There’s no need for your board members to spin their wheels learning to become a bookkeeper when we can do it for you. For more information on how ACCU, Inc. can assist your HOA with accounting and consulting services, please reach out on our website. It’s focused on simplifying a few key areas of HOA hoa bookkeeping management, such as basic accounting, communication portals, meeting operations, and activity tracking. The PayHOA dashboard tracks online payments, violations, and maintenance requests.
HOA Management Blogs
Without proper accounting measures, those virtual accountant costs could send even the most well-meaning associations into the red. Between these daily, weekly, and monthly tasks, large annual projects, and emergencies, HOA bookkeeping can be a full-time job. Volunteers who make up an HOA board have limited time to be bookkeepers due to their careers, families, personal projects, and lives.
Solutions for Self-Managed HOAs
Look for company financials features that let you enter transactions, such as income and expenses, without hassle and view key documents and data all in one place. Conducting an audit involves hiring a third party to review the association’s financials. Usually, the third party will be a certified public accountant (CPA) or other financial professional who will check that your records comply with basic accounting principles and verify their accuracy. This report has the account record for every transaction in numerical order, referred to as the chart of accounts. It also has the date order, called the occurrence, of the transactions. This report gives the normal balance homeowners association and the community manager information to help them track financial transactions.
Myth #3: “Budgeting Is Simple – We Just Need to Track Income and Expenses”
Every community is assigned a team accountant, who is available to field calls and questions as well as perform financial reviews. Beyond that, FS Residential offers help with budget preparation, annual audits, and tax preparation, too. Ask your accountant or bookkeeper to provide you with a chart of accounts and review your QuickBooks setup. In QuickBooks, an HOA chart of accounts provides the categories into which you sort and enter information about income and expenses. To track fees, a QuickBooks HOA chart of accounts will include categories specifically for your HOAs dues and fees, one-time charges, amenity reservation fees, and event registration payments. The right bookkeeping service should use industry-specific HOA accounting software that streamlines financial management.
- HOA Managers can communicate with boards and residents through the software, as well.
- Bookkeeping services are available specifically for self-managed HOAs and might be more affordable than you’d think.
- As a board member you have a fiduciary responsibility to exercise due care and diligence when overseeing the community and its funds.
- It can also push the board to make decisions based on inaccurate financial information.
- Take your HOA accounting software to the next level with our direct integration with Alliance Association Bank, enhancing your financial capabilities and efficiency.
- First, it handles all the invoicing for community dues and fees, including recurring as well as one-time charges.
This report has a positive assurance, meaning that the CPA guarantees that the financial statements are accurate and that your homeowners association is in good financial health. As an HOA manager, PayHOA offers you an all-in-one software platform to replace all those fragmented tools so accounting, communications, payments, documents, violations, and owner requests can all live in one place. PayHOA is the single portal where you can connect directly with the needs of your homeowners. Your residents can use PayHOA to make online payments, view their payment history and important documents, submit requests, and access important updates, streamlining management for your whole community.