Consequently, you’ll have access to top accounting software and a focused HOA accounting bookkeeper who can provide you with several different options and plans. These plans will help your company achieve any short or long-term goals you have with the community. Slatter Management provides accounting services to homeowners associations and condos. The company’s services include accurate financial reporting, timely AR and AP management, and convenient payment methods. Beyond that, HOAs can also expect a same-day deposit of collected receipts, account reconciliations, tax services, and payroll services.

Why Accrual Accounting For HOAs Is The Best Accounting Method

Attorneys can be costly for a check-up, and other management companies may push for complete management contracts. We work as partners with your HOA to propel it forward, fostering close collaboration with your Board of Directors, contractors, and residents. Understanding the budget constraints of HOAs, we offer a flexible payment structure, working with your association for six months while spreading payments over 12 months. This approach allows you to benefit from our experience while staying within budget.

Data Found in HOA Financial Statements

• From essential reports and accounts payable best practices to webinars dealing with collections during a pandemic, Community Financials has got you covered.
• From accounting and financial reporting to monthly billing and AR management, HOA Accounting Services offers it all.
• They’d be happy to provide a list offree recommendationsthat meet your exact requirements.
• Each HOA-governed community has its own rules and guidelines for how community regulations should be enforced.
• An HOA management company is responsible for managing the HOA’s day-to-day operations.

Making things worse, the world is now in the second year of the Covid-19 pandemic, complicating HOA accounting and collections processes even further. You should also make sure that checks made out to your HOA go directly into the proper bank account. It’s also a good idea to assign someone, usually the HOA manager, to review all invoices, deposits, and bank statements. Understanding the laws special to your state will save you a lot of time and trouble.

Professional Financial Management for Homeowner Association (HOA) & Condo Accounting & Remote Services

This is because the recording of expenses follows the cash basis and not the accrual basis. The cash basis accounting method records expenses and income when money changes hands. While it’s not mandatory to seek help from hoa accounting an accounting firm, it may be required to have an independent third-party audit or review the association’s books once a year. Each accounting method comes with unique advantages with a different effect on HOA finances.

Crisis Management and Emergency Planning

ACCU offers comprehensive support, including financial expertise, transparent communication, resource allocation efficiency, reserve fund management, legal compliance, and education. We empower your HOA to make informed financial decisions and maintain long-term financial stability. At ACCU, Inc., we recognize that HOAs often require assistance but are unsure where to turn.

We customize our services to align with the specific requirements of your community, providing solutions that are both effective and personalized. ACCU, Inc. boasts a long-standing history in HOA management and consulting. With years of experience, our team has successfully navigated diverse challenges, allowing us to provide expert guidance and tailored solutions. We assist your HOA in identifying and selecting vendors that align with your community’s needs and budget. This process involves conducting a thorough assessment of potential vendors, their qualifications, references, and pricing structures. This includes identifying emergency funds, securing necessary supplies, and coordinating with external agencies or contractors when needed.

Online Accounts Payable Services

When an HOA board hires a management company, the roles of each party can be confusing. Let’s consider the association management’s role in an HOA board and how it can benefit a community association. A management company can commit full-time attention to a community association because it is their job.

• Our goal is to help HOAs implement environmentally responsible initiatives that benefit both the community and the planet.
• Of course, the more frequently you prepare the statements, the more helpful they will be for the board of directors.
• We offer an emergency payment service for situations requiring immediate payments.
• Most HOA management systems either feature a custom website builder or integrate with your HOA website.
• So do the financial needs of the community, as it relates to its goals and its size.

We even offer assistance with budget preparations and the Budget Ratification meeting. Your consultant will also review your Agendas, Minutes, and Newsletter to ensure these documents effectively communicate essential information to homeowners. Once you decide that you’re ready to use FreshBooks as your accounting software, you can choose from one of our plans that start at just $15 a month.

Condo Control – Best for Management and Communication

The HOA acronym stands for “homeowners association” – an organization that is responsible for creating rules and maintaining order in the community it represents. Additionally, there is plenty of available software that can assist self-managed communities. Some offer full-service HOA management features, while others focus on specific modules. This report has a receivable counterpart, https://www.bookstime.com/ usually known as the account delinquency report, which shows all of the money owed to the association. We offer legal compliance seminars and training for board members to ensure they understand and adhere to state laws and HOA governing documents. Additionally, our consultants guide HOAs in aligning their practices with legal requirements and best governance practices.