Homeowners associations would be wise to outsource their accounting and tax preparation to an experienced professional. This is where Clark Simson Miller comes in.

The Problem With HOA Accounting and Taxes

Many HOA board members, past and present, consider accounting and tax preparation as two of the most challenging aspects of community management. Yet, they are also two of the most important.

A majority of community associations rely on volunteer board members to run the neighborhood. Unfortunately, not all of these board members possess the expertise or prior experience necessary to manage the HOA smoothly. 

Accounting, for one, requires an in-depth understanding of accounting principles and methods. It is a systematic way of recording, processing, summarizing, and interpreting financial data — something that not just anyone can do.

Tax preparation, while not as frequently performed as accounting, also calls for expertise or experience. When it comes to federal and state taxes, there are codes to understand, terms to know, and computations to be done.

As a result of underqualified board members, countless HOAs fall short of successful accounting and tax preparation. Considering the gravity of these subjects, poor or incorrect execution can lead to a wide array of problems, including:

  • Inaccurate financial records and statements
  • Poor financial management
  • Fraud, embezzlement, and other financial crimes
  • Perceived or actual insolvency
  • Hefty fines or penalties
  • Costly audits

Why Hire an HOA CPA?

Luckily, there is an easy solution to a community association’s accounting and tax issues — an HOA Certified Public Accountant or HOA CPA. 

A Certified Public Accountant (CPA) is familiar with all the best accounting practices, standards, and regulations. They can help manage your books and ledgers, ensure your accounts are balanced, and prepare your financial statements. They can also provide you with valuable financial counsel. Furthermore, a CPA can file your HOA tax returns and compute your tax due, not to mention help you save money using tax advice.

If nothing else, an accountant can offer your HOA board peace of mind. You no longer have to worry over miscalculations, unbalanced books, inaccurate reports, and deadlines. In the long run, hiring an HOA CPA will save you time, money, and the inconvenience.

The Best Accountants for Homeowners Associations

Clark Simson Miller provides accounting and tax services to community associations of all sizes. Our CPAs are highly qualified and experienced in delivering accurate and timely financial reports, records, books, and tax returns. We welcome communities looking to hire the best HOA CPA for their accounting and tax needs.

When you partner with us, you can expect quality results and efficient customer service. Call us today at 865.315.7505 to learn more or contact us online to request a free proposal.

Get Started With a Free Community Assessment