Living in a residential area that is governed by a homeowners association has been shown to confer many benefits on the resident population – from activities for minors, fostering a greater sense of community, raising property values and much more. The dues are often quite reasonable, and the governing board is open to all adult members of the community. As part of the board, you would have a say in matters ranging from the financial, to project implementation and beyond.
With that said, many times it can be difficult for members to fulfill some of the obligations of a HOA, because of both the time involved and the level of financial detail in some of the more robust communities. This is where HOA Accounting Companies come in, using the combined decades of expertise of its members to make sure your community management stays in top shape when it comes to financial and bookkeeping matters.
Outsourcing to HOA Accounting Companies Reaps Dividends
Let’s face it: you and the other board members of your community management association are full-time parents, full-time employees elsewhere, or both. More often than not, there isn’t a finance or accounting major best qualified to easily manage the financial aspect of maintaining a well-oiled HOA. HOA Accounting Companies can ease the workload expertly, by taking on the accounting, bookkeeping and related services. Here is a more complete rundown of the services you can expect from HOA Accounting Companies:
- consistent, periodic reporting on financial matters – including monthly and annual billing
- ensure maintenance of relevant civil codes, while also minimizing your receivables balance
- oversight of finances involved in common interest developments and community projects
- HOA Accounting Companies have all the experience you would expect from their dealings with a wide range of business parks, condominium associations and other community management-equivalents
Some of the other difficulties involved with running an efficient community management board – when it comes to the financial aspect – is familiarity with the modern software that are often necessary to efficiently run things. HOA Accounting Companies have professionals who work fluently with property management software and accounting software to help keep your house in order. Strong accounting basics are a must to expertly use many of these tools, with which HOA Accounting Companies can:
- better catalogue and deliver monthly financial reports, so the members of your board can keep projects on schedule and understand what’s transpired and what’s left to be done
- handle any outstanding online payables
- oversee and handle monthly reconciliation statements, if any
- keep track of the overall financial database
All in all, HOA Accounting Companies provide a benefit that far outstrips the relatively modest additional cost. You’re dealing with a company that saves you time and money, yet takes no shortcuts and employs eminently qualified people to handle financial matters for which, frankly, the majority of HOA and community management board members are ill-prepared.