Tips for Choosing the Right HOA Accounting Software for Your Needs

More and more housing associations are discovering the benefits of HOA accounting software along with other software packages which help streamline property management.  The right software package can improve just about every aspect of your HOA management, from reducing (or eliminating) your reliance on paper to boosting revenues via better fees collection processes.

That is if you find the right HOA accounting software package to meet your needs.  There are a lot of options out there, and not all of them will be a good fit.  Here are a few tips from our Asyst team on how to choose.

Three Things to Watch Out for When Choosing HOA Software

1 – File and data compatibility

One danger of migrating to an HOA software package is that it may require you to shift your data into a proprietary format.  This can be extremely problematic!  It makes importing the data difficult and can make it even more difficult to export if you need to move the data into different systems in the future.

Whenever possible, pick HOA software which can deal in standardized file and data formats which are easy to migrate. That’s your most future-proofed option.

2 – Avoid “fractured” software

Be wary about buying HOA software from several different vendors!  It might be tempting to mix-and-match, but this can create serious usability issues.  If, for example, your HOA accounting software can’t “talk” to your tenant management system, you lose major opportunities to link those records together and automate functions such as billing reminders.

In general, it’s best to choose an HOA software package with an all-in-one interface which can handle all your needs.

3 – Look for expandability 

Sure, you know what functions you need your software to serve today, but what about five years from now?  It can be extremely difficult to fully predict what your future software needs will be, and in turn, that means you could end up creating problems down the line if you choose a software suite which isn’t expandable.

Modular systems are the best option here, which allow you to add more functionality over time as needed.  This gives you room to expand your software as your business needs expand.

Asyst6: HOA Accounting Software from Pros, For Pros

The Asyst6 team comes entirely from the property management industry, so we know what you need – it’s why we made Asyst!  Contact us to learn more.