If you’re responsible for accounting for homeowners’ associations, you know just how much of a responsibility that really is. When so much is riding on a home’s property value, everything about your HOA accounting must be impeccable. Any mistakes could be disastrous.
Fortunately, the right piece of software designed to help with accounting for homeowners’ associations can make mistakes far less likely! A good HOA accounting software package can decrease errors, while also making your day-to-day life much easier.
Four Ways Software Can Improve HOA Accounting
1 – HOA-specific budgeting modules
A homeowner’s association has special budgeting needs, particularly when it comes to distinguishing between home expenses and costs associated with common areas. A lot of off-the-shelf software isn’t equipped to deal with this. However, HOA software will be designed specifically with such scenarios in mind.
2 – Automated billing and payments
Getting residents to pay all their dues, fees, and other bills on time can be a challenge – but software can make it much easier. Automated systems can send out bills and reminders according to schedules you set, and even send delinquency notices if needed. This can be combined with online payment systems that make it much faster and easier for residents to pay their bills.
The result is higher revenues, with less time spent chasing those payments.
3 – Per-Lot records tracking
Here’s another feature you’re unlikely to find in typical accounting software: the ability to track records on a per-lot basis, including maintenance records as well as historical price\sales data. This can be an invaluable resource, particularly when it’s all in one place and easy to access. When records are that easy to look up, there’s less chance of error.
4 – Online portals for residents
Why keep the record-keeping benefits to yourself? The right HOA accounting software package can include online member portals where anyone can look up the records specific to their own property. A simple secure login system ensures privacy is respected. This means that residents can answer many questions they might have on their own, which in turn means fewer calls to your office!
Meet Asyst6 – Your All-In-One HOA Accounting Software
The team behind Asyst6 aren’t your standard programmers. We all come from the property industry, with experience in systems auditing. Asyst6 was developed specifically based on the problems we saw with existing software solutions. Contact us directly to learn mPosted by Admin Asyst Posted on 29 May