Systems on-premises also means that all your clients’ HOA/COA data is stored on your computer. If you ever work from home or on-site, you’ll need to bring your work computer with you or transfer the data onto an external hard drive or USB drive.

Depending on the HOA/COA program you’re using, a platform that uses the systems on-premises model may also require you to meet certain system requirements. If your computer doesn’t meet these requirements, you’ll need to upgrade or purchase a new computer.

For a free consultation, call 855.943.8246

What Are Cloud Systems?

Cloud systems are software programs that store data remotely or “in the cloud.” Unlike systems on-premises, cloud systems don’t need to be physically installed on your computer. Instead, you simply login through a website or app.

Because cloud systems store your data remotely, you can access your clients’ HOA/COA accounts from anywhere. Cloud systems are very mobile-friendly. It’s also very easy to set up additional user accounts to share with co-managers or employees.

Being cloud-based also means that the computer system requirements are often lower than systems on-premises, so you won’t need to upgrade as often. In some cases, you can even use cloud accounting HOA/COA software on an iPad or tablet.

Now that you understand the differences between cloud systems and systems on-premises for HOA/COA management, here are some of the key benefits to using a cloud system like CINC Systems.

Cloud Systems are More Cost-Effective

Cloud systems are often cheaper than systems on-premises. Cloud systems follow in the footsteps of other apps and use a subscription payment model. This means you’re paying a small fee each month to use the software instead of a large payment upfront.

You’ll also save money with cloud-based software because you’re less likely to need to upgrade to a new computer. Cloud systems also offer built-in security features so you can save on security software and firewalls.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Cloud Systems are Easier to Install

When you’re managing an HOA/COA, your time is precious. Don’t waste it troubleshooting a new software system! Programs that use a system on-premises models can be complicated and difficult to install. You may need to adjust your computer’s settings or even buy new hardware to get the program to work.

With cloud systems, there are little to no installation issues. Cloud systems use the software developer’s remote servers to process data. This means the part of the software you access on your dashboard doesn’t require an advanced computer system or a lengthy installation process. To use an HOA/COA management program that uses a cloud system, simply login via your web browser or install an app.

Complete a contact form now

Cloud Systems Offer More Customization

When you’re considering cloud versus on-premises, you’ll want to look at your business’ unique needs. What kind of features will help you manage your clients’ HOA/COAs more efficiently? When a program is based in the cloud, it’s easier for the developers to roll out new features and upgrades. As a result, cloud systems are often more customizable than systems on-premises.

Using a cloud-based system for your HOA/COA management company, you’ll be able to make sure your software can deliver everything you need. Whether it’s accounting features or web portals for association residents, cloud systems enable you to customize your software and create the perfect solutions for your HOA/COA management business.

Cloud Systems Let You Work from Anywhere

As mentioned, cloud systems are more mobile than systems on-premises. This makes them a better choice because you don’t have to be stuck in your office all day. When you manage an association, you’ll often be required to work on-site at your clients’ location.

With cloud systems, you can conduct your work from any computer or tablet with an internet connection. Some HOA/COA management software also offers mobile apps you can use on your phone. By going mobile, you can manage all your clients’ properties from any location, 24/7.

Cloud Systems Offer Better Data Security

Finally, cloud systems offer better data security than systems on-premises. In a cloud system, your data is dispersed across multiple servers in multiple locations. It’s the digital equivalent of storing all your jewelry in different safes in different houses, so even if one safe gets broken into, the rest of your valuables are still hidden.

Cloud systems also use the latest encryption security. This means the data is scrambled and encoded. No one can access it without a password. Although it’s still important to take security precautions on your computer or tablet, cloud systems have built-in security measures. With systems on-premises, you’re relying on your own security. This makes you more vulnerable.

Try CINC Systems Today

To see why cloud systems are better for managing properties than systems on-premises, try CINC Systems. To request a free demo call (855) 943-8246.

Call 855.943.8246 or complete a contact form

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.

For a free consultation, call 855.943.8246

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.

Click to contact our get a no-obligation demo of our revolutionary CINC System

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.

Complete a contact form now

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.

Try CINC Systems

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.

Call 855.943.8246 or complete a contact form

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.

General Ledger Accounting

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.

For a free consultation, call 855.943.8246

Automatic Bank Reconciliation

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.

Process Payments Online

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.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Increase Efficiency by Going Paperless

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.

Complete a contact form now

Handle Invoicing and Accounts Payable and Receivable

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.

Work Remotely with Mobile Features

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.

Generate Financial Reports

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.

Optimize Your HOA/COA Management Business with CINC Systems

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.

Call 855.943.8246 or complete a contact form

Homeowner associations (HOAs) are complex organizations. Comprised of multiple homeowners and governed by an elected board, HOAs can have a wide range of different needs. Ensuring the success of an HOA requires lots of time, hard work, and dedication.

Since board members usually have full-time jobs outside of the HOA, the best solution for running an HOA is to hire an outside management company. That’s where you come in.

As you build a successful HOA management company, some potential clients may wonder if they need your services. In most cases, the answer is yes. HOAs need a management company to help them operate. Whether big or small, there are several reasons why an HOA needs an association manager to help their community. With your knowledge and experience, you can ensure that your HOA clients establish and maintain a thriving association that benefits all members.

Every HOA is unique, with different goals and challenges. However, all HOAs share certain organizational structures, legal requirements, and financial needs. By understanding this, you can tailor your association management business to any client.

Here are several common reasons why an HOA needs a management company:

1. Manage Daily Tasks and Big Projects

Most HOAs need a manager to help with daily tasks. This includes mundane yet important duties such as collecting the HOA’s mail, inspecting the grounds, and acting as an accountant. As an association manager, it’s part of your job to look after your clients’ budgets. Using software like CINC Systems for general ledger accounting and automatic bank reconciliation, you can monitor your clients’ bank accounts in real-time and protect the HOA from fraud.

Additionally, an HOA needs a management company to help facilitate big projects. Whether it’s an upgrade to common areas, a new construction project, or other long-term endeavors, an HOA manager can help their clients plan for the future. This includes acting as a consultant and offering advice to the board, as well as executing project plans.

For a free consultation, call 855.943.8246

2. Enforce the HOA Rules

HOA management companies are also necessary to help an association enforce their rules. To help your clients make sure that their communities remain desirable places to live, you can do two things.

First, make residents aware of the HOA’s bylaws and rules. Legally, the HOA must provide each homeowner with a copy of its rules by distributing a governing document known as the Declaration of Covenants, Conditions, and Restrictions (CC R). This is given to each new homeowner when they purchase their property.

However, some residents may not read the rules very carefully or forget them over time and lose their copy of the CC R. By using your association management software to create a resident portal with a digital copy of the CC R, you can ensure that everyone in the HOA understands the rules.

Second, you can help your HOA clients enforce the rules by handling violations on the association’s behalf. Depending on the nature of the violation, you may choose to issue a verbal warning, followed by a written warning, and then impose fines or restrict privileges.

3. Ensure Legal Compliance

HOAs are legal entities that are required to comply with various local laws and civic codes. These legal requirements can be long, complex, and change over time, so the HOA’s board members need help ensuring compliance. As an association manager, you can assist with this.

As you begin working with a new client, make sure they have the necessary HOA governing documents such as articles of incorporation, association board bylaws, and the CC R mentioned above.

Then, review the HOA’s various permits and licenses. Make sure everything in the HOA is up to the current code. If there are areas where the association is in violation, such as a structure built without the correct permits, help your clients work with their city or county to comply.

Click to contact our get a no-obligation demo of our revolutionary CINC System

4. Collect Resident Fees

Next, an HOA needs a management company to help collect resident fees. Resident fees are crucial to the operations of an HOA. Fees cover maintenance and repairs for common areas, monthly bills, the association’s reserve fund, and more.

In the past, collecting resident fees was arduous and time-consuming. However, with cloud-based association management software like CINC Systems, this task becomes easy. Association managers can use CINC Systems to create an online payment portal for their clients’ residents. This gives residents the ability to pay electronically.

Then, fees are automatically deposited into the HOA’s funds. Association management software like CINC Systems also lets managers easily generate a list of overdue or incomplete payments. To see how CINC Systems can help your association management company collect resident fees, call (855) 943-8246 today to request a free demo.

Complete a contact form now

5. Hire Vendors and Pay Bills

Associations need outside vendors. Whether it’s a one-time repair or ongoing services such as security and landscaping, HOAs need professionals to help maintain their community. As the association manager, it’s your job to vet new vendors for your clients. If your clients have existing contracts, you can also take responsibility for reviewing their work and making changes if the vendor’s service isn’t adequate.

In addition to hiring vendors, an HOA needs a management company to help them pay the bills. Association managers help the HOA stay fiscally organized using software like CINC Systems. Association management accounting software allows vendors to submit invoices electronically. Then, the HOA manager can easily pay the outstanding amount from the HOA’s funds.

6. Handle Resident Communications

Finally, an HOA needs a management company to help handle resident communications. This includes making announcements about fees, board meetings, new or updated rules, and other information that affects your client’s community.

HOA managers also assist their clients by communicating with individual residents about specific issues. This could include mediating a dispute between neighbors or keeping a resident updated about the status of a work order. When an HOA has a big community with dozens of families, they’ll need a management company to help them stay on top of communications.

Call 855.943.8246 or complete a contact form

As a homeowner association (HOA) manager, it’s important to understand your clients. When you can see things from the HOA’s perspective, you can anticipate their needs and offer better services. Ask yourself the same questions your clients’ HOA board members will be asking themselves. For example, it’s common for board members to wonder, “How do I choose an HOA management company?”

A well-organized, reliable HOA management company is crucial to the success of a client’s community. Managers can ensure that HOA residents follow the association rules, help the HOA manage its finances, assist with upkeep, and generally improve the HOA’s day-to-day operations. To offer the highest quality service to your HOA clients, learn what the HOA is looking for in a perfect manager. Then, incorporate those qualities and best practices into your business.

Here are some common questions an HOA will ask when it’s choosing an association management company. Using these questions, you can also help new clients evaluate their HOA’s needs and determine the best way to work together.

What Are the HOA’s Needs?

Whether you’re pitching your management business to a potential new client or reevaluating an existing contract, it’s important to consider the HOA’s specific needs. After all, no two associations are exactly alike. Every HOA is a unique community, which may require its association manager to perform different duties.

For example, some HOA boards may want you to be very involved and help facilitate community events. Others may only need assistance with collecting fees, paying vendors, and other financial duties. As an HOA manager, you also need to be flexible and make sure your business services can evolve as your clients’ needs change over time.

When evaluating an HOA’s needs, your HOA management software can help. Software like CINC Systems is fully customizable. With CINC, you can provide high-quality management services to HOAs of all sizes. CINC will help your business manage your HOA clients’ finances, work orders, violations, and more.

To request a free demo, call (855) 943-8246 for more information.

For a free consultation, call 855.943.8246

What Is the HOA’s Budget?

To help clients see that your business is the best choice for managing their HOA, advise them to consider the association’s budget. Are they a small HOA with a limited budget, or a large association with deep pockets? How is the client’s overall financial health? What is the status of their reserve fund?

Once you understand the HOA’s budget, you can create a custom cost structure. This is a precise breakdown of your services each month, detailing what percentage of your fees go to different tasks and duties. There are several ways to create a cost structure for your HOA business. Depending on the client, you may choose to charge an hourly rate for certain services or a flat fee.

When creating a cost structure for a new HOA client, always remember to be transparent about your costs. This builds integrity and ensures that clients will see you as the best choice for HOA management.

Does the HOA Management Company Have a Specialty?

Clients may also ask if your HOA management company has a specialty. This will usually occur after the association board members have assessed their community’s specific needs. They may look for an HOA management company that focuses on certain areas, such as:

• Financial Management: Collecting resident fees, managing accounts payable and receivable, general ledger accounting, budgeting for projects, and annual audits.
• Community Management: Enforcing HOA rules and guidelines, taking disciplinary action against violators, scheduling community events, and managing shared resources such as outdoor spaces and athletic facilities.
• Legal Document Assistance: Helping the HOA create, update and maintain its necessary legal documents, such as articles of incorporation, bylaws, and Declaration of Covenants, Conditions, and Restrictions (CC&R).
• Administrative Tasks: Coordinating with vendors and contractors, organizing resident directories, maintaining the association’s calendar, handling emails and phone calls for the association.

If you’re thinking about changing your association management business to offer a specialty, you can also consider narrowing your focus to HOAs of a specific size or focusing on specific neighborhoods in your region.

Regardless, when a potential HOA client is trying to decide how to choose an association management company, make sure they understand that your services can cover their community’s specific needs.

Click to contact our get a no-obligation demo of our revolutionary CINC System

How Do They Handle Day-to-Day Duties?

When assessing a management company, the HOA board will also want to know how you handle day-to-day duties. How much time do you spend each day on various tasks for the association, such as accounting? How do you organize and process work orders for maintenance and repair?

When clients are choosing an HOA management company, it will help them make a decision by understanding how you conduct your business. Although the association won’t necessarily need to know all the details, be ready to explain your process for daily responsibilities.

Complete a contact form now

What Software Does the Management Company Use?

Next, an association hiring a new management company may wonder what kind of HOA management software you use. If they’ve done their homework, they’ll choose an HOA management company that uses cloud-based software. Cloud-based software like CINC Systems offers multiple advantages over traditional desktop software, including:

• Greater data security via cloud encryption.
• Mobile app integration.
• Easy setup for online resident portals.
• Real-time, online bank integration for all HOA financial accounts.

What Is the Management Company’s Availability?

HOA board members will also want to know about a potential manager’s availability. Due to the nature of an HOA, there are many instances where a manager may need to work beyond typical nine-to-five business hours.

If there’s a plumbing emergency or another issue within the community that needs addressing right away, will you or another employee be on-call? Do you charge overtime for after-hours situations, or is this included in your standard contract? Because availability is important to clients who are choosing an HOA management company, make sure you communicate your hours clearly.

Do They Have Good HOA Customer Reviews?

Finally, don’t forget that your reputation matters. Potential clients who are choosing an HOA management company will want to make sure they choose the best manager for the job, so they’ll look for online reviews.

To help with this, find a tactful way to ask existing clients to review your work on websites like Yelp and Facebook Reviews, or ask for a testimonial quote you can use on your own website. If you receive a bad review, do your best to address the reviewer’s grievance with respect and maturity.

Call 855.943.8246 or complete a contact form

Homeowner association (HOA) management companies are not strictly regulated. If you’re wondering who regulates HOA management companies, the answer varies by region. Also, most HOA laws affect the association itself, rather than management companies hired by the association.

As an association manager, it’s important to understand all types of HOA regulations — whether these regulatory laws target your clients or your own management business. Understanding who regulates HOA management companies will help you keep your business in good standing with your clients and their community. By enhancing your knowledge of HOA law, you can also provide better service to HOA board members.

The legal aspects of HOA management are often complicated and confusing. But they don’t have to be. With a little research, you can learn all about the HOA regulations in your area. Resources such as HOA Leader are a great place to start. Then, if you need clarity on a particular regulation, you can consult your county registrar’s office.

Whether you’re starting a new HOA management company or just brushing up on your industry knowledge, it’s important to understand who regulates HOA management companies. This will help your business avoid incurring fines, sanctions, and other legal repercussions. It will also keep you from losing clients.

The Association’s Board

Although it’s not a government entity, the primary regulator for an HOA management business is the client’s board. As an association manager, you’re often given tremendous power within the HOA — and with great power comes great responsibility, as the saying goes. HOA managers have access to the association’s financial accounts, private data about residents, and more sensitive information. You’re also expected to enforce rules for residents on the HOA’s behalf.

Unfortunately, there have been cases where unscrupulous HOA managers took advantage of their position. Due to the nature of an HOA, they’re often targeted for fraud and embezzlement. An HOA manager can help protect the association from these problems, but many boards will also keep a close eye on your activity.

To reduce fraud and other abuses of power, many HOAs will impose certain regulations for the management companies they hire. For example, you may be required to have multiple board members authorize a new vendor, bill payments over a certain amount, and more. Usually, you’ll establish these rules with each new HOA client as you negotiate your contract.

It’s important to remember that you’re hired to operate the HOA and help with administration. You enforce the rules, but you don’t make them. If your client’s board comes to you with new guidelines for your job, always listen and accept them.

For a free consultation, call 855.943.8246

States, Counties, and Cities

If you violate a client’s rule, you’ll probably just get fired. However, violating government regulations for HOA management companies can carry more severe consequences. You may be heavily fined or even have your business license revoked.

Business regulations vary by region. It’s a good idea to spend some time familiarizing yourself with your local laws about HOA management companies and small business ownership in general. Some states are heavily regulated, while others barely impose any statutes at all.

Then, within each state, there are individual counties and cities that can have their own regulations. You might operate your HOA management business in a state and a county that are very relaxed about HOA laws, but exist in a city with tighter local regulations

We recommend checking with your local government to be sure you know all the rules that apply to your business. You can also seek assistance from your local Chamber of Commerce. If you’re still not sure about which local regulations apply to your HOA management business, it might be worth it to have a consultation with an attorney who specializes in this topic.

Federal Law

With regard to federal law, there is currently no nationwide regulation that specifically applies to HOA management companies. When dealing with the federal government, use common sense and follow the rules that apply to all businesses. Avoid illegal activity, respect the rights of your employees (if you have any), and file your business taxes on time.

Click to contact our get a no-obligation demo of our revolutionary CINC System

How to Avoid Regulation Violations

Understanding who regulates HOA management companies is only one part of the equation. Once you understand the laws that govern your company, the next step is making sure you never violate them.

To ensure that your association management company complies with the business regulations in your region, there are several best practices you should employ. We recommend the following:

Use HOA Accounting Software

Accounting for HOAs can be very complicated and it’s easy to make mistakes if you’re managing your clients’ finances the old-fashioned way. Using calculators, files, and spreadsheets are also very inefficient. By switching to accounting software that’s designed for HOA management, you can manage your clients’ money with efficiency and transparency.

With CINC Systems, our cloud-based accounting software offers many features to help your business. Try CINC Systems for collecting your clients’ resident fees, tracking deposits and expenditures in real-time, and generating customized financial reports. Cloud-based HOA accounting software like CINC Systems also keeps your clients’ private data much more secure than other accounting methods.

Conduct Your Business with Integrity

When it comes to running a successful HOA management business, integrity is everything. Clients need an HOA manager they can trust and rely on. If you follow the rules you and your client established in your contract, you’ll have nothing to worry about. Always stick to your project deadlines, listen to your clients’ feedback, and follow through with your promises.

Communicate Openly with Clients

Similarly, make sure that you communicate openly with your HOA clients. By being transparent in your business dealings, you’ll earn the HOA’s trust and the board can loosen its regulations toward you. Always return phone calls and emails in a timely manner, ask questions when needed, and speak up when you need your client to give you direction.

Although some HOAs want to be very “hands off” and let their association managers handle most of the community’s needs, others want to be more involved. Make sure you and your client agree to a balanced communication structure.

By following these best practices, you’ll dramatically reduce the need for your clients’ HOA board to regulate your operations.

Call 855.943.8246 or complete a contact form

Every business needs a website. As a homeowner association (HOA) manager, your website can help you attract new clients and build your reputation in the industry. You can also use your HOA website to interface with your clients directly, using integrated web portals to streamline your business process.

Perhaps you’re launching a new HOA management company and need to build a business website from scratch. Maybe it’s time to simply update your current website to include new features. In the past, building a website required long hours of work and deep knowledge of complicated coding. However, today there are a variety of platforms, such as SquareSpace and Wix, that allow you to create a fully functioning business website in minutes, without zero tech knowledge.

As you plan your new HOA business website, consider the features you’ll need. Websites are powerful marketing tools that show current and potential customers why your services are better than your competitors. Your association management software can help you build an HOA website by adding dynamic, interactive elements for current clients, while helping you broaden your audience for new business.

Integrated Web Portals

One of the many benefits of association management software is that it enables your business to go paperless. New age HOA management software like CINC Systems have made old paper-based systems like filing cabinets and spreadsheets obsolete. These new systems can help you with internal business procedures, such as client financing, as well as assist in daily tasks that involve interacting with the association’s members.

Many association management software programs offer the ability to create online web portals for your clients’ association membership. Web portals can be customized for different features related to life in the HOA. They make association participation easier for residents while improving the efficiency of your own job as the HOA manager.

Association management software can help you build an HOA website by integrating these web portals directly onto your company’s site. To learn how you can do this, explore the features of your HOA management software and talk to the customer service of your website’s hosting company. Once you’ve decided to integrate web portals and taken steps to begin this process, here are three key features to include in your HOA website:

1. Resident Fee Processing

Processing resident fees is one of the best reasons to implement an HOA web portal on your website. As an HOA manager, collecting resident fees on your clients’ behalf is an important duty. After all, resident fees fund the HOA’s projects, contribute to repairs and upkeep, and even pay your salary!

Every HOA has a different protocol for collecting fees. Some may collect fees annually, while others may require residents to pay each month. Regardless of the fee schedule,it is your job as an HOA manager to collect the payments, deposit them, and follow up with any residents who are past due.

Adding a payment portal to your HOA management business’ website can give your residents an option to pay the fees online. This is easier for everyone involved. Residents can schedule payments ahead of time, and you’ll save time because fees are automatically deposited into the association’s bank account. Plus, an online payment portal can instantly generate a list of residents who are yet to pay, eliminating the need for complex, manual data processing.

2. Vendor Invoices

Association management software can also help build an HOA website by creating a web portal for vendor invoices. Most associations hire regular vendors. Whether this is a construction company hired for a specific project on a communal property, or regularly scheduled services like landscaping and waste disposal, vendors are constantly submitting invoices that need to be paid. As HOA manager, you’re the one who pays them.

By creating a web portal for vendor invoices, your association management software will dramatically streamline this process and increase your overall efficiency. Similar to a web payment portal for residents, vendors can use the portal on your HOA website to submit their invoices electronically. Then, you can pay them directly from the client’s bank account with the click of a button.

A web portal for vendor invoices also allows you to track the HOA’s bills. This helps you stay organized and ensure that invoice payments are always completed in a timely manner.

3. Work Orders

Finally, an association management software program can help your business create a great HOA website by generating a web portal for work orders. With a web portal for work orders, residents can open tickets online, any time, 24/7. They can also upload photos of the issue that needs to be addressed.

Once submitted, you’ll receive the work orders in your association management software dashboard. You can organize the work orders by category, submission date, and priority. This allows you to plan repairs more efficiently. Then, as the work begins, you can send electronic updates to the resident who opened the ticket.

Using an integrated web portal for work orders is a much better process than the traditional method of filing paperwork in a physical inbox. By including the work order feature on your website, residents will appreciate the efficiency of your management business, that is both modern and customer-friendly.

For a free consultation, call 855.943.8246

Create Web Portals with CINC Systems

If you’re not using association management software with web portal integration features, you’re missing out. See how this feature can dramatically improve your HOA management business by trying CINC Systems today! Request a free software demo or call us at (855) 943-8246.

Client Reviews

Finally, association management software can help you build an HOA website by giving you an opportunity to collect client reviews. As a business, user testimonials are a valuable marketing tool for attracting new customers. Feature quotes from happy clients on your HOA website can show potential customers how your business helps HOAs thrive and function effectively.

Use association management software to collect online feedback from your existing clients via your program dashboard. Then, choose the best reviews, get the client to give you permission to feature their words on your site, and post great quotes for the whole world to see.

To see how CINC Systems association management software can help, request a free demo or call (855) 943-8246.

Call 855.943.8246 or complete a contact form

Association management software is for more than just managing homeowner associations (HOAs) and condominium associations (COAs). With association management software like CINC Systems, you gain a valuable tool for running your business, not just managing your clients’ HOAs/COAs. Association management software also offers great accounting features.

When you choose the best association management software for your company, you can optimize your workflow and increase efficiency several times over. In many ways, HOA/COA software is like having multiple employees rolled into one. Your association management software can help you with daily tasks, client communication, accounting services, and more.

The right HOA/COA management software enables you to work smarter, not harder. It provides easy-to-use features that help you in all aspects of your management company. Although association management software is vital for the work you perform on behalf of your clients, these powerful programs offer a world of benefits beyond the basics.

So is association management software only for managing homeowner associations? Definitely not! Learn how association management software can help all aspects of your HOA/COA business.

Go Beyond the Basics

There are many different types of association management software. Many of these programs are designed for specific kinds of HOAs or COAs. For example, some association management software is meant for smaller organizations with only a few dozen members. Other software can handle a large portfolio of commercial neighborhood associations. The best software can be customized to handle more than basic management duties.

This is because managing a homeowner association often requires you to go beyond the basics. Every HOA/COA you manage will have certain universal needs, such as site maintenance, payment processing, community rule enforcement, and more. However, every client is unique. Association management software like CINC Systems offers features that go above and beyond to make sure you can deliver amazing service to your clients.

For example, most association managers communicate with their clients’ residents about rules, fee payment schedules, and news regarding maintenance and repairs. But let’s say your client wants you to do more, such as a monthly email newsletter with a community calendar, gardening tips, or other fun topics. Although there are many software programs designed for email newsletters, the right association management software will include features to send emails right from your dashboard.

Association management software like CINC Systems also includes the ability to take photographs of your clients’ properties, to upload for maintenance requests and work orders. This makes it easier than ever to schedule repair jobs for your clients.

For a free consultation, call 855.943.8246

Accounting for HOAs/COAs

Financial management is a very important part of managing an HOA/COA. Most association management software also includes a variety of accounting features for your clients’ finances. With these accounting features, you can say goodbye to spreadsheets, CPAs, and money management software.

As membership-run organizations supported by resident fees, associations have unique financial needs. And, you can use your association management software for this purpose. For example, you can use HOA/COA management software to handle the following accounting tasks:

• General Ledger Accounting: Balance your clients’ books in real-time, automatically, and track incoming withdrawals, deposits, and expenditures.
• Accounts Payable and Receivable: Use HOA/COA management software accounting features to pay vendor invoices, as well as receive payments to the clients’ associations.
• Automate Billpay: Setup automated bill payments for your clients’ monthly expenses, such as landscaping, utility bills, waste disposal, and security services.
• Track the HOA/COA Reserve Fund: Monitor the status of the HOA/COA’ s reserve fund to ensure your client’s organization is in good long-term financial health.
• Receive Resident Fees: Create an online payment portal where residents can submit their association fees electronically, which can then be automatically deposited into the clients’ accounts.
• Create Financial Reports: Use HOA/COA management software to easily create financial reports for your clients, which you can also use to help clients assess their budgets.

When you understand how association management software can handle the unique needs of HOA accounting, you’ll see that this software does more than just manage your clients’ HOA/COA daily responsibilities.

Accounting for Your Business

In addition to accounting features that are useful for your clients, many of the tools provided by association management software will also benefit your own business. Setup a profile for your association management company in your software dashboard to track your own finances. Then, monitor your accounts to ensure you’re staying within your target budget.

Using association management software, many management businesses are able to forgo using other accounting software or spreadsheets. The powerful tools provided in HOA/COA accounting software can be easily transferred and implemented in your own business. For example, you can use your HOA/COA management software to generate invoices for your clients.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Tools for Marketing Analysis

Finally, association management software is useful for marketing your business. At its core, association management software is about managing and processing data. You gain access to your clients’ finances, as well as statistics about their membership fees, resident move-ins and move-outs, and more.

This gives you a snapshot of the current state of the HOA/COA industry. With proper analysis, you can identify trends and anticipate new challenges that your clients may need solved. With this information, you can expand your client base with targeted ads and other forms of strategic marketing.

Complete a contact form now

CINC Systems: More Than Just Management Software

Association management software can make a huge, positive impact on your business. By using association management software, your business will grow and you’ll be able to deliver amazing results for your HOA/COA clients.

Experience the difference today. Request a free demo or call (855) 943-8246 to learn more about CINC Systems’ association management software platform.

Call 855.943.8246 or complete a contact form

There are several ways a homeowner association (HOA) can reduce costs, increase efficiency, and add property value to the homes in the community. As an HOA manager, you can assist your clients with these endeavors. HOA managers often act as trusted advisors to the association’s board members, so your input can help guide their decisions for improving the HOA.

Why is it important for you to know how HOAs can increase property value, improve efficiency, and reduce costs? When your clients thrive, so does your association management business. Helping the HOAs you manage to become better communities will reflect positively on your company. This boosts your reputation and helps you attract more clients.

Here are several ways an HOA can reduce costs, increase efficiency, and add property value. By helping your clients implement these steps, you’ll ensure that their communities function smoothly and grow.

Review Monthly Expenditures and Annual Budgets

It’s important for an HOA to keep its costs low. Fewer expenses mean that the association won’t have to increase monthly dues or charge assessments. Cost-saving efforts also keep the association in good financial health so the board doesn’t have to draw from its reserve fund.

There are several ways you can help your clients reduce their costs. First, review the HOA’s monthly expenditures and its annual budget. Identify how the association is spending its money so you’ll have a baseline reference point.

We recommend using CINC Systems’ association accounting platform for this. CINC can automatically generate financial reports, which are full of valuable data about the HOA’s budget. You can organize these reports to reflect specific time periods or expense categories and send them to board members by email.

Once you’ve used CINC Systems to get the HOA’s financial snapshot, you can look for any areas where the association is spending too much money. Then, you can advise the board on a strategy to reduce these costs.

For a free consultation, call 855.943.8246

Assess Insurance and Other Operating Costs

Using financial data about the HOA’s budget and expenditures, you can assess how much the client is paying for liability insurance and other operating costs. This may include monthly services like utilities for common areas, waste disposal, monthly maintenance, and private security.

The HOA can reduce costs and increase efficiency by streamlining these services and eliminating unnecessary perks. For example, if the HOA provides free WiFi for a shared community space, you may be able to help the client save money by downgrading to a less expensive internet package.

Switch to Cloud-Based HOA Management Software

Next, we recommend switching to cloud-based HOA management software like CINC Systems. This gives your business numerous benefits, which transfer to your clients’ HOAs. Using cloud-based software is a great way to reduce costs, increase efficiency, and help HOAs add property value for several reasons.

For example, cloud-based software can replace traditional software like spreadsheets and calendars. You can use it to create an online web portal for the HOA’s residents, where they can pay fees and submit work orders electronically. Cloud-based software saves time and increases efficiency.

Being cloud-based means that the client’s data is stored online, rather than existing on a single computer or harddrive. This enables managers and board members to access data remotely from any location. It also helps you go mobile, so you can manage your client’s association anywhere.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Revise Contracts with Service Providers

Next, you can help your clients improve their community by revising contracts with service providers. Look at the relationships your client has with its vendors, such as businesses that provide repairs or landscaping. Often, the terms of these contracts can be revised to cut costs for the HOA.

If a vendor isn’t open to renegotiating, you can help the HOA find a new service provider and solicit bids from potential businesses.

Complete a contact form now

Install Solar Panels

Often, the measures that reduce costs and increase efficiency also add property value to the HOA’s homes. One of the best ways to do all three is to install solar panels.

Despite the initial expense, solar panels help the HOA save costs over time because they can provide power to common areas and streetlights. This means the association won’t pay hefty utility bills. Additionally, solar panels can help the HOA qualify for state or local tax incentives.

Because solar panels are also great for the environment, they improve property value. The client’s HOA becomes a more desirable community and attracts new homeowners.

Make Changes to Landscaping

Similarly, making changes to landscaping increases the HOA’s property values and lowers expenses. One of the many reasons why people choose to live in a community with an HOA is that the HOA guarantees a certain standard for aesthetic qualities, like landscaping.

By improving the landscaping in community areas, you’ll help your clients’ HOA improve property values overall. You can also implement changes to save money, such as installing drought-resistant plants that require less water.

Optimize Maintenance Schedules

When it comes to efficiency, one of the biggest problems for many HOAs is the maintenance schedule. You’ll be able to help the associations you manage to become much more efficient by improving this.

Using CINC Systems to create an online web portal for work orders, you’ll be able to organize work orders by priority, submission date, and category. This enables you to schedule work much more efficiently. For example, you can schedule all electrical work to be done in a single day, instead of paying for an electrician to make separate trips throughout the week.

Help Your Clients Get More from Their HOA with CINC Systems

Using CINC Systems is one of the best ways to help your clients’ HOAs reduce costs, increase efficiency, and add property value. Our cloud-based association management software platform includes several key features that make it easier than ever to manage an HOA, including built-in accounting features.

To see how CINC Systems can make a difference for you and your clients, click here to try a free software demo.

Call 855.943.8246 or complete a contact form

Do you know what a quorum is? What about a motion or a proxy? Although you don’t need to be fluent in “legalese” to be a homeowner association (HOA) manager, there are several common terms you need to know. Understanding HOA lingo will streamline your business and improve how you communicate with your clients.

Smaller HOAs are often less formal and won’t be so stringent about using proper terminology, while others may make you feel like you’re speaking a foreign language! When you’re running an HOA management business, you need to be able to handle all kinds of clients. Be ready to adapt to each HOA’s unique community culture. Learning common HOA terms will help you “talk the talk” with your clients.

If you’re new to HOA management or simply need a refresher, there are several basic terms you need to know.

Why You Need to Know HOA Terminology

First, it’s very helpful to understand the context of using HOA terminology. Where can you expect to use this lingo? Should you use these terms when you deal with your clients’ residents and vendors, or just board members?

As with anything related to HOA management, each of your clients will have unique needs and preferences so there’s no one-size-fits-all answer about using HOA terminology. However, in general, you’ll be using HOA lingo most often when you work with board members. Direct communication with residents and vendors is less formal.

HOA terms are also used if you’re conducting business on the HOA’s behalf, such as working with a CPA or an attorney. HOA terms are common in the industry. Because everyone uses a standard definition for these terms, it makes communication easier when you’re discussing the association with third parties.

For these reasons, it’s important to know general HOA terminology. The definitions below are some of the most common terms. For more obscure, in-depth definitions, we recommend checking out this HOA glossary.

For a free consultation, call 855.943.8246

Definitions of Common HOA Terms

Bylaws

HOA bylaws are the governing rules that determine how the association conducts its business. They cover rules for the association’s board members, rather than rules for residents such as quiet hours or parking restrictions. For example, bylaws generally answer the following questions:

• Voting Consensus: When the HOA is debating a new rule or a change to the community, how many votes are needed to pass it? What happens if there’s no majority? Is there any avenue for recourse and appeals?
• Board Meeting Schedules: How often does the association board get together for meetings? How many meetings are open to residents? What is the protocol for canceling or rescheduling a meeting?
• Association Board Attendance: At a given meeting, how many board members need to be present to conduct a vote? What happens if a board member cannot attend?
• Board Member Terms, Elections and Recalls: How long does each board member serve? When are elections held? What happens if the community wants to recall an elected board member?

Motion

In HOA terminology, a motion is any proposal for action within the association. A motion could be the introduction of a new community rule, a new project, or other changes that affect the association and its members.

Usually, any member of the association can introduce a new motion at an open board meeting. However, the protocol for introducing a motion may be different depending on the HOA; motions are another subject covered by the HOA’s bylaws.

There are six types of motions:

1. Main Motions: These introduce a new topic, usually a single specific issue. A main motion cannot be made while the board is still voting on another motion.
2. Subsidiary Motions: As the name implies, subsidiary motions are changes or amendments to the main motion that’s still under consideration. When there’s a subsidiary motion, it must be voted on before the main motion.
3. Privileged Motions: This type of motion will bypass the vote for other motions. Privileged motions are usually for time-sensitive matters, such as emergency repairs.
4. Incidental Motions: An incidental motion is a response to board procedures and must be voted on before main motions and subsidiary motions.
5. Reconsidered Motions: Usually addressed when there’s no other pressing business, a reconsidered motion is a motion that covers unresolved business.
6. Pending Motions: A pending motion occurs when the board states a motion but hasn’t yet brought it to a vote.

Proxy

A proxy is someone who votes on behalf of an HOA member. Each member of the association is guaranteed the right to vote on motions at board meetings. When a member can’t be present for a meeting, he or she can send an official proxy to vote in their place. Often, members must designate their proxy in writing. Some associations are beginning to automate their proxy protocol online.

Quorum

In the HOA business, a quorum refers to the minimum number of members who must attend each meeting. Without reaching a full quorum, the HOA board cannot conduct votes or other official business and meetings must be rescheduled. Quorums are defined in the HOA bylaws and may also be affected by state or local law.

Recusal

When an HOA member can’t vote on a motion due to ethical or legal concerns, they must recuse themselves. This means their attendance is recorded but their vote is nullified. A recusal usually occurs when the member has a conflict of interest with the proposed motion. For example, a member should recuse themselves if they’re a general contractor bidding on a construction job for the association.

Try CINC Systems

If HOA lingo is still confusing, CINC Systems is here to help! Our software platform for association management and accounting helps your business run more smoothly by automating many daily tasks. This frees you up to focus your energy elsewhere, such as studying new terminology.

To see how CINC Systems can help you deliver the best quality service to your HOA management clients, give us a try and sign up for a free demo.

Call 855.943.8246 or complete a contact form

Are your clients’ homeowner associations (HOA) prepared for winter? If you’re an HOA manager who works in a cold climate, falling temperatures and inclement weather can introduce new challenges. Winter storms can cause property damage, interrupt services, and create many problems for HOAs and their residents.

To ensure that your clients make it through the winter without issues, you’ll need to help the HOA with winter maintenance. So start tracking the weather and get ready to assist the association with snow-proofing and rain-proofing. With the right maintenance plan in place, life in the HOA’s community can continue uninterrupted.

Give your HOA clients and their residents’ peace of mind for the winter, so they can enjoy a cozy night-in without worrying about problems caused by the cold. Here are our top six winter maintenance tips for HOAs.

Tip #1. Schedule Snow Removal in Advance

First, schedule snow removal before the first storms of the season. This is a crucial part of HOA winterization. Look at the HOA’s budget to determine how many funds are available for spending on snow plowing, road salting, and removing snow from rooftops.

Then, check the weather forecast. If meteorologists are anticipating an extra snowy season, you may need to advise the board to draw from the HOA’s reserve fund. Don’t skimp on these services. Too much snow can damage properties and create safety hazards for the community.

If your client’s HOA already has a snow removal service in their vendor directory, schedule their services in advance based on weather estimates. (Note: The snow removal service will most likely be prepared to accommodate you with its own recommended schedule.)

If the client doesn’t have an existing vendor, or they were unhappy with their service from the previous season, spend time finding a new snow removal service to hire. Ask for recommendations from other vendors or go online for reviews. Make sure that the service provider includes everything you need for your client’s HOA, including winter road maintenance.

For a free consultation, call 855.943.8246

Tip #2. Inspect HVAC

HVAC is short for Heating, Ventilation, and Air Conditioning. These systems maintain indoor climate control, ensuring that every building is hospitable and welcoming. In winter months, HVAC can also be a matter of safety. If indoor temperatures dip to extreme lows, it can be dangerous to occupants.

This means it’s imperative that all HVAC systems in your client’s HOA community are in perfect working order. As with snow removal services, inspect the community’s HVAC before the cold snap hits. After all, you don’t want your clients to discover that their heating system doesn’t work in the middle of a freezing blizzard!

HVAC systems can include furnaces and central heat, which are obviously the most relevant systems for the HOA’s winter maintenance. In late fall, hire an HVAC repair company to inspect the heating in all of the HOA’s common areas, such as lobbies, athletic facilities, laundry rooms, and shared parking garages.

You can also alert residents that HVAC repair is coming, so they can submit online work orders for broken heating to your CINC Systems web portal ahead of time.

Tip #3. Prepare the HOA’s Pipe System

If you’re managing an HOA in a region where temperatures can dip to freezing levels, make pipes a high priority for winter maintenance. When water freezes, it can wreak havoc on pipes and sewage systems.

Repairing the damage from frozen pipes can be a huge expense. Help your clients avoid this by implementing the following:

• Drain water from sprinkler systems. You won’t be watering the lawn or shrubs on the HOA’s property, so protect the sprinkler system by draining the water and turning it off. Make sure any outdoor faucets or showers are also disabled for the winter.
• Drain and seal off outdoor pools. Dealing with a frozen swimming pool is a headache that no HOA manager should have to handle, not to mention the damage that ice can cause to a pool.
• Add insulation to exterior pipes. If there are any exposed pipes on the HOA’s property, protect them with thermal padding and/or tarps to keep them from freezing.
• Make sure attics, basements, and storage areas are well-heated. Even if these areas aren’t frequently visited by residents, they may contain crucial piping systems for the association’s buildings. Make sure the heat stays on in these areas.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Tip #4. Plan for Power Outages

Nothing’s worse than a power outage in the middle of a big winter storm. Although you can’t anticipate a power outage, you can help your clients prepare. This is especially important for HOAs located in regions that receive heavy snowfall, as well as HOAs with a large population of seniors.

If it’s in the winter budget, acquire backup generators and battery-powered heaters for the HOA’s common areas. We also recommend preparing emergency supplies. Pack several kits with flashlights and batteries, blankets, first aid supplies, and portable hand/foot heating packs.

Make sure these emergency kits are easily available in the HOA’s common areas so residents can access them during a power outage.

Complete a contact form now

Tip #5. Inspect Roofs and Building Exteriors

Another important tip for HOA winter maintenance is building inspection. Rainstorms and snowfall can cause severe damage to buildings that aren’t properly sealed and insulated. They can also cause inconveniences for residents.

We recommend hiring a general contractor to examine the HOA’s rooftops for leaks and look at building exteriors to make sure all common areas are properly sealed. Repairing a small leak or a gap in a window will be much easier than recovering from the damage caused by flooding or other weather-related problems.

Tip #6. Keep Residents Informed

Finally, you can help your clients make sure their HOA runs smoothly during winter months by keeping residents informed. Be sure to disperse information about snowplow schedules, inspections, and emergency protocols in advance of any storms. You can also issue severe weather alerts so residents can prepare their own homes.

Using the CINC Systems association management platform, you can create a resident web portal and post this information online. To see how CINC can help your association management business, click here to request a free demo.

Call 855.943.8246 or complete a contact form

Ordinances play a vital role in shaping a home homeowners association (HOA). As an HOA manager, you’ll need to understand what ordinances are and how they work. In a nutshell, an ordinance is any law or regulation enacted by a municipal body. Ordinances cover a wide range of topics that affect HOAs, from rules about architecture to home businesses.

Learning about HOA ordinances is important so you can deliver the best services to your clients. Association managers often act as consultants for their clients, providing the HOA board with guidance about new projects or other aspects of community development. Knowing state and local ordinances will enable you to advise your clients with greater accuracy.

Here’s more information about HOA ordinances, as well as common ordinances. As with any topic related to HOAs, remember to do your homework and understand the specific laws that apply to your clients based on your region. However, the following types of ordinances are among the universal rules and regulations you’re more likely to encounter.

HOA Covenants, Conditions, and Restrictions

First, let’s take a look at how ordinances are established. In addition to local laws and civic codes imposed by the HOA’s city, many association ordinances come from a document called the Covenants, Conditions, and Restrictions (CC Rs).

Every HOA has CC Rs. CC Rs define the rules for the members of the community and can cover a wide range of topics that affect daily life within the HOA. These regulations are voted on by the board and the HOA members. When a new homeowner enters the HOA, the association board is required to provide them with a copy of the CC Rs.

As an HOA manager, make sure you’re intimately familiar with the most recent updated version of your clients’ CC Rs. You can also make the CC Rs available online by creating a resident web portal with CINC Systems or other association management software. This is important because many ordinances are violated by accident simply because the violator doesn’t know the rule (or forgot).

For a free consultation, call 855.943.8246

Common Types of HOA Ordinances

Architectural Guidelines

Many HOA ordinances govern the architecture of homes in the community. This includes aesthetic rules, such as color for exterior paint or design elements like window shutters and porches. Architectural ordinances can also determine rules for home add-ons.

For example, it may be against an ordinance to add a second story to a single-story home or convert a garage into an apartment. Ordinances can also require homeowners to follow specific measurements, such as maintaining a minimum distance between their neighbor’s property.

Guests

When someone purchases a home in the HOA and agrees to abide by its CC Rs, they’re agreeing to follow the rules set forth by the guest policy. Guest ordinances are intended to prevent illegal renting, reduce noise, and resolve parking issues within the community. Every HOA is different.

Some may allow visitors to stay for seven nights, while others may allow longer periods with special written permission. As the HOA manager, you’ll need to understand all ordinances that apply to overnight visitors so you can properly enforce them on the HOA’s behalf.

Rental Rules

An HOA can be a complicated legal entity because its ordinances apply to privately owned property. Whereas homeowners who don’t belong to an HOA are generally free to rent their home to anyone they like, if they belong to an association there will be ordinances that govern rental rules.

Some HOAs ban renting outright, while others require that prospective renters get approval from the board and pass a background check. Today, many CC Rs are also being amended to include usage policies for short-term renting such as Airbnb.

Vehicle Operations

Another type of common association ordinance governs vehicle operations. Along with parking for regular cars, vans, and trucks, vehicle ordinances usually cover the rules for RVs, commercial vehicles, boats, dirt bikes, and vehicles that may not be “street legal.”

For example, an ordinance may declare that RVs can only park in a specific area, rather than on a street in front of someone’s home. Vehicle ordinances also set speed limits and other traffic laws on the HOA’s private roads.

Construction

In addition to architectural ordinances, many HOAs have regulations about other aspects of construction. This includes the process for obtaining permits, construction hours, where workers can park their vehicles, and more.

Construction ordinances may require residents to receive approval from the board or submit an environmental impact report to ensure that their construction won’t negatively affect the community.

Noise (Quiet Hours)

One of the many advantages of living in a community with an HOA is the ordinance regarding noise. Association ordinances usually set specific “quiet hours” for the community, as well as limits on the decibel level allowed. This helps eliminate loud parties, excessive music, or other noises that disturb the peace.

Quiet hours may differ for weekends and holidays. They can also cover vehicles in the HOA so that drivers aren’t allowed to blast loud music from their cars.

Home Businesses

Additionally, many HOAs have ordinances regarding home businesses. They define what is and isn’t allowed for homeowners who run a business. For example, residents may be allowed to operate a digital business or sell handmade goods online, but not be allowed to receive clients or conduct business on the HOA’s premises.

The ordinances for home businesses in an HOA will also define repercussions for violating the rules and set a protocol for warnings and punishments.

Property Maintenance

Finally, association ordinances usually cover rules for property maintenance. Although the association covers landscaping and other types of maintenance for common areas within the HOA, it’s the homeowner’s responsibility for taking care of their own property.

This includes lawn care, trimming trees on the property, repairing visible damage to the home’s exterior, and more. Property maintenance ordinances ensure that no one in the association allows their home to deteriorate and negatively impact property values in the neighborhood.

How CINC Systems Helps Enforce HOA Ordinances

CINC Systems helps association managers enforce ordinances by allowing you to create an online web portal where residents can download a digital copy of the CC Rs and other rules. To see how CINC can help your business, click here for a free software trial.

Call 855.943.8246 or complete a contact form

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.

For a free consultation, call 855.943.8246

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.

Click to contact our get a no-obligation demo of our revolutionary CINC System

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.

Complete a contact form now

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.

Call 855.943.8246 or complete a contact form

Homeowners association (HOA) fees are the lifeblood of the organization. Also known as dues and assessments, HOA fees are paid by all members of the association. HOA fees cover basic operating costs and maintain the HOA’s special reserve fund, an account reserved for emergencies and unexpected expenses. As an HOA manager, you’ll likely hear a lot of questions about HOA fees. One of the most common questions is, are HOA fees negotiable?

The short answer is no. When a property owner joins an HOA, they are required to pay the fees as outlined in the association’s governing documents or Covenants, Conditions & Restrictions (CC&Rs). Most members are happy to pay these fees because of the benefits they enjoy as part of the HOA. However, as with anything related to HOA management, there may be unique circumstances where HOA fees can be changed or submitted under an alternative payment plan.

As the HOA manager, it’s unlikely that you’ll be directly involved with financial negotiations between your clients and their members. These affairs are typically handled by the HOA board directly. However, your clients may defer to your expert advice and experience as an association manager to assist with issues pertaining to HOA fees. It’s also common for residents to approach managers when they have questions.

By understanding the answer to the question of whether HOA fees are negotiable, you can offer better service as an association manager and help your clients improve their community.

Understanding HOA Fees

First, it helps to understand HOA fees. In general, there are two types of HOA fees. The first type of fee is called a due. HOA dues are fixed, regular fees paid by each member of the association. HOA dues can be paid monthly, quarterly, or hourly depending on the association’s bylaws.

HOA dues cover the association’s daily operations. This includes paying for maintenance and repairs on shared-use areas, as well as costs associated with upkeep. For example, HOA dues can pay for landscaping and waste disposal services. 25% to 40% of HOA dues also goes into the association’s reserve fund. The money set aside in the reserve fund is then used to pay for special projects or cover emergency spending.

HOA assessments are special fees paid on a one-time or short-term basis. Assessments are levied in addition to regular membership dues. They are mandatory, however, the payment schedule for assessments may differ from normal dues as outlined in the CC&R or bylaws. HOA assessments may be levied once a year or as needed.

HOA assessments pay for costs not covered by regular dues. For example, assessments may fund new construction in common areas, or upgrades to equipment in a communal gym facility. HOAs can also charge assessments when the normal monthly dues fail to cover their anticipated expenses.

For a free consultation, call 855.943.8246

When Are HOA Fees Negotiable?

As an HOA manager, it’s helpful to understand the context for negotiating HOA fees, even if it’s unlikely that you’ll be directly involved.

As previously mentioned, HOA fees are usually mandatory and non-negotiable. Although HOA fees may change over time, the decision to increase or lower fees is made by the association’s board, not individual members.

Changes to fees are usually issued at the beginning of the year, following an audit of the HOA’s budget and finances. However, changing HOA fees can be a different process for each unique HOA. Be sure to consult your clients’ HOA bylaws and CC&Rs to understand the rules regarding changes to HOA fees.

For residents, one of the few opportunities to negotiate HOA fees occurs during the home buying process. When a potential buyer is considering purchasing a home that belongs to an HOA, he or she can negotiate with the home’s seller to lower the price based on HOA fees.

Additionally, if the home has any title liens because of unpaid HOA fees, the potential buyer can negotiate with the seller to pay these back fees rather than accepting the debt after the sale. This tactic is often employed during real estate negotiation for HOA properties.

How to Change HOA Fees

When residents approach you with questions about how to negotiate for lower HOA fees, let them know their options. In general, the best way to change HOA fees is to join the association board. You can help members by informing them about the board’s election process and sharing a copy of the HOA bylaws. However, it’s important to remain impartial.

HOA members can also try these steps to lower their association fees:

• Request a copy of the HOA’s current budget and spending records.
• Petition the board to reduce ongoing costs, such as landscaping.
• Ask to see the HOA’s insurance premiums and other bills to find out if the association is overpaying for services.
• Petition the board to perform a financial audit and reassess fees with a CPA.
• Petition the board to defer nonessential projects to lower or eliminate assessments.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Make HOA Fees Easier with Online Payments

While HOA fees may not be negotiable, you can still make the payment process easier for your clients’ residents by implementing a payment web portal. With association accounting software like CINC Systems, you have the tools to receive, process, and deposit HOA fees completely online.

HOA residents love this option because it’s easier than mailing checks. It also helps you manage your HOA client finances more effectively because it saves time. By collecting HOA fees in an online payment portal, you won’t have to waste your valuable time going to the bank.

Plus, an online payment portal makes it easy to see which residents have paid their fees, and which still owe. This helps streamline the collection process.

Complete a contact form now

Try CINC Systems Today

For collecting HOA fees for your clients, you need powerful software that delivers great accounting tools. Using CINC Systems, you’ll be able to assist your clients and their residents with all aspects of fee collection as well as other financial duties. To see how CINC Systems can help you grow your HOA management business, click here for a free software demo.

Call 855.943.8246 or complete a contact form

At their core, homeowners associations (HOAs) are financial organizations. HOAs collect dues and assessments from members, then manage the funds to provide various services and amenities to residents who live in HOA properties. HOAs are run by an elected board who makes financial decisions on behalf of the members. To help the board make well-informed decisions, it’s important for HOAs to perform a type of financial examination called an audit.

An audit is a thorough, detailed examination of all of the association’s financial accounts and financial documents. Usually performed under the expert guidance of a CPA, an audit cross-checks all of the HOA’s financial accounts with physical documentation. During the audit process, a CPA may also call vendors and debtors to confirm outstanding balances associated with the HOA’s accounts payable and receivable.

In some regions, state law requires HOA audits at least once a year. However, whether or not an audit is legally required, all HOAs need to be audited periodically. Audits ensure that current board members understand the financial decisions made by their predecessors. This provides valuable insight that can help them make better choices for the HOA’s future direction.

As an HOA manager, it’s unlikely that you’ll be directly involved in an association audit for your clients. However, you can assist your clients in preparation for an audit by providing them with information and financial reports. When it comes to HOA management, it’s always better to know as much information as you can about the rules and guidelines that may affect an association.

By understanding why HOAs need to be audited, you’ll be able to offer better service to your HOA management company’s clients. Here’s why HOAs need to be audited.

Why HOA Audits Matter

HOAs need to be audited because the process of auditing reveals valuable information about the association’s financial history, its current financial health, and its prospective financial future.

Evaluate Budgets

One of the best reasons to conduct an HOA audit is to help evaluate the budget. An audit provides you and your clients with in-depth details about the HOA’s spending, income, reserve fund, investments, liabilities, outstanding debts, liens, and other financial data. You can help your clients create a better budget for the HOA by reviewing the results of an audit with them.

An audit will show you and your clients where the HOA’s financial patterns are working effectively. In these areas, you can help your clients develop a strategy to continue capitalizing on these budgetary successes. Additionally, an audit will reveal where the budget may be falling short. These are the areas that can be improved upon in the next budget.

Future Financial Planning

HOA board members are often tasked with long term financial planning for the association. It’s unlikely that you’ll be making these big decisions yourself, however, you clients will benefit from your expertise. You may be called upon to assist with long-term financial planning as an outside advisor.

If the HOA has been audited recently, the information provided by the audit can be a powerful tool for future plans. For example, the audit may reveal information about previous construction projects or upgrades to shared community spaces. If the audit determines that a prior construction project went over-budget, you and your clients can learn from this mistake and plan the next project differently.

Assess HOA Fees

HOAs also need to be audited to help board members assess the association’s fees. Are member fees covering basic operating costs as well as hitting investment targets for the HOA’s reserve fund? If not, regular monthly dues may need to be raised, or the HOA may need to levy a special assessment.

By examining the financial data presented in an HOA budget, you can assist your clients’ board as they make decisions about changing membership fees. You’ll be able to see in detail how the current fee payments fit into the association’s financial goals.

Prevent Fraud and Misuse

Finally, HOAs need to perform a regular audit to help prevent fraud and misuse. Although no one likes to think about an HOA board member or employee committing fraud, financial abuse is a common occurrence in many fiscal organizations. As an HOA manager, it’s important for you to monitor your clients’ finances and protect them.

By reviewing the information in a financial audit, you’ll be able to gain a stronger understanding of the HOA’s financial history. You can use this as a baseline to spot discrepancies or unusual patterns in financial transactions. This will enable you to catch fraud or misuse.

For a free consultation, call 855.943.8246

Audit Alternatives

Because of the complex nature of an HOA audit, the process can be time-consuming and expensive. Some associations may wish to skip auditing and pursue alternatives. Although we recommend an annual audit for all HOAs, here are some other options. If your clients ask about audit alternatives, you can offer these methods as a suggestion.

Financial Review

The difference between a financial review versus an audit lies in the amount of assurance provided. In other words, a review is less thorough and less detailed than an audit, so the information presented in a review may not be as accurate. However, reviews can be performed in a shorter period of time and do not need to be conducted with a CPA. As a result, reviews are less expensive than an audit.

Financial Compilation

A financial compilation is even quicker than a financial review. In a compilation, experts examine previous financial statements instead of performing a detailed examination of accounts and financial assets. Compilations can be a great option for mid-year financial assessments.

Try CINC Systems

If you’re wondering whether an HOA needs to be audited, the answer is yes. As an association manager, you can assist your clients with their financial audits by preparing financial reports in your HOA accounting software. If your accounting software can’t generate custom financial reports automatically, try CINC Systems cloud-based software today. Click here to request a free demo.

Call 855.943.8246 or complete a contact form

Cloud accounting software works by storing data remotely on nonlocal services known as “the cloud.” This means that data is spread out across multiple servers in different locations, instead of being stored on a single hard drive on your computer. For homeowners association (HOA) managers, cloud-based accounting offers many advantages over traditional accounting.

Cloud-based accounting offers increased security because data is encrypted as soon as it’s uploaded, which means that it becomes “scrambled” and can’t be decoded again unless you’re using software with the right decryption key.

Additionally, because the data is stored remotely, you don’t have to worry about losing your clients’ financial information if your computer crashes. Cloud-based accounting software like CINC Systems also helps HOA managers automate many accounting tasks, such as financial reporting.

But how does cloud accounting actually work? Although the process might sound complicated, cloud-based accounting for HOA managers is in fact very simple. To use cloud-based accounting, you’ll need a computer or other electronic device with an internet connection. Then, follow the steps below to use cloud-based accounting software to improve your HOA management business.

Step 1. Choose the Best Software for Your Needs

First, you’ll need to choose the best cloud-based accounting software for your business. Assess the needs of each of your clients, as well as your own needs as a manager. Are you managing multiple HOAs with high volumes of daily financial transactions, or a few smaller HOAs with less activity? What specific features do you need to get the most out of cloud-based accounting? What is your budget for HOA accounting software?

Cloud-based accounting works best when it’s optimized for your unique needs as an HOA management business. Software like CINC Systems offers great features like bank integration, data reporting, and turnkey solutions such as web payment portals for residents. These features help cloud-based accounting software work effectively for any HOA manager and its clients.

For a free consultation, call 855.943.8246

Step 2. Create a Login with a Secure Password

Once you’ve acquired cloud-based accounting software, you’ll need to create a unique login with a secure password. This is one of the key elements of cloud accounting. Because cloud accounting stores data remotely, access to this data needs to be restricted to specific users.

First, consider who in your organization needs access to your cloud accounting software. Do your clients need access? What about any co-managers or employers within your company? Make a list of trusted individuals who will be given access. Because accounting data includes sensitive financial information, restrict access to the people who are essential employees or clients.

Then, it’s time to create a secure password. Do this for yourself and share these password creation tips with anyone else who will be given access to the cloud accounting software.

How to Create a Secure Password for Cloud Accounting

1. Choose a password that’s between 8 and 16 characters.
2. Use a combination of lowercase letters, uppercase letters, numbers, and symbols such as $, %, &, or #.
3. Avoid words would be easy to guess, such as the name of your clients, your address, or other words associated with you or your business. Never use common words or phrases like “password.”
4. Try getting creative with acronyms. For example, use the first letter of each word in your favorite movie, book, or song. Then, substitute letters for numbers or symbols. An “A” can become “4,” or you can use “#” instead of “H.”
5. Never email or text your password to anyone, and don’t store it in a spreadsheet or a Word document on your computer. If you have difficulty remembering your password, write it down on a sheet of paper and hide it somewhere in your home where no one else can access it. You can also use a digital keychain app, such as LastPass or KeePass, to store your passwords securely online.
6. Change your password every three months.

Step 3. Upload Client Data and Use Bank Integration

After you’ve set up your software, cloud-based accounting works by storing your client’s data online. To do this, you’ll need to upload all financial data associated with your HOA clients. This can be time-consuming, but it will be worth the work. Once the data is stored online, you’ll be able to securely access it from anywhere.

As you upload your clients’ data, cloud-based accounting software encrypts it using a secure key code. Encryption means that the data is “scrambled” and can’t be read unless the computer that accesses it has a decryption code. This is one of the key security features of cloud accounting.

You can also use the bank integration features of cloud-based accounting to manage your clients’ HOA finances in the cloud. Bank integration enables you to sync your clients’ bank accounts in one place, so you can monitor their financial transactions and manage finances from your software dashboard without logging into multiple websites.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Step 4. Manage Financial Data in the Cloud

Finally, use cloud-based accounting software to manage your HOA clients’ data from any location, at any time. Instead of remaining “chained” to your desktop computer in your office, you can manage your clients’ HOA finances from any location with an internet connection.

Going mobile with cloud-based accounting software helps you manage HOAs more efficiently and frees you to multitask for your clients. You can perform accounting duties for one client while being on-site for another. It’s one of the best features of cloud accounting software.

Complete a contact form now

Try CINC Systems Cloud-Based Accounting Today

Now that you understand how cloud-based accounting works, you can experience the benefits of this type of software for yourself. Try CINC Systems cloud-based accounting software for your HOA management business. With CINC Systems, you’ll be able to streamline many of your daily financial tasks for your clients and help ensure the financial success of every HOA in your portfolio.

We’ve built CINC Systems to handle the needs of any HOA. See how our cloud-based accounting software improves your management business by requesting a free demo today.

Call 855.943.8246 or complete a contact form

Managing a homeowner association (HOA) requires solid bookkeeping skills. You need to be organized, detail-oriented, and capable of tracking large volumes of paperwork. Although HOA management software can help your company go paperless and streamline your organization, it’s still important to keep certain records for your clients.

How long does an HOA need to keep records? Are certain types of records more important to keep than other types? What are the best ways to securely store records for HOAs? By learning the answers to these questions, you can assist your clients with all their record-storing needs. This will enable you to provide better service and improve your business as an HOA manager.

At CINC Systems, we’re committed to helping you improve your clients’ HOAs and ensuring your success as an HOA management business. That’s why we’ve compiled the following tips to help you understand how long an HOA needs to keep records. Learn the basics of HOA record-keeping below.

Why Keeping HOA Records Is Important

Keeping HOA records is important for several reasons. First, HOA records create a literal paper trail of the association’s business affairs. Because an HOA is governed by an elected board, the community’s leadership changes over time. Records help ensure that there are no gaps in the HOA’s business affairs just because someone leaves the organization.

When a new member joins the HOA’s board, he or she needs to understand the association’s history in order to make informed decisions. HOA records provide detailed information about the association’s finances, development projects, repairs, codes and bylaws, governance, and more. This is also important information for you to possess as the HOA’s manager.

Second, the HOA may be legally required to keep certain documents, such as tax records and previous versions of governing documents such as the Covenants, Conditions Restrictions (CC Rs). These legal documents are important for internal audits. Plus, they help protect the HOA in the event of legal disputes.

But do all records need to be kept indefinitely? If you or your client balks at the idea of endless record storage, don’t worry. Not all HOA records must remain stored indefinitely. Below, we’ve broken down which records your client’s HOA needs to keep permanently and which ones can be discarded after a certain period of time.

For a free consultation, call 855.943.8246

Permanent Records

As the name implies, permanent records must be kept by an HOA indefinitely. Permanent records contain vital information pertaining to the HOA’s governance and therefore need to be available at any time for members and managers to reference.

For an HOA, the following types of documentation fall under the category of a permanent record:

• Board meeting minutes
• Executive session minutes
• Special committee minutes
• Original and amended articles of incorporation
• Original and amended bylaws
• Original and amended CC Rs
• Legal settlement agreements
• Legal deeds and titles

Additionally, there are several types of financial records that must be kept permanently. These financial records include:

• Tax ID issuance notices
• Annual corporate tax returns
• Documents granting tax-exempt status, if applicable
• CPA prepared financial statements
• Yearly general ledger statement

Certain construction and maintenance records should also be kept among the HOA’s permanent records, if they apply to your client’s properties. For example, blueprints, use permits, and documents related to architectural changes should be kept indefinitely for future reference.

Four Year Records

Other HOA records only need to be kept for four years. After this time, the records can be discarded. Four-year records for HOAs include legal documents, financial documents, business correspondences, and other types of documents. This includes:

• Member check-in sheets, ballots, and proxies for meetings
• Deposit slips and canceled checks
• Paid bills, invoices, and collection documents
• Employee time cards and payroll tax returns
• Monthly general ledger statements
• Documents related to insurance claims
• Important business or legal correspondences
• Association newsletters

Keep your clients’ four-year records in a separate storage area for easier access and perform an annual review of these documents. Once a document passes the four-year mark, it can be safely destroyed to clear space for more records.

Click to contact our get a no-obligation demo of our revolutionary CINC System

One Year Records

In addition to permanent records and four-year records, HOAs also have certain records that must be kept for one year. These records usually concern smaller, short-term projects or one-time business transactions.

Advise your HOA clients to keep these records on-hand for quick, easy reference. Then, as you help your clients perform an internal record audit at the beginning of each year, you can discard any of these records past the one-year retention mark.

HOA records to keep for one year include:

• Meeting agendas
• Monthly financial statements (other than general ledger)
• Documents related to projects that have been completed or issues that have been resolved
• “Light” correspondences with residents

Complete a contact form now

Other Records

Finally, it’s important to remember that there’s an exception to every rule. For example, there may be unique circumstances where your HOA clients must keep certain four-year records for a longer period of time while a legal action is being resolved. A client’s HOA may also have documents that aren’t listed above and will need to be sorted for record-keeping on a case-by-case basis.

It’s also recommended to make note of any advice that the HOA has received from CPAs or legal counsel. As with many aspects of the HOA business, there’s no “one size fits all” answer for keeping records. Be prepared to improvise and offer new, creative solutions for your clients who need special management.

Best Practices for Record Storage

Now that you know what documents HOA needs to keep, and for how long, it’s time to help your clients implement some best practices for record storage. We recommend using uniform-sized file boxes, such as bank document boxes. Write the contents on the outside of each box and mark them with the date so they can be sorted by one year, four years, or permanent retention. Then, store these boxes in a dry, secure area with limited access.

When it comes to HOA management, organization is key. You can help your clients become more organized by trying association management software like CINC Systems. Click here to request a free demo.

Call 855.943.8246 or complete a contact form

A homeowners association (HOA) can be a complex organization with many moving parts. HOAs represent the best interests of the homeowners in their community while providing various services and amenities. To do this, HOAs collect fees from residents and control various financial funds to pay for them. As an HOA manager, you’ll assist your clients by managing their finances. One of the best ways to do this is by assisting with financial audits.

HOA audits provide board members and residents with valuable insight about their association’s financial health. An audit can also highlight areas of financial risk, such as budgetary problems or even financial fraud. Performing an audit is essential for an HOA’s ongoing financial health and its future success. However, when done correctly, the audit process can be long and expensive. This may make board members reluctant to perform audits on an annual basis, especially if it’s a smaller HOA comprised of part-time volunteers.

However, HOA audits are very important. Regularly scheduled audits can catch small issues before they blow up into huge problems that impact the entire HOA. They also provide board members and managers with information that can be used for future budgeting, setting fees and assessments, and other financial decisions. So how often should an association be audited?

In general, experts recommend doing an HOA audit once a year. Many HOAs do their audit at the beginning of the year in January or at the end of the fourth quarter in December. Often, a schedule for auditing is defined by the board members in the HOA’s bylaws and governing protocols.

However, there are certain situations that affect how often an HOA should be audited. Here’s some information to help you answer the question of how often an HOA should be audited so you can assist your clients.

State Laws About HOA Audits

Certain states have stricter laws about HOA finances and regulations. These laws can dictate the circumstances surrounding HOA audits, such as how frequently they need to occur. HOA state laws may also outline the protocol for members asking for an audit of their association.

If you manage an association in one of the following states, do your homework and make sure you fully understand the state laws regarding HOA audits.

Texas: In Texas, it matters whether you’re managing an HOA or a condominium association (COA). COAs are legally required to perform an annual audit, however, HOAs are not. Still, experts recommend performing an annual audit regardless of whether it’s required by law.

California: According to California’s state HOA laws, audits must be done once a year. However, it’s up to the HOA’s board to decide when the audit actually occurs; there is no specific deadline, as long as it’s performed within the fiscal year. Additionally, HOAs in California must provide its members with an audit report within 120 calendar days of finishing the audit.

Colorado: Similar to California, Colorado allows HOA board members to decide when and how often it performs a financial audit. However, if the HOA’s expenditures or revenue for the year exceed $250,000, then the HOA’s members can formally demand an audit by gathering votes from one-third or more of the total membership. Smaller Colorado associations, or Colorado associations that make less than $250,000 in revenues or expenditures, can still be petitioned — however, the members in this situation can only petition for a financial review, not a full audit.

Michigan: In Michigan, HOA members can petition to have an audit at any time. However, a majority of owners can also vote to opt-out of auditing.

Florida: For associations based in Florida, HOAs with more than $500,000 in revenue are required to conduct yearly financial reporting if 20% of the members vote for it. With a majority vote, members can also demand a higher level of financial audit to be finished within 90 days of the vote or before the end of the fiscal year.

Other States: The HOA laws in other states vary with regard to auditing. To assist your clients in these states, consult the HOA’s bylaws as well as local legislation. If you need further help, consult a local attorney.

For a free consultation, call 855.943.8246

HOA Audits Are Worth the Time and Cost

Regardless of the legal requirements for HOA audits, you should encourage your clients to audit their association finances at least once a year. Audits provide you and your clients with powerful information that can help with decision-making, budgeting, and other financial planning. Taking the time to do an audit once a year will help the HOA avoid greater mistakes further down the line.

Try CINC Systems to Help with HOA Auditing

To make auditing easier for your clients’ HOAs, you can assist the board by providing clear financial reports with all the necessary data. One of the best ways to provide financial reports is with association accounting software like CINC Systems.

With CINC Systems’ cloud-based accounting software for HOA managers, you’ll receive powerful financial tools to help you streamline your clients’ auditing process. CINC Systems gives you the ability to generate electronic financial reports for your clients with the click of a button. Reports can be customized for specific data sets, such as expenditure categories or specific dates. These reports can then be emailed to board members, CPAs, or anyone else involved in the HOA’s audit.

To see how CINC Systems accounting software can help you with your HOA management business, click here to request a free demo.

Call 855.943.8246 or complete a contact form

Cloud accounting offers many benefits for homeowners association (HOA) managers. When you manage an HOA, many of your key job responsibilities require accounting skills. Often, you’re in charge of your clients’ finances. With cloud accounting software like CINC Systems, your job becomes much easier.

If you don’t have an accounting background, the financial aspects of association management can seem daunting at times. For an organization like an HOA, balancing the books can quickly become complicated. Luckily, cloud accounting automates many of the most difficult aspects of HOA accounting.

With cloud accounting, you’ll be able to streamline your clients’ accounts and perform your tasks with greater efficiency. Cloud accounting will help you spot errors, prevent fraud, and optimize your HOA clients’ finances. The benefits of cloud accounting make this type of software one of the best investments you and your HOA clients can make.

What Is Cloud Accounting?

Cloud accounting is a term that refers to accounting practices that use “the cloud,” or remote data storage. This means that financial data is stored on multiple servers spread out across multiple locations, rather than just one hard drive on the computer in your office.

With cloud accounting, you access your clients’ financial data by using any device with an internet connection. This means you can perform financial duties for your clients in any location, just by using a username and login, instead of remaining “stuck” in your office.

There are many ways to do cloud accounting. Some managers simply use cloud-based spreadsheets, like Google Suite or Excel, but continue to perform accounting duties the old-fashioned way and calculate by hand.

However, many managers discover the tremendous time-saving benefits of cloud-based HOA accounting software like CINC Systems. In addition to storing data remotely in the cloud, HOA accounting software can automate many of the accounting tasks you face as a manager.

Now that you understand what cloud accounting is, here are some of the key benefits to using this type of financial management software for HOAs.

For a free consultation, call 855.943.8246

Benefit #1. Bank Integration

First, most cloud-based accounting software offers a feature called bank integration. This means that you can link each of your clients’ financial accounts to your software dashboard. Bank integration enables you to monitor financial transactions in real-time, in one place, instead of logging into multiple HOA bank account websites.

Using bank integration features in cloud accounting software is a secure, convenient option for monitoring your clients’ accounts. Bank integration helps you prevent fraud and catch accounting mistakes, such as double-billing.

Benefit #2. Go Paperless

Another benefit of cloud accounting is that enables your HOA management business to go paperless. Storing your clients’ financial data in the cloud means you don’t need to rely on physical spreadsheets and invoices. Simply scan documents and upload them to the cloud, or enter data manually, then documents can be securely destroyed.

Cloud accounting also gives you the ability to pay your clients’ invoices and bills online with the click of a button. This cuts down on paper, as well as mailing supplies like stamps and envelopes. Going paperless is a great option for your HOA management business that’s also environmentally friendly.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Benefit #3. Generate Financial Reports

Cloud accounting also makes it easier than ever to generate financial reports for your clients. As an association manager, one of your duties includes providing regular financial updates to the HOA’s board. In the past, this could be a very time-consuming process that required gathering data from different sources and compiling by hand.

With cloud accounting software like CINC Systems, you can automatically generate financial reports. Reports can also be custom-tailored to meet specific criteria, such as specific budget categories, time periods, or transaction types. Then, the reports can be emailed digitally to board members.

Complete a contact form now

Benefit #4. Web Portals for Transactions

Additionally, cloud accounting software for HOAs like CINC Systems offers the benefit of creating web portals for resident transactions. This means you can create a website where residents are able to pay fees and submit work orders online.

Web portals for resident transactions then allow you to make deposits online, pay invoices, and communicate digitally with residents and vendors about the status of a transaction. This is a useful feature that saves time for everyone involved.

Benefit #5. Increased Security

Contrary to popular belief, cloud accounting is also much more secure than traditional types of accounting. Although there have been high profile cases of hacking, these situations are rare and most HOA financial fraud occurs due to internal misuse by employees or board members. Cloud accounting eliminates much of these risks because data stored in the cloud is automatically encrypted.

Data encryption means that the information becomes “scrambled” as soon as it’s uploaded, and it can only be “unscrambled” by a computer that has the right authorization code. In other words, even if someone gains access to your clients’ HOA financial data, they can’t do anything with it because they don’t have the encryption key.

Just make sure to always use a secure password, which experts recommend changing every three months for added security. Additionally, only give other people access to your cloud accounting software when absolutely essential.

Benefit #6. Do HOA Accounting from Anywhere

Finally, cloud accounting gives you the benefit of managing your HOA’s finances from any location. All you need is a computer or electronic device with an internet connection and your username and password. Then, you can log in from anywhere at any time of day.

By going mobile, you’ll be able to perform accounting duties for your HOA clients while multitasking. For example, if you need to be on-site for maintenance or construction, you can still keep an eye on financial account transactions. It’s one of the best features of cloud accounting.

Try Cloud Accounting for Associations with CINC Systems

If you’re not already using cloud accounting as part of your HOA management business, try it today. Click here to request a free CINC Systems demo. Discover all the ways cloud accounting can provide benefits to your business.

Call 855.943.8246 or complete a contact form

A homeowners association (HOA) audit is a thorough, detailed review of the association’s finances. HOA audits are an important tool for ensuring the association’s lasting success. As an HOA manager, it’s unlikely that you’ll be performing audits yourself. However, you will be called upon to assist your clients and advise them during the process of an audit.

For example, HOA managers can help their clients’ associations prepare for an audit by gathering documentation. You can also use association accounting software like CINC Systems to generate electronic financial reports for your clients, which they can then email to a certified public accountant (CPA) or legal tax counsel.

In some cases, homeowners can demand an HOA audit. This type of audit can potentially occur at any time of year. However, whether or not the members of the association have called for an audit, it’s a good idea to perform an HOA audit once a year. When it comes to HOA audits, it’s better to be safe than sorry.

To assist your clients with their association’s finances, here’s what you need to know about HOA audits.

HOA Audits Vs. Financial Reviews

Whether you’re new to HOA management or simply brushing up on the basics, it’s important to learn the difference between an audit and a financial review. Both HOA audits and financial reviews examine the association’s current financial status. Both provide valuable information that can help the association board make better, more informed choices.

However, a financial review is much smaller in scale than an audit. In a financial review, the HOA (or its CPA) will review financial records for basic information, such as monthly income and expenditures. Financial reviews are useful for creating budgets and other short-term financial management.

An HOA audit takes financial reviewing to the next level. Under the guidance of a CPA, the HOA performs an in-depth analysis of its financial profiles. Then, the CPA verifies all the information presented in these reports. For example, he or she may contact debtors and creditors to verify the outstanding amounts of various accounts payable and accounts receivable.

During an audit, the CPA and the association will also cross-check the HOA’s financial reports with its physical records. This means examining meeting minutes, invoices, bills, and general ledgers to ensure that the information in the HOA’s accounts is truly accurate.

For a free consultation, call 855.943.8246

Benefits of an HOA Audit

Because of everything involved in the audit process, HOA audits can be very time-consuming and costly. However, HOA audits are an important “investment” for your clients. In addition to providing the association board with valuable data about the HOA’s financial health, HOA audits can help you and your client catch minor issues before they become big problems. Skipping an audit can end up being a very expensive headache for the HOA.

HOA audits ensure that the association budgets correctly, spends and saves wisely, and helps catch fraud and accounting errors. If your client believes their HOA is immune to financial misplanning or financial fraud, remind them that an ounce of prevention is worth a pound of cure. Even small HOAs can be subject to financial problems.

For example, HOA members may accidentally pay for repairs from the wrong account, or make deposits incorrectly. These mistakes may be innocent and small in scope, but over time they can ruin the financial viability of an HOA. By encouraging your clients to perform regular HOA audits, you’ll help them avoid these problems.

Types of HOA Audits

There are different types of HOA audits, each designed to fit the unique needs of your clients’ associations. If your client works with a CPA, the CPA will be performing a type of audit that falls under Generally Accepted Accounting Procedures (GAAP). GAAP audits are often the most expensive and time-consuming type of HOA audit.

As an alternative to a GAAP audit, you can assist your HOA clients with one of these types of audits:

• An Agreed-Upon Procedures Engagement: Also known as a targeted examination, this type of audit focuses on specific financial areas that are more prone to accounting errors or other issues.
• A Review Audit: A cursory look at financial statements, which ensures that they conform with GAAP procedures for future audits.
• A Compilation Audit: The simplest type of audit, a compilation is essentially a restatement of the HOA’s prior financial statements.

Each type of HOA audit has pros and cons. Depending on the needs of your client and the advice of their CPA, you can help your client choose the best type of audit for each HOA.

Click to contact our get a no-obligation demo of our revolutionary CINC System

State Laws Governing HOA Audits

Some states have specific laws about HOA audits. These laws can require the HOA to perform an audit on a specific timeline, such as once a year, or require the audit to include certain types of financial data. State and local laws can also govern how the HOA disperses audit information to its members.

As you do your homework for your clients and brush up on relevant laws, make sure you understand how the HOA’s local regulations affect auditing and other financial issues. If you have specific concerns, contact a local government representative or an attorney.

Here are some states that have laws about HOA audits:

• California: The decision to audit is up to the board, however, an audit must be performed at least once a year. The final report must be dispersed to members within 120 days of the end of the year.
• Colorado: Although the board also decides when to perform an HOA audit, members in Colorado have the power to demand an audit of the association’s total revenue or expenditures exceeds $250,000.
• Florida: In Florida, auditing takes a petition by 20% of the HOA’s members.
• Texas: Texas law does not require HOAs to perform an annual audit. However, individual HOAs can define their own rules for audits in the association’s governing documents.

Complete a contact form now

Try CINC Systems for HOA Financing

If you’re getting ready to assist your client with an HOA audit, try CINC Systems. Our cloud-based accounting software for HOAs can help you stay organized and prepare all the financial reports you and your clients will need. For more information, click here to request a free demo.

Call 855.943.8246 or complete a contact form

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.

For a free consultation, call 855.943.8246

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.

Call 855.943.8246 or complete a contact form

Association management software is one of the most powerful tools available for your association management business. Like any small business owner, choosing the best software for your company can make a big impact on your bottom line. Association management software helps you increase efficiency and grow your business.

Whether you manage a large homeowners association (HOA) or a smaller condominium association (COA), association management software is key to your success. The right association management software gives you the ability to manage all aspects of your clients’ HOA/COAs. Association management can often be a difficult job, but association management software makes it easier than ever!

If you’re wondering how association management software can improve your business and help you do a better job for your HOA/COA clients, keep reading. The following features make association management software one of the best investments you can make.

Automate HOA/COA Fees and Assessments

Association management software is a versatile system that includes many useful tools. One of these tools is the ability to automate HOA/COA fees and assessments. With software like CINC Systems, you can create an online web portal for collecting fees electronically, 24/7. This can be a significant improvement for you, your clients, and your clients’ residents.

By using association management software to collect payments online, you’ll cut back on trips to the bank because funds are immediately transferred to your clients’ accounts. Then, you’re able to monitor the account balances as they update in real-time. Additionally, you can use this feature to generate a list of which HOA/COA members are behind on payments, as well as the amount they owe.

For a free consultation, call 855.943.8246

Process Work Orders Online

With association management software, you can also process work orders online. Use your HOA/COA management software to create a web portal where residents can submit work orders and maintenance requests online. Unlike paper forms, you’ll be alerted immediately when these requests arrive. There’s no need to go on-site to collect them from a mailbox.

Then, you can automatically sort these work orders by date, category, or priority. This allows you to streamline the repair process. For example, you can easily organize work orders so that all HOA plumbing problems are addressed at the same time. Once the work has been completed, you can also update the ticket online to let residents know that the issue has been resolved.

Set up Automatic Bill Pay

When you manage an HOA/COA, one of your key roles is to assist your clients with their association’s finances. This means ensuring that the HOA/COA never falls behind on its bills. Depending on the client, the HOA/COA may have recurring bills that include utilities, landscaping, waste disposal, private security services, and more.

Using association management software, you can make this process easier than ever. Instead of setting reminders for payments, writing and mailing checks, and balancing the HOA/COA’s ledger by hand, you can set up automatic payments for bills online via your association management software.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Protect Your Clients From Financial Fraud

Like any organization where multiple people have access to financial accounts, an HOA/COA is always at some level of risk for fraud. As an HOA/COA manager, you can help your clients avoid this by keeping a close eye on withdrawals, deposits, and other financial transactions. After all, the sooner you catch financial fraud, the sooner you can prevent it from becoming a bigger problem.

Using association management software can help you with this. With a feature called automatic bank reconciliation, you can link all of your clients’ financial accounts to your HOA/COA management software’s dashboard. This allows you to monitor your clients’ financial transactions as they occur in real-time. By doing this, you can protect the association from fraud.

Complete a contact form now

Track Income and Expenditures

Proper budgeting is crucial to the success of any association. As an HOA/COA manager, you can assist your clients by keeping them on track with income and expenditures. This means monitoring the association’s financial transactions and seeing how each transaction affects the HOA/COA’s account balance.

With the automatic bank reconciliation features of your association management software, this becomes an easy task. Instead of logging into different websites to check on your clients’ accounts, you can view everything in one place in your online association management software’s dashboard.

Generate Financial Reports

Association management software also gives you the ability to generate financial reports for your clients. As an HOA/COA manager, you’re responsible for presenting valuable financial data to your clients. This helps the association’s board create budgets and informs decisions such as whether to raise fees or levy assessments.

Without association management software, creating a financial report for your client could be a huge, time-consuming task. Thankfully, software like CINC Systems lets you generate reports automatically with the click of a button. You can even customize reports to reflect specific data, such as different financial categories or time periods. Then, you can send each report electronically via email. This saves time printing and mailing presentation materials.

Go Paperless

As with any business, association management can quickly generate a long paper trail. But with association management software, most of your business can now be handled online. From work orders to paying bills, you can process these tasks for your clients electronically.

Going paperless has many benefits. It will help your business save money by eliminating printing and paper costs. It also saves you and your clients valuable time. Using association management software to go paperless also makes your company more environmentally friendly.

Work Remotely

Finally, association management software enables you to work remotely. By choosing cloud-based association management software like CINC Systems, you receive mobile capabilities that let you manage your clients from anywhere.

Working remotely helps you work more efficiently. Using CINC Systems on your tablet or laptop, you can manage the assets for one client while being on-site to supervise a project for a different client. It’s a win-win for everyone.

Try CINC Systems Today

To see how CINC Systems association management software can help your business, click here to request a free demo.

Call 855.943.8246 or complete a contact form

Are you thinking about starting an association management company? Or maybe you’re association manager looking to brush up your skills and increase your knowledge of this exciting industry? In either case, you may be wondering what an association management company does.

The simple answer is that an association management company assists with various aspects of operations, financing, and logistics for homeowner associations (HOAs) and condominium associations (COAs).

Every association is different. Depending on the unique needs of your individual client, your association management company may have different duties. However, many aspects of association management are universal for all HOA/COA managers. As an association manager, it’s important to understand the basic services you’ll be expected to offer your clients.

Keeping reading to learn what an association management company does for its HOA/COA clients. Understanding each of these responsibilities will enable you to deliver the best quality service as an association manager.

Consult with Board Leadership

Whether it’s a large HOA or a smaller COA, every association has a governing board that sets policies and guidelines for the community. The association board sets the budget, approves new projects, and makes leadership decisions that affect the daily lives of residents. This includes everything from fee increases to changes in open hours for community areas.

As an association manager, you can act as an advisor to your clients’ boards. You may have more experience with HOA/COAs than board members, who are elected from within the association’s community, and therefore your expert opinions can help the board members make more informed decisions. You may be called upon to help the board make decisions regarding the annual budget, changes in community rules, or other aspects of the HOA/COA’s operations.

For a free consultation, call 855.943.8246

Financial Management

Associations are complex financial organizations. One of the primary roles of an association management company is to assist with the management of the HOA/COA’s finances. This includes collecting fees and assessments, paying bills, advising on the annual budget, and monitoring transactions to prevent fraud.

You may also be called upon to help your clients by providing financial reports. With association management software such as CINC Systems, you can generate detailed reports automatically. Then, you can send these reports electronically to your clients’ board members to help them with the annual budget, audits, or tax filing.

Manage Common Resources

Association management companies also help clients operate common areas used by the association’s residents. This can include mail rooms, laundry facilities, multi-purpose rooms, gyms, swimming pools, and more. Part of your job as an HOA/COA manager may include the upkeep for these areas.

Additionally, your association management company can assist your clients with the HOA/COA’s common resources by posting open hours, rules, and other information pertaining to each community area. You can even use your association management software to create a web portal where residents can access this information online.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Collect Association Dues

Associations are primarily funded by membership dues paid by the community’s residents. These dues include a regular membership fee, which may be paid annually, quarterly, or monthly. In special circumstances, the HOA/COA may also charge members a one-time assessment fee for emergency repairs or other sudden expenditures.

Your association management company helps HOA/COAs collect and process these dues. In the past, most dues were paid by check or direct withdrawal. Now, thanks to software like CINC Systems, you can expedite the process for your clients by creating an online payment portal. This gives residents the ability to make their payments online, automatically, 24/7.

Complete a contact form now

Help Enforce the Rules

Enforcing the HOA/COA’s rules is another common responsibility for association management companies. Every association has a governing document known as the Covenants, Conditions & Restrictions or CC&Rs. The CC&Rs outline the rules for each community, from restrictions on noise to rules about holiday decorations.

HOA/COA management companies assist their clients by helping enforce these rules. This includes issuing warnings and citations to members who violate the community’s guidelines. You can also help your clients by making the CC&R’s easily available to members via an online web resident web portal.

Process Work Orders

Associations require regular maintenance and repairs for community areas such as lobbies and shared facilities. As an association management company, it’s your job to ensure that all repairs are processed in a timely manner.

Using your association management software, you can create a web portal where residents can submit work orders online. They can even upload photos of the work that needs to be done. Then, you’ll be able to organize each work order based on category, priority, and date submitted. You can also send electronic updates to the resident who submitted the work order.

Oversee Projects

As an association management company, you may also find yourself responsible for your clients’ projects. This may include new construction or upgrades to the HOA/COA’s shared spaces.

Depending on the needs of the project, your company may be tasked with hiring vendors, as well as acting as an on-site coordinator to oversee construction. Association management companies may also fulfill vendor invoices for their clients.

On-Site Inspections

An association management company can also be the “eyes and ears” on the ground for its clients. This means performing on-site inspections. Observe the HOA/COA’s common areas for issues that need repairs, as well as violations by residents.

If there’s an issue you can resolve without going to the clients’ board, you can then take action directly. Otherwise, you can alert your clients to the problem and assist them with the next step in its resolution.

Communicate with Residents

Finally, association management companies help their clients by communicating with residents. This includes letting residents know about changes to fees, new community guidelines, and other information that needs to be dispersed.

You can also provide residents with copies of the CC&R’s and other governing documents as needed.

Association Management Companies Use CINC Systems

One of the best tools for an association management company is CINC Systems. To see how CINC Systems can improve your HOA/COA management business, click here to request a free demo.

Call 855.943.8246 or complete a contact form

Financial management for a homeowners association (HOA) can be complicated, but it doesn’t have to be. You don’t need to be a CPA or an expert with crunching numbers to help your HOA clients with their finances. With a little organization and software tools like CINC Systems, your HOA management company can handle every client’s finances with ease.

Before you take out your calculator or start making spreadsheets, check out the five tips below. Each of these tips will help make HOA financial management easier than ever. No matter what kind of HOA you’re managing, you’ll be able to deliver better service by implementing these tips.

Here’s what we recommend for all HOA management companies who offer financial services for their clients.

Tip #1. Use HOA Accounting Software

If you’re not using HOA management software that includes accounting features, you’re missing out. This software is one of the most valuable tools in an association manager’s arsenal. Although any type of financial software is better than crunching numbers by hand, HOA accounting software includes unique features specifically designed to meet the needs of an HOA.

Some of the great features of HOA accounting software like CINC Systems include:

• Automatic Bank Reconciliation. This feature gives you the ability to sync each of your client’s financial accounts to one location in your software’s dashboard. In other words, you won’t need to login to multiple websites to check the current balance of an account or see if a transaction has finished processing. Best of all, your client’s accounts are updated in real-time.
• General Ledger Accounting. A general ledger is essentially a master balance sheet for your client’s HOA. General ledgers provide a snapshot of the association’s current financial health, detailing deposits and withdrawals. The general ledger also includes accounts payable (money the HOA owes to vendors or other costs) and accounts receivable (money owed to the HOA). In the past, general ledger accounting needed to be done by hand. Thankfully, association management software does this automatically.
• Invoicing. When the HOA needs to generate an invoice, this can be done electronically. You can send the invoice via email and the recipient can pay online. Then, you’ll see when the invoice has been fulfilled and be notified when the money is successfully deposited into your client’s account.
• Automatic Online Bill Pay. Many HOAs pay for monthly services, such as landscaping, waste disposal, or private security. Instead of paying each bill with a check, you can use association management accounting software like CINC Systems to set up automatic bill payments online. Once set, each monthly payment will be processed electronically without the need for further action on your part.
• Customization. Every HOA has unique needs. You can streamline your efficiency by customizing your association accounting software to include the features you need for your clients and eliminating the features you don’t need. This helps you work smarter, not harder, to manage your HOA clients’ finances.

For a free consultation, call 855.943.8246

Tip #2. Perform an Annual Audit

An audit is key to the long term success of any HOA. Audits provide valuable information about the association’s financial history, as well as its current spending habits and its projected fiscal future. Audits help the association set its annual budget and make decisions, such as whether or not to raise association fees. They also give you and your clients information about the HOA’s reserve fund.

In some states, associations are required to perform audits annually, or whenever the association’s members vote to request an audit. However, whether or not the audit is mandatory, it is recommended to perform a thorough audit once a year to help the association stay on track. The audit process can be expensive and lengthy, however, it’s one of the most valuable investments an HOA can make.

As an association manager, you can help your clients prepare for an audit by compiling financial reports. Use your association accounting software to generate reports automatically. These reports can be customized based on date, category, or other unique factors. Then, you can send reports electronically to your client’s board.

You can also act as an advisor and help the board find a CPA to conduct an all-inclusive audit. In an all-inclusive audit, the CPA can thoroughly investigate all of the HOA’s accounts and verify the information for total accuracy and transparency.

Tip #3. Switch to Online Payment Processing

HOAs are largely funded by fees paid by members. Collecting these fees is one of your responsibilities as an association manager. In the past, this process could often be very time-consuming and complicated. Residents used to pay with checks, which needed to be collected physically, then deposited at the bank.

Then, HOA managers needed to update their bookkeeping documents and cross-reference payments with the membership directory to ensure each member paid on time and in full. This process left room for human error and slowed down operations for everyone involved.

With association accounting software, you can create a web payment portal where members can submit payments electronically via credit card or e-check. They can even set up automatic payments. Once paid, the money is automatically deposited into your client’s account.

HOA accounting software also generates lists of delinquent payments with the click of a button, allowing you to take immediate disciplinary action with residents who are behind on their dues.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Tip #4. Track Budgets and Monitoring Accounts

Thanks to the automatic bank reconciliation feature mentioned above, it’s easier than ever to track budgets and accounts for your clients. Tracking your HOA client’s finances is one of the best tips you can implement as an association manager.

By tracking budgets and monitoring accounts in real-time, you can ensure that your clients remain in good financial standing. You can also help eliminate fraud by flagging any suspicious financial activity as it occurs.

Complete a contact form now

Tip #5. Use Cloud-Based Accounting Tools

Finally, you can deliver better service to your clients by using cloud-based accounting tools. Storing your client’s financial data in the cloud is not only more secure, but it’s also more efficient.

Cloud-based financial software gives you the ability to access data from any location and work remotely. To see the benefits of cloud-based association management software for yourself, try CINC Systems.

Call 855.943.8246 or complete a contact form

As a homeowners association (HOA) manager, your clients rely on you to assist them with managing their finances. This is a significant responsibility that shouldn’t be taken lightly. As the HOA manager, you’re in a position to help the association create and maintain a strong foundation for lasting financial health. To ensure your clients’ fiscal success, it’s important to implement certain accounting best practices.

These accounting best practices for HOA financial management require organization, dedication, and attention to detail. However, you don’t need a background as a CPA or a financial expert to implement these policies for your association management business and your clients. With these best practices, you’ll be able to streamline all aspects of financial management for your client’s HOA.

Understand State and Local Laws

As you undertake the financial management for your client’s HOA, it’s important to understand state and local laws. Many regions have specific rules that may affect the governance of an HOA.

For example, in some states, the HOA is required to hold an annual audit regardless of whether the board or HOA members have requested one. Some states also have guidelines about how financial data is reported to the HOA’s board.

Make sure you know the legal requirements that pertain to each of your clients’ HOAs so that you can provide the most accurate accounting services.

For a free consultation, call 855.943.8246

Use Cloud-Based HOA Accounting Software

Another best practice for HOA accounting is to use cloud-based HOA software, such as CINC Systems. Cloud-based accounting software is a type of program that stores your financial data remotely across multiple servers, known as the “the cloud.”

This offers multiple advantages over traditional accounting software. Cloud-based HOA accounting software is more secure because the data is encrypted. You’re also protected against hardware failures; if your computer crashes, your client’s data is safe in the cloud.

Plus, cloud-based accounting software enables you to manage your HOA clients’ finances from any location remotely. This enables your HOA management company to go mobile.

Setup Online Payment Portals

When performing HOA accounting duties, the best practices are the ones that streamline your business and provide a more optimized service for your clients. One way to do this is by setting up an online payment portal using your association management software.

With an online payment portal, the HOA’s residents can pay their fees and assessments electronically. The funds are automatically deposited into the HOA accounts. You’ll save time by avoiding the lengthy process of collecting and depositing checks.

You can also use HOA accounting software to generate a list of which residents have paid and which ones are delinquents. This makes it easier to issue warnings and follow up with potential citations or liens.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Create an Online Vendor Directory

We also recommend creating an online vendor directory as an HOA accounting best practice. In your role as the HOA manager, you’ll often find yourself dealing with vendors on behalf of your clients. This may include contractors, plumbers, electricians, landscapers, and other service professionals.

When you need to hire a vendor to perform work for your client, it’s important to choose the vendor with the best value and remain within your client’s budget. By having a directory of vendors you’ve already worked with, and knowing what their rates are, you’ll be able to save time because you won’t need to hire new workers.

Complete a contact form now

Balance the Books Electronically

Balancing the books is vital to maintaining a fiscally sound HOA. It’s recommended to do this electronically as an accounting best practice. By balancing the books in your HOA accounting software, instead of doing it by hand, you can help eliminate errors and ensure accuracy.

Whether you’re working with the general ledger, reserve fund or accounts payable/accounts receivable, do your bookkeeping with HOA accounting software such as CINC Systems. CINC Systems automates many of the processes involved with balancing the books and gives you an accurate real-time update for each of your clients’ financial accounts.

Use HOA Accounting Software to Pay Bills

No one likes to pay bills. Whether it’s a bill for your HOA management business or one for your client, the paperwork can quickly add up and become a hassle. But did you know that you can use most HOA accounting software programs to pay bills online?

For your clients, this is another HOA account best practice that we recommend. Use your HOA accounting software to set up automatic payments for any of your clients’ recurring bills, from utilities to landscaping.

Monitor Financial Transactions in Real-Time

Unfortunately, HOAs are at risk of financial fraud because so many individuals have access to the association’s financial accounts. One of your responsibilities as an HOA manager is to help protect your clients from fraud and other forms of financial abuse. To do this, make it a best practice to monitor your clients’ financial transactions in real-time.

Use your HOA management software to perform automatic bank reconciliation, a feature that syncs each of your client’s financial accounts to your software dashboard. This means you won’t need to login to multiple bank websites to see the account balances. Plus, accounts are updated in real-time.

This means you’ll be able to see each transaction as it occurs. If a particular financial transaction looks suspicious, you can flag the activity, report it to your client, and take appropriate action to prevent further problems.

Perform an Annual Audit

An annual audit should be part of every HOA’s financial best practices. In some states, HOAs are required to perform audits due to local law. In other states, the association’s members can force the board to perform an audit by majority vote. Whether or not your clients are required to hold an annual audit, it’s still a good idea.

This is because financial audits provide valuable information about the HOA’s fiscal health. The data revealed by an HOA audit can help the board make important decisions about budgeting, fees, and more. Additionally, if the HOA is in poor financial health, an audit can help diagnose the problem and highlight the steps you and your clients can take to solve the problem.

Try CINC Systems

To see how CINC Systems association accounting software can help you implement these financial best practices for HOAs, request a free software trial now.

Call 855.943.8246 or complete a contact form

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.

For a free consultation, call 855.943.8246

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.

Click to contact our get a no-obligation demo of our revolutionary CINC System

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.

Call 855.943.8246 or complete a contact form

How do you grow your homeowners’ association (HOA) management company without adding more staff? Sooner or later, you’ll be asking yourself this question. Good HOA managers eventually reach a point where they’re ready to take on more clients and expand their profits.

However, hiring new staff isn’t always the best move for your business. Growing your company can be like balancing on a tightrope. If you bring on a new staff member before your company can sustain them, your growth will flatline or potentially even backslide. A new hire can help you gain new clients. But the income these clients generate may not be enough money to cover the employee’s salary — or they may cover it, but leave no profit for the company overall.

Expanding your HOA management business without adding new staff is a common question. There’s no universal answer. Every HOA management company is different, so the way you guide your company may not work for someone else, and vice versa. However, there are certain strategies that anyone can implement to grow business without hiring.

Try these five strategies to expand your association management company without hiring new employees for your business.

#1. Change Your Pricing

Begin by looking at your price model. Increasing your prices can make a significant impact on your company’s profits. Similarly, offering a discount or other promotion to new clients can help you acquire more business. These are simple yet highly effective steps.

Look to your competitors. What do other HOA management businesses charge in your area? Do your competitors manage associations that are more or less the same size as your clients? Do you have the same job duties and provide the same services? Try to gather as much data as you can about other association management companies.

Then, it’s time to tweak your pricing. Determine how much you can reasonably raise your prices without upsetting your clients or scaling back on the services you provide. Depending on how many clients you have, you may only need a small price increase to see significant results on your bottom line.

For a free consultation, call 855.943.8246

#2. Rebrand with a Specialty

Next, consider rebranding. What sets your HOA management company apart? Most association management businesses offer the same services for their clients: financial services, logistics, operations, and project management for the association and its members. How can you make your approach to these services unique?

For example, if you live in a region that experiences severe winter weather, you could learn about “winterizing” HOA properties and make this your specialty. Then, rebrand as a company that specializes in managing associations during snowstorms and other extreme conditions. Alternatively, your specialty could emphasize some aspect of your company’s “personality,” such as friendly service.

It may take you some time to experiment with your company’s brand. Before rebranding, ask trusted friends, family members, and colleagues for their opinions. You could even do an online poll on social media.

#3. Implement a New Marketing Strategy

Whether or not you decide to rebrand your association management company with a specialty, one way to grow your business without adding more staff is through marketing. A new marketing strategy can be one of the most powerful, effective ways to grow your business.

Depending on your budget, consider buying ads in trade publications in your local market. You could also research the locations of new housing developments and pay for bench ads nearby. This is an opportunity to get creative and think outside the box for how to grow your HOA management company without adding more staff.

If you don’t have the funds for a whole new marketing campaign, you can still grow your company through social media. Create social media accounts for your business and start posting content that relates to your target audience. This can be one of the best ways to acquire new clients.

Click to contact our get a no-obligation demo of our revolutionary CINC System

#4. Build Your Professional Network

You can also help your business expand by building your professional network. Get involved with your community chamber of commerce or attend local networking events. Most regions have regular meetups for entrepreneurs and small business owners, so don’t be shy.

Additionally, you can reach out to vendors who work adjacent to your industry. For example, get to know local carpenters, electricians, plumbers, landscape gardeners, and other individuals whose work relates to homes and apartment buildings. Let them know you’d like to hire them when your clients need work done. This will encourage them to refer you to any associations they may come across in their own line of work.

Some HOA managers also have success networking with real estate agents who specialize in association properties and condominiums. Get to know the brokers in your area. Then, they’ll think of you when one of their clients needs a manager.

Complete a contact form now

#5. Invest in Software

Finally, make sure you’re working smarter, not harder. One of the best ways to do this is to invest in association management software like CINC Systems. With CINC Systems, you can automate many of the daily tasks involved with managing your clients’ HOAs.

For example, CINC Systems allows you to create an online web portal for processing resident payments and work orders. Residents can pay fees and submit work order requests electronically. Then, you can process these items automatically. This is a huge time-saver because you won’t need to go to the bank or deal with excess paperwork.

By reducing the time spent on “busy work,” you free yourself up to do more for your existing clients and add new clients to your roster. This is one of the most effective ways to grow your HOA management company without adding new staff. The price of new association management software is well worth the investment.

Grow Your HOA Management Company with CINC Systems

When you’re ready to grow your association management business without expanding your employee payroll, make the switch to CINC Systems. CINC Systems gives your company powerful tools to work more efficiently and increase profits. Click here for a free software demo.

Call 855.943.8246 or complete a contact form

A homeowners association (HOA) budget serves many purposes. To be an effective HOA manager, it’s important to understand how a budget serves your clients. Although an HOA budget is created by the association board and approved by its members, you’ll still play a vital role in this aspect of financial planning. Therefore, it helps to learn the purpose of an HOA budget.

Knowing the purpose of an HOA budget can help you do your job more efficiently and ensure that your association clients remain in good financial health. An HOA’s budget can affect the choices you make as an HOA manager on the association’s behalf. Additionally, although you’re not responsible for setting the budget, you may be called upon to advise the board as they assess the HOA’s annual finances.

Budgeting is a vital aspect of financial management. By understanding how a budget serves your clients’ HOAs, you’ll be able to implement strong financial best practices. Here are some of the reasons why it’s important for an HOA to have a budget.

Build and Maintain a Reserve Fund

One of the purposes of HOA budgeting is to build and maintain the association’s reserve fund. An HOA reserve fund is essentially a savings account for the association. As opposed to the general operating fund, which is used to cover ongoing monthly expenses, the reserve fund is set aside for unanticipated costs and emergencies. For example, if there is damage to a communal property due to bad weather, the money to cover repairs will be drawn from the reserve fund.

In general, between 25% and 40% of resident fees are deposited into the HOA’s reserve fund. However, this number may be adjusted if the reserve fund becomes depleted unexpectedly or if the HOA experiences other financial issues concerning the fund. With a budget, the association’s board can assess the reserve fund’s status and determine how much money needs to be set aside for it.

For a free consultation, call 855.943.8246

Pay for Maintenance and Upkeep

Budgeting also helps the HOA determine how to manage its money with regard to regular maintenance and upkeep costs. These costs are covered by the general operating fund and may consist of services like landscaping, waste disposal, security, utility bills, and general repairs to common areas.

When budgeting for an HOA, encourage your clients to set aside funds for each specific operating cost. Then, you can use HOA accounting software like CINC Systems to monitor spending in these areas and determine whether the association is staying on track. If the HOA is consistently overspending, the budget can be adjusted accordingly. This is one of the most important purposes of an HOA budget.

Make Informed Decisions

An HOA budget measures the financial pulse of your clients’ associations. By using this data, you can assist your clients by making more informed decisions about the HOA’s management. When it comes to financial management for HOAs, knowledge really is power!

For example, examining the HOA’s budget can help you when hiring new vendors. If the HOA only has a certain amount of money set aside for a construction project, you can use the information to help you evaluate bids from contractors. Budget knowledge also informs decisions about contract renegotiation.

By generating financial reports with your association accounting software, you can also share detailed budgeting information with your clients’ board and their residents. This will help the community whenever there’s a vote for a new project proposal or another issue that may impact the finances of the association. Budgets allow decisions to be made with greater accuracy and transparency.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Hold Members Responsible

Another purpose of an HOA budget is to hold board members responsible for their spending. Although no one likes to think about board members committing financial fraud or making mistakes that damage the association, these situations are an unfortunate reality for many HOAs. As an HOA manager, part of your job is protecting your clients from financial mismanagement.

With an HOA budget, you’ll know exactly how much money is meant to be spent each month, which accounts are being used, and where the money goes. Then, using automatic bank reconciliation to monitor your clients’ accounts in your HOA management software, you can watch for any unusual spending. If something in the budget seems “off,” you can examine this and spot any potential fraud or misuse.

Complete a contact form now

Set Financial Goals

Budgets also help HOAs establish financial goals for the future. As a record of the association’s financial history, budgets provide very valuable information for fiscal planning. You and your clients can examine budgets from previous years to see how the HOA’s expenses and income have changed over time.

Then, the HOA’s board can make better decisions about the association’s financial goals. The next year’s budget can be adjusted to reflect these goals. For example, if the association wants to increase its reserve fund, the budget can be changed to direct more income into this account.

Calculate Resident Fees

Finally, an HOA budget helps managers and board members calculate resident fees. Looking at the budget can tell you where the HOA may have overspent or under-earned, and fees can be increased accordingly. If needed, the HOA can also issue special assessments (one time fees) to cover specific costs.

Just remember to check the association’s Covenants, Conditions & Restrictions (CC&Rs) and its bylaws to ensure that any changes to resident fees follow the appropriate protocol.

Build an HOA Budget with CINC Systems

Now that you understand the purpose of a budget for HOAs, it’s time to find the best association accounting software to help you assist your clients. With CINC Systems cloud-based accounting software, you’ll gain powerful tools for all aspects of financial management for HOAs. CINC Systems can streamline your business and help you provide even better service to your clients.

If you’re not already using cloud-based accounting software for HOA budgeting, try CINC Systems and see the difference. Click here to request a free software demo.

Call 855.943.8246 or complete a contact form

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.

For a free consultation, call 855.943.8246

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.

Click to contact our get a no-obligation demo of our revolutionary CINC System

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.

Complete a contact form now

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.

Call 855.943.8246 or complete a contact form

Homeowners associations (HOAs) keep a lot of records, including governing documents (bylaws and Covenants, Conditions, Restrictions), financial reports, and more.

Many of these records are public; however, different states have different laws about which records the HOA is required to make public and how the public can obtain them. The following HOA record overview will help you understand this issue.

Types of HOA Records

In general, the records that are the most valuable to the public are the HOA’s governing documents. These documents describe how the association is structured and outlines the extent of its governing powers. HOA governing documents include:

• Covenants, Conditions, Restrictions: Commonly shortened to “CC Rs,” this document explains the association’s rules and responsibilities. CC Rs include provisions about property use, restrictions, and various community guidelines and outlines the services that the association provides its members. CC Rs also dictate the responsibilities of each association member.
• Articles of Incorporation: These HOA records are standard, necessary legal documentation, providing the association name, location, and the date it was established.
• Bylaws: Bylaws pertain to the HOA’s board, covering the rules and procedures for meetings as well as information about board elections.
• Rules and Regulations: The Rules and Regulations offer more details on the information described in the association’s CC Rs. For example, if the CC Rs mention a noise ordinance, the Rules and Regulations may state the agreed-upon “quiet hours” for the community.

Each of the records mentioned above is part of a contractual agreement entered between the HOA and all homeowners. Because one must agree to abide by these terms if they wish to buy property in the association, managers must give copies of these HOA records to all potential buyers and new homeowners.

However, other HOA records are not offered readily to the general public. Minutes from board meetings, financial records, insurance claim history, construction records, judgments, liens, street maps, and other documents are challenging to obtain.

These HOA records can only be made available to members of the association. The procedure for obtaining these documents can vary by state but generally requires a special written request.

Then, some records include a membership roster with names, addresses, and phone numbers. They also have data about membership status; for example, the HOA keeps a list of delinquent members who violate HOA rules or owe outstanding fees.

These types of personal records are not available to the public or individual members except in rare circumstances. One such case could include a written request by an attorney involved in a lawsuit with the HOA.

For a free consultation, call 855.943.8246

Why HOA Records Matter

There are several reasons why it’s crucial to be able to access HOA records. First and foremost, making records available to the public — whether freely or by written request — guarantees a certain level of transparency, which can help eliminate potential fraud or illegal activity.

As mentioned previously, HOA records also matter to members of the public who are considering a home within the association. Potential buyers will need to understand the community’s rules and regulations, and also benefit from reviewing the HOA’s business. After all, their potential purchase is a literal investment in the HOA. Prospective buyers need to be aware of these problems if the HOA has any financial problems or other issues in its history.

Furthermore, HOA records can make a significant difference for professionals who may provide services to the association. For example, an association manager will need to review the HOA’s records to do a thorough job managing the community. They will also need access to financial documents if they are creating a new management system for the association by using association management software like CINC Systems.

CINC’s centralized platform vastly improves financial transparency, giving association managers instant access to financial records and other important records, empowering them to make informed decisions.

How to Obtain Public HOA Records

In some states, HOAs are allowed to charge for copies of public records. As an association manager, it’s unlikely that your clients will make you pay to access their documents.

However, there are several ways to bypass HOA record fees, for members of the general public who wish to learn more about the association:

• Get to Know Current Residents. HOAs may offer unique open houses and other events where prospective buyers can get to know existing residents. By befriending someone who is already an association member, the potential buyer may be able to receive their copy of the HOA records or learn more verbally.
• Search the County Public Records. The county registrar may not have every HOA record. Still, it will most likely have a copy of the Articles of Incorporation as well as information about liens, mortgages, and foreclosures of HOA properties.
• Ask the Seller Directly. Prospective buyers may also consider speaking directly to the current occupant of the home or their real estate agent.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Questions to Ask About HOA Public Records

Upon receiving HOA records, it may be helpful to ask specific follow-up questions to understand the information better and receive clarification. These question could include:

• What is the current status of the HOA’s reserve fund?
• How have fees risen in the past, and how much are they estimated to grow in the next year? What about the next five or 10 years?
• What kind of insurance coverage does the HOA carry?
• What kind of legal action can the HOA take to enforce its rules and regulations?

Understanding which HOA records are available to the public makes it easy to see how associations function and how they help their communities.

For further help with HOA management, click here for a free CINC Systems demo.

Call 855.943.8246 or complete a contact form

Today, more and more businesses are working remotely. Remote work offers multiple benefits for employees, managers, and clients alike. Can an association management company work remotely? Absolutely. In fact, operating your homeowners’ association (HOA) or condominium association (COA) management business as a remote company is a smart move.

As an association management company owner, you’ll save money, work more efficiently, and experience increased levels of productivity. Your employees will experience a better work-life balance, which has been shown to improve health and lead to a stronger work ethic. Your HOA/COA clients then benefit because you and your company can offer improved service.

If you’re starting a new HOA/COA management company or thinking about transitioning your current company to a remote model, here are some tips to help you manage your company remotely.

Promote a Professional Culture

Many people assume that working remotely means working in your pajamas all day with the TV on in the background. Although working from home isn’t as formal as working in an office, it’s important to cultivate a professional atmosphere even when you’re working remotely.

One of the downsides to working remotely is that it can be harder to focus when you don’t have a team around you to keep you motivated. If you’re not used to working remotely, it can be distracting. By promoting a professional culture within your remote association management company, you help avoid this.

Encourage everyone on your team to treat their remote job with the same level of professionalism as an office job. Set regular working hours, even if they’re evenings instead of 9-to-5, and be consistent with this schedule.

If you or your employees live with family or roommates, make sure to communicate that you’re unavailable during these working hours. Respect these boundaries no matter what. Consistency is key to working remotely.

For a free consultation, call 855.943.8246

Use Instant Messaging

Another way to help manage an association company remotely is to use instant messaging. Many remote companies use apps like Slack, Discord, and Google Hangouts to communicate with one another during work time.

These instant messaging apps act as a virtual office. You can see who’s online and get caught up on all the latest news pertaining to different clients or different projects by checking into specific chat channels.

It’s important to check in with your remote HOA/COA management team every day that you’re working. This helps keep everyone on task and fosters team building.

Manage Projects Online

In addition to an instant messaging service, another great way to manage your HOA/COA company remotely is to use an online project manager. There are multiple ways to do this. Apps like Trello, Asana, Airtable, and Google Suite give your company the ability to track projects online.

You can break each project down by category or client, then add detailed steps, supporting documents, and due dates. Your team members will receive email alerts or notifications when projects are due. As a manager, you can track their progress online.

Using an online service to track projects for your remote HOA/COA management company streamlines communication. Instead of asking your employees to give you constant updates, you can simply go to the project manager and see the status of their work.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Use Association Management Software

Another very important tool for a remote association management company is cloud-based association management software. Using cloud-based association management software, you’ll be able to assist your clients with virtually all aspects of HOA/COA management.

Association management software like CINC Systems allows you to go mobile and work from anywhere. You and your team members don’t even need to install anything. Simply log in to your account from any computer or tablet to access your clients’ HOA/COA data.

Association management software usually includes powerful tools for HOA/COA accounting, as well as basic options such as client information profiles. One of the most valuable tools for a remote HOA/COA management company is automatic bank reconciliation.

Automatic bank reconciliation means that you can sync each of your client’s financial accounts to your HOA/COA management software dashboard. Then, you can access their accounts online in one convenient location. This means you can manage your client’s finances remotely without going to a bank.

Complete a contact form now

Collect Fees Online

Similarly, another way to manage an association company remotely is to use your HOA/COA management software to set up a web portal for online fee collection. In the past, it would have been very difficult to work remotely as an HOA/COA manager because you needed to be on-site to collect checks from residents, then take these checks to the bank.

With HOA/COA management software, you can accept payments for your client online via credit card or e-check. The money is automatically deposited and you can even generate a list of individuals who are behind on payments.

Residents love being able to make remote payments because it’s less work for them, too.

Process Work Orders Electronically

In addition to processing association payments remotely, you can use your HOA/COA management software for work orders. When a resident notices something in a common area that needs repairing or maintenance, they can take a photo of the issue and upload it directly to the web portal.

Then, from your remote office, you’ll receive the work order and can arrange to have the work completed. You can organize work orders for greater efficiency and send status updates to the resident who submitted the ticket. When the work has been completed, you can even pay the contractor’s invoice remotely.

Manage Your HOA/COA Company Remotely with CINC Systems

When you work remotely, everyone wins. It’s better for you, your employees, your clients, and even the environment — after all, there’s no need for a long commute by car if your “office” is your spare bedroom! With the tips above, you’ll be able to manage your HOA/COA company remotely with ease.

Click here for a free software demo and see how CINC Systems helps remote association management companies.

Call 855.943.8246 or complete a contact form

In most states, the COVID-19 pandemic has dramatically disrupted our ordinary lives. Even as the country begins slowly reopening, experts at the Centers for Disease Control and Prevention and other public health institutions are still cautioning against in-person social gatherings. Many cities prohibit groups of 10 or more people, while others are asking residents to stay away from anyone who isn’t a member of their immediate household.

Although social distancing is helping to slow the spread of coronavirus, many people are bending the rules or outright ignoring them. What can a homeowners association (HOA) or condominium association (COA) do? Can HOAs/COAs ban people from gathering?

The answer isn’t black and white. The COVID-19 situation is changing almost every week, so we need to take the actions we need to handle. If you’re operating an association during the COVID-19 crisis, make sure you’re receiving reliable, official information from the local government. As to whether or not your association clients can prohibit residents from meeting in person, here’s a general summary of the issue.

Associations Must Follow Local Law

As with all the current laws regarding COVID-19, they vary from state to state and from city to city. It’s important to remember that associations must obey their local law above all else. Although they set rules and regulations for their communities, associations are not government authorities and cannot supersede the law.

Questions like whether an association can prohibit people from meeting in person can result in legal gray areas that may, in some cases, need to be resolved in court. If your state or city is under a “shelter in place” law, you can legally prohibit people from meeting in person because you require residents to obey the law.

However, if there are no official government prohibitions on socializing, enforcing a ban on in-person gatherings becomes much trickier. While associations can legally take steps to ensure the safety and well-being of residents, some actions may violate personal freedoms. For example, it may be impossible for an association to prohibit neighbors from gathering inside each other’s homes or standing closer than six feet when they talk outside.

For a free consultation, call 855.943.8246

Using Emergency Powers to Limit In-Person Meetings

If there are no “shelter in place” laws in effect and your clients wish to ban gatherings in their association’s community, they do have a few options. First, refer to the association’s Covenants, Conditions & Restrictions (CC&Rs) and bylaws. The HOA/COA may be able to invoke emergency powers.

Depending on the association’s emergency powers, the board may be able to hold special meetings and temporarily pass new regulations for social distancing. For example, most HOAs/COAs have rules about visitors, such as banning visits longer than seven days or limiting the number of visitors per household at any given time.

During the pandemic, associations may be able to use their emergency powers to expand upon these visitation rules. The board can attempt to pass a vote by temporarily banning all visits from nonresidents, except for essential workers such as repairmen or in-home healthcare aids.

Similarly, an association may be able to implement much stricter parking rules temporarily. While such a measure wouldn’t eliminate social gatherings or prevent visits from outside guests, it would make visiting much harder for most people if nonresidents are temporarily banned from parking on neighborhood streets.

Temporarily Closing Pools, BBQ Areas, and Other Amenities

Associations can also discourage people from meeting in person by revoking access to shared amenities and nonessential common spaces. Pools, barbecue areas, gyms, tennis courts, and other multi-use spaces can be closed down for the duration of the pandemic. Similarly, if your client’s association has a shared patio or lounge area, you can put outdoor furniture in storage.

These measures won’t stop people who are genuinely determined to gather despite social distancing regulations likely. However, some individuals will think twice about socializing if amenities are unavailable, and there’s nowhere to sit.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Other Ways to Protect Association Residents

If your client’s association is unable to prohibit people from meeting in person to the degree that they would prefer, there are still steps they can take to improve resident safety and lower risk of coronavirus in their community.

First, communicate with residents about the pandemic. Associations may wish to send an individual email notification to residents that provide essential health tips. This communication may include details about proper handwashing techniques, information on wearing masks, a reminder to stay at least six feet apart from people outside their immediate household, and other guidance to reduce the spread of COVID-19. Be sure to issue updates as needed.

Second, consider if there are any ways in which the association can increase sanitation for essential common areas, such as mailrooms or laundry facilities. If possible, have these areas thoroughly sanitized at least once a day. Associations may also wish to install hand sanitizer stations in these rooms.

Finally, if residents are gathering on communal lawns, mark out “social distance” zones with tape or cones. It isn’t always easy to judge when you’re six feet away from someone; in other cases, people may begin talking to a neighbor and wander closer out of habit. By providing a visual reference, residents will know where they should stand or sit to remain at a safe distance.

Complete a contact form now

CINC Brings the Community Together

No one wants to be in a position to ask whether associations can prohibit people from meeting in person. Unfortunately, situations like the COVID-19 pandemic require us to work together and make sacrifices to save lives. If you discover that your client’s residents are chafing under social distancing or other restrictions, always be firm, but remember it’s a difficult time for everyone.

At CINC Systems, we’re here to help you keep your clients’ associations safer no matter the circumstances. CINC offers a customizable website and an online account to provide homeowners with up-to-date information. Our powerful platform facilitates better two-way communication so community members can get instant answers regarding meeting restrictions including size limitations and schedules.

To find out how CINC Systems can further assist with effective crisis management communication and other issues regarding managing an association during an emergency, click here for a free demo.

Call 855.943.8246 or complete a contact form

Emergencies are a part of life. Disaster can strike at any moment, without warning, and put homeowners’ associations (HOAs) in a challenging position — they can cause unexpected property damage, disrupt infrastructure, and threaten the safety of residents. Thus, HOAs have certain emergency powers.

These emergency powers may vary by state and by county. Additionally, each of your clients may have unique emergency protocols outlined in the association’s bylaws. Make sure you are familiar with the client’s Covenants, Conditions Restrictions (CC Rs), and other relevant governing documents.

While you can’t control an emergency, you can help your clients prepare. Creating an emergency preparedness plan will help an HOA protect its community in the event of a natural disaster or global events like a pandemic. We hope your clients will never need to use their HOA’s emergency powers — but if they do, make sure you know what they are!

How To Invoke HOA Emergency Powers

When it becomes necessary to expand an HOA’s powers in an emergency, there’s no “one-size-fits-all” answer. From a legal perspective, an association doesn’t have the same level of authority as a state or local government. HOAs need to abide by their governing bylaws and can’t make sudden, sweeping changes to the rules just because there’s an emergency.

Look to the CC Rs for guidance. In most cases, the rules grant the board emergency powers based on predefined terms. Here are some examples of the types of changes an HOA’s board can make in an emergency:

• They may be allowed to hold special board meetings, with less advance notice.
• They may be allowed to lower the number of members required to attend a meeting.
• They may be allowed to lower the number of votes required to approve new spending, new rules, or changes to existing governing procedures.
• They may be allowed to make sudden, unannounced changes to community rules, such as temporarily closing a pool or gym.

The specific details about these emergency powers should be agreed upon by the board’s founding members, then periodically reassessed as needed.

For a free consultation, call 855.943.8246

HOA Financial Powers During an Emergency

As mentioned above, emergency powers frequently change the rules around an HOA’s finances. An emergency may require the association to freeze certain types of spending, such as discretionary funds while expanding the budget for repairs and maintenance.

In addition to the financial accounts for everyday operation, all HOAs require special reserve funds. Within a reserve fund, a specific portion is always set aside to cover emergencies, but any amount can be reallocated to cover costs during a disaster or crisis. For example, if an earthquake damages the roads within the community, the HOA board can use the Reserve Fund to pay for immediate repairs.

Emergencies can also give HOAs special authorization to raise membership fees or levy special assessments. Many HOAs over extra expenses or replenish the reserve fund once the crisis has passed.

Help Your Client’s HOA Be Prepared for Any Emergency

Ideally, an HOA’s emergency powers should be custom-tailored based on the type of emergency. A flood will require a different kind of emergency response than a tornado or a pandemic.

HOA emergency plans can also be divided into tiers based on the severity of the crisis. Specific crises may require the HOA to exercise a higher degree of emergency powers. The particular details of the situation can also determine how long the HOA uses its emergency powers.

For example, a one-time emergency like an earthquake may require an extension of powers that lasts for a few weeks, while an ongoing crisis such as a pandemic may require indefinite emergency powers.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Extending HOA Powers Before, During, And After An Emergency

You and your client may have enough warning to help safeguard the association’s community with some natural disasters like hurricanes and monsoons. In these cases, the HOA may choose to pre-authorize emergency powers.

By authorizing emergency powers before a situation arises, it allows the board to use money from the reserve fund to purchase emergency supplies, backup generators, or hire contractors to install extra weatherproofing. Pre-authorization can also give you and your clients more time to communicate with the HOA’s residents.

If you use association management software like CINC Systems to provide a resident web portal for your clients, make sure emergency resources are available online. These resources may include copies of the HOA’s emergency plan and documents highlighting the association’s emergency powers under various circumstances.

During an emergency, use CINC’s customized web portal to post essential announcements and messages from the board. You can also provide real-time status updates about the current situation. Although you’ll probably be communicating this information to residents via email or letters, it’s always good to post emergency information in multiple places to improve accessibility.

Finally, make sure your clients plan to return to normal operations once the emergency ends. In some emergencies, the options may be clear and easy to execute. For example, if there’s a storm, you and your clients will be able to return to standard operations after maintenance works clear debris and make necessary repairs.

With other emergencies, particularly ongoing situations such as pandemics, the path may not be so obvious. However, you and your client should understand when the HOA’s emergency powers will end to make the transition back to standard controls as easy as possible.

Complete a contact form now

Manage HOA Emergency Powers with CINC Systems

As an HOA manager, tools like CINC Systems provide many vital solutions for your business. Use CINC Systems to make your clients’ governing bylaws available online so that residents can understand the association’s emergency powers. You’ll also find that using CINC Systems for managing work orders and repairs will make it much easier to help your clients after an emergency strikes. Click here to try a free CINC Systems demo today.

Call 855.943.8246 or complete a contact form

Homeowners associations (HOA) require outside management to be successful, primarily if the associations include a large number of properties. However, even HOA board members can be confused about the difference between a community manager and a property manager. While they both play a vital role, community managers and property managers offer different services.

If you’re new to HOA management, it’s essential to understand this distinction. For example, you’ll want to avoid using the phrase “property manager” in your marketing if the services you offer fit the role of a community manager.

Recognizing the distinct difference between community association managers and property managers will improve your client interface, helping you accurately understand and respond to their needs. Understanding this difference also opens up a dialogue to discuss the expectations of your role as the association manager.

So what are the differences between HOA property managers and HOA community managers? While some professionals act as both types of managers, individual job responsibilities vary.

Property Managers: The “Small Picture” and Rental Properties

Property managers generally focus on the day-to-day. Rather than involving themselves in the overall operations of the association as a whole, their role covers smaller details and rental properties. Usually, they’re only managing a few apartment buildings or rental complexes.

However, within those apartment buildings or rental complexes, property managers are kept busy. Their daily responsibilities include a significant amount of contact with individual tenants. These managers generally collect rent, distribute notices from the property owner, and coordinate maintenance and repairs for each unit within the rental property.

Property managers are also responsible for showing vacant units to potential tenants, processing rental applications, running credit checks, and performing background checks. When a tenant leaves, the property manager inspects the unit for damages and coordinates the return of the former tenant’s security deposit.

For a free consultation, call 855.943.8246

Community Managers: The “Big Picture” and Common Properties

A community manager, meanwhile, focuses on the broader community. Community managers also tend to be more versatile than property managers. They can manage an HOA, condominium association (COA), resort communities, and even commercial tenant associations (CTAs).

Rather than interacting with tenants daily, community managers primarily consult with the association’s board. This manager has responsibilities that revolve around the community as a whole instead of individual units. For example, they might oversee the community’s shared spaces and broader infrastructure.

A community manager schedules maintenance for swimming pools and athletic facilities, processes common-area work orders, and works with vendors that provide services to the community. If the community manager is in charge of a gated neighborhood with private roads, they may also coordinate with local government regarding maintenance and municipal codes.

Community managers generally have a higher level of overall responsibility than property managers, too. Within an association, a community manager may have to perform the following tasks:

Assist With the Association Accounting

Community managers can assist with accounting services, balancing the association’s general ledger, and monitoring its finances. Using powerful management software like CINC Systems, community managers can pull their client’s banking data onto one multi-faceted platform. Deep bank integration merged with accounting software provides real-time updates that allow the community manager to monitor income and expenditures closely.

Additionally, community managers may provide detailed financial reports to board members. These financial reports can include budget information, projected growth, reserve fund status, and other valuable business data. By using association accounting software, managers can provide customized month-end financial reporting and a board package for each association — posted automatically to the portal within days of the month’s end.

Oversee Big Projects

Community managers may also oversee big projects, such as construction and upgrades to the community’s shared properties. They may be responsible for hiring contractors, acquiring use permits, monitoring the project’s progress, and providing status reports to the association’s board members.

Enforcing Community Rules

Community managers tend to have a higher authority to enforce rules, as well. As the “eyes and ears” for the association board, a community manager is in a unique position to observe violations. Managers who have an on-site office can spot infractions as they occur, which helps keep the community safe.

Community managers can then take the necessary disciplinary action, which could vary from a verbal warning to the issuing of a fine, or the revocation of community privileges. Community managers handle violations and enforce the rules, freeing up the board to focus on leadership.

What Community Managers and Property Managers Have in Common

Although community managers and property managers are different, they do have some job responsibilities in common.

For example, both collect payment on their client’s behalf. Property managers collect monthly rent from tenants, while community managers collect association membership fees, dues, and special assessments. Both managers are then responsible for depositing the payments in their client’s account and following up with delinquent residents who have not paid.

Finally, both types of managers oversee the general well-being of their clients’ community properties, help their clients prepare for extreme weather, and assist during emergencies.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Try CINC Systems for All Your Management Needs

Community managers can further bolster the success of their associations and enhance their communities by incorporating software that’s custom-designed for every operational need. CINC offers comprehensive property management modules to increase productivity and efficiency.

Track late fees, collection letters, violations, and homeowner ACC correspondence in one convenient place with integrated call logs, and document organization. CINC automation handles time-consuming, repetitive tasks so property managers can focus on more value-added activities.

Try CINC Systems today and see how our cloud-based association management software platform can make a difference.

Call 855.943.8246 or complete a contact form

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.

For a free consultation, call 855.943.8246

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

Budgets are a crucial part of every homeowners’ association (HOA). Budgets enable the HOA to provide services for residents, maintain common areas, and create a safe, desirable community for homeowners. However, a poorly managed budget can lead to disaster. That’s why it’s crucial to avoid common HOA budgeting mistakes.

If you’re getting ready to help your clients prepare their annual budget, here are some common HOA board budgeting mistakes to avoid. By identifying these pitfalls in advance, you can do your part to make sure that your clients create a successful HOA budget.

Mistake #1. Poor Bookkeeping Habits

One of the most common budgeting mistakes is poor bookkeeping habits. Because HOA finances can be complicated, it’s easy to get overwhelmed trying to keep track of all the data. Some HOA managers and boards fail to balance the general ledger accurately. Others may lack an organized system for filing receipts, invoices, and other relevant paperwork.

To avoid this common budgeting mistake, use HOA accounting software like CINC Systems to perform bookkeeping duties online. CINC’s powerful association accounting software offers users the ability to consolidate accounts onto one platform. Use one login to work seamlessly across accounts, and monitor financial transactions in real-time.

CINC makes it easier than ever to create a reliable bookkeeping system for your associations’ clients.

For a free consultation, call 855.943.8246

Mistake #2. Overlooking Basic Costs

Another common mistake that HOAs make when budgeting is to overlook necessary costs. Everyday expenses, including insurance, utilities, and garbage disposal, can be easy to forget when budgeting, especially if they’re inexpensive or if the HOA uses an automatic bill-pay system.

Even small operating costs can quickly add up and wreak havoc on an HOA’s budget. That’s why it’s vital to review the HOA’s bills with a fine-tooth comb and every expenditure when creating a budget.

Mistake #3. Disregarding Previous Financial Reports

Budgeting is about the future, yet you can’t create a healthy budget without considering the past. Disregarding financial reports from previous years is a common HOA budgeting mistake. By reflecting on the HOA’s economic history, the board can avoid repeating the same mistakes.

Previous reports also provide essential data about the HOA’s current financial status, including account balances and outstanding debts. It’s vital to understand this information for successful HOA budgeting.

Click to contact our get a no-obligation demo of our revolutionary CINC System

Mistake #4. Ignoring Inflation And Changing Tax Rates

When budgeting, some HOAs exclude external economic factors like inflation and fluctuating tax rates. For example, the HOA may set aside a specific amount of money to pay for new construction without realizing that the material costs may rise. States and cities may also levy new taxes or require more permitting fees.

Complete a contact form now

Mistake #5. Neglecting the Reserve Fund

Neglecting to maintain the HOA’s reserve fund is another severe budgeting mistake. The association’s reserve fund is a particular account set aside for emergencies and other unplanned expenses, funded by a fixed percentage of membership dues.

While the reserve fund may go untouched for months or years at a time, it’s crucial to monitor this account and maintain a precise minimum balance whenever possible. When creating a budget, HOAs need to determine how much to set aside for the reserve fund each year to keep this safety net intact for the community.

Mistake #6. Failing to Review Vendor Contracts

Some HOAs also fail to review vendor contracts for ongoing services like landscaping, security, and garbage disposal. Whenever these contracts come up for renewal, HOAs must carefully assess any changes to the service’s cost. Failing to negotiate with the vendor can harm the HOA’s finances.

When both parties agree to a new contract, the HOA’s budget needs to be updated to reflect the adjusted service fees. For vendor contracts that may change after the budgeting season has passed, consider budgeting for a small cushion to cover additional service costs in advance.

Mistake #7. Ignoring Foreclosures

HOA’s generate their income by collecting dues, fees, and assessments from homeowners. During the creation of a budget, board members will estimate this income based on the number of homeowners in the HOA. Unfortunately, many associations make the mistake of ignoring foreclosures when they figure this number.

No one can predict foreclosures; however, associations can assess the overall economic climate in their region. For example, if unemployment is rising in your city, foreclosures will be more likely to occur. Some properties may also have liens against them, indicating that a foreclosure is on the way. When budgeting, try to account for theoretical foreclosures and a subsequent reduction in income.

Mistake #8. Failing To Review Debts

Another budgeting mistake occurs when HOAs fail to review outstanding debts or unpaid invoices. Next year’s budget needs to include any money the HOA owes to another party; otherwise, this may result in a budget shortfall.

Ensure your HOA clients acknowledge all debts and accrued interest in the new budget by examining previous financial reports, bank statements, and other business documents.

Mistake #9. Disorganized Collection Protocols

Finally, one of the worst common budgeting mistakes an HOA can make is a disorganized protocol for collecting fees. Make sure your HOA immediately deposits collected fees into the correct account.

Additionally, HOA managers need to keep track of which residents have paid their fees and which ones still owe. If there are members who owe extra fees or penalties, you’ll need a streamlined protocol for collections.

Consider switching to a cloud-based association management platform like CINC Systems. CINC’s dynamic association management software platform empowers HOAs to collect fees and process payments online with increased accuracy and efficiency and minimized manual work.

CINC supports all types of accounts receivables, including checks, credit cards, and bill pay service — delivered daily in a single consolidated receivables file.

Try A Free CINC Systems Demo Today

By avoiding these common HOA budgeting mistakes, you can help your clients remain in high financial standing for years to come. CINC Systems is here to help you get the most from HOA management. Try a free demo of our HOA management system today by clicking here.

Call 855.943.8246 or complete a contact form