When you’re managing an association, you’re going to need help. It can be a lot to handle, with responsibilities ranging from daily maintenance to big picture planning–not to mention solving resident disputes and other issues that may pop.
And that’s before getting into the financial side of it. Managing a homeowner association (HOA) or condominium association (COA) requires a lot of number-crunching. You must process resident fees, pay utility bills, handle vendor invoices, and keep an eye on the association’s cash-flow so your client stays on budget. If you’re not careful, all the paperwork and the receipts will really start to pile up!
Luckily, you’re not alone. CINC Systems makes HOA/COA management easy, with accounting software specifically designed for any association’s needs. It has many features that will help you tackle all of your client’s HOA/COA financial needs.
Here’s a quick look at some of the best features of association management accounting software.
Before computers, managing an HOA/COA meant lots of manual accounting. You needed filing cabinets for all your clients’ resident and vendor information, plus receipts and invoices. Paying bills meant writing checks and mailing them out. You had to balance the association’s checkbook by hand to make sure accounts weren’t being overdrawn. You had to double-check everything, in person, at the bank.
Thanks to accounting software, managing an association’s money is now fast, convenient and efficient. HOA/COA accounting software offers general ledger accounting, which means you can track all of your client’s financial transactions in one place. Financial data gets stored securely in the cloud, organized by date or category, and updated automatically. You’ll never have to balance a checkbook again.
One of the most time consuming and yet important tasks in association accounting is reconciling bank accounts. With great banking integrations such as CINC Systems has, that burdensome task can be handled automatically. The monthly reconciling of your client’s accounts is one of the best ways to protect against fraud and theft, your primary fiduciary responsibility to your association clients!
Tired of collecting resident fees in person or by mail? Well, your client’s residents are probably just as tired of paying that way. Association management accounting software eliminates the slow, old-fashioned process of submitting and receiving paper check payments. You will be able to create a website where HOA/COA residents can pay their fees online via credit card, debit card or even direct withdrawals.
Online fee payment processing is a win-win for everyone involved in the association. Residents can create email notifications to remind themselves to pay on time, or even schedule autopay. Association managers save time because fees will be automatically processed and deposited. You can also maintain an automatically updated database of who has paid and who is overdue. As a bonus, online fee payment processing allows everyone involved to go paperless.
Invoicing and accounts payable are other convenient features of association management accounting software. This can include everything from utilities and insurance to upgrades and repairs. Whether it’s a monthly recurring bill or an invoice for a one-time job, accounting software will allow you to process payments online.
With association management accounting software, vendors can submit their invoices via email or the HOA/COA’s payment portal. You can then pay right away at the click of a button. Because the association’s bank accounts are linked to your software, you’ll also be able to see each transaction process in real-time. This helps balance the association’s budget.
When you manage a housing association, financial transparency is very important. You’ll need to keep your client’s board members up to speed with regular information about their association’s financial health. Whether it’s a monthly, quarterly or yearly update, you will need to generate financial reports to back up your analysis.
But put away the graph paper! Thanks to association accounting software, you’ll be able to generate financial reports automatically. Use your accounting software to create custom templates for your Balance Sheet, P&L and Investment Accounts. You can also narrow your data to specific time periods or categories. These custom financial reports can then be emailed or shared with clients by an app.
Many association accounting software programs are cloud-based, with easy-to-use mobile apps. This means you can access your client’s accounts in real-time on your phone or tablet, any time, anywhere. Going mobile is also convenient for managers with large portfolios. Transitioning from one community to the next can be a seamless process when you use cloud-based software for managing associations.
With all the great features listed above, association accounting software is an HOA/COA manager’s best friend. Accounting software is well worth the cost because it will automate many of your daily tasks, enabling you to work more efficiently. If you’re not already using industry-specific accounting software to manage your client’s association, you’re missing out!
CINC Systems is one of the best platforms available for HOA/COA accounting. It’s a cloud-based, all-in-one platform that offers customizable website portals and integrated banking. CINC Systems board reports keep the HOA/COA informed, while our iPad app lets you manage the association from anywhere.
Try CINC Systems today and see how our platform improves the association you manage. Request a free demo now.