HOA Accounting Services Financial Management for HOAs CSM

They’ll be able to see any anomalies, such as strange bills, duplicate charges, or suspicious behavior, immediately. If these problems are not addressed quickly, they have the potential to destabilize your finances in the long run. PayHOA is the single portal where you can connect directly with the needs of your homeowners.

By outsourcing your bookkeeping to professionals with expertise in HOA management, you can trust that your books will be accurate. Employing an HOA bookkeeping service shouldn’t mean giving up control. Homeowners have the right to readily available budget summaries and reserve information. HOA finances should be accessible to board members without the need to request a meeting or spend hours on the phone. Additionally, there is plenty of available software that can assist self-managed communities.

General Ledger

Please send the charge date and charge amount plus a reason you dispute the charge to service@hoa-accounting.com along with your property address or your HOA account number in the subject line. We will acknowledge receipt of your request and forward it to the appropriate party. Financial controller and auditor from Big-4 with a focus on financial reporting. Accounting professional passionate about technology and financial reporting. With click-to-pay you can approve ACH or regular checks that we mail to your vendors at no extra fee. We support multiple users, including dual signature and payment tracking.

Compared to local management companies, CSM is able to help boards reduce their costs while maintaining control of their community without sacrificing the quality of life for their homeowners. Whether you need help with hoa accounting bookkeeping, budgeting, bill collection, or annual audits, you can trust Henderson Association Management to keep tabs on your finances. We can even help train your board members to handle finances more effectively.

Consider an HOA Bookkeeping Service for a Happy, Financially Stable Community

Click on the employee names shown on the Contact Us page to see more about their related work experience and education. HOA Accounting Services is a member and strong supporter of the Executive Council of Homeowners (ECHO) and Community Association Institute (CAI). We serve hundreds of Board members and a substantial number of Self Managed Associations, Management firms and independent property managers. HOA Accounting understands the accounting and bookkeeping needs of the association Board of Directors, their Association Managers and their members.

Our services help save associations thousands of dollars each year and reduce the workload of the volunteer Board. Connect with us and learn how a partnership could benefit your association. HOA Accounting Service’s founder, Gary Satterfield has been an active member in the Common Interest Development Industry since August 2003. Gary has served several Homeowner Association Board member terms and is a past Board member of the Community Association Institute, Bay Area and Central California Chapter. Our staff members have excellent accounting and community association industry experience for delivering high quality service to your association.

Assessments

HOA accounting and HOA bookkeeping combined with HOA maintenance are the main tasks that homeowners associations have to deal with. This means that it’s critical they are carried outright, especially for larger residential properties. Provide them with reports generated by HOA accounting software, like the custom reporting available from CINC https://www.bookstime.com/blog/oil-and-gas-accounting Systems. The CPA will be able to pull reports directly from the accounting software without taking up your time to run them! The CPA will also check for accounting errors and verify your bookkeeping. Additionally, you can request a “positive assurance” to guarantee the accuracy of your financial reports and confirm the HOA’s financial health.

Audits can occur up to three years after the HOA has filed its taxes, so it’s a good idea to keep records for four years and then destroy them. You should, however, keep any paperwork granting tax exemptions or issuing a tax ID number. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.

Signing up for PayHOA’s bookkeeping service today will put your board members and homeowners at ease knowing that your HOA bookkeeping is handled by an expert. Save time, stop issues at the root, and transition from one year to the next seamlessly with PayHOA’s bookkeeping service. It’s a document that contains all the financial transactions of your association. As it contains a lot of details, the general ledger will give you an overview of your association’s finances.

Your accounts payable report details all of your association’s payables. This report has a receivable counterpart, usually known as the account delinquency report, which shows all of the money owed to the association. The HOA balance sheet compares your association’s assets against your liabilities and owner’s equity. It gives you a complete look at your HOA’s net worth, including how much money you have in your bank account.

All invoices are stored so one can check back payments and billing history. The HOA Portal makes it simple for homeowners to access documents and their payment history. PayHOA provides resources such as budgets, report packets (monthly, quarterly and annual)an in addition to preparing homeowners association tax returns. We even offer financial consultations for tax time, audits, and other situations that can raise many questions for board volunteers.

Statements of income and expenses are an important association management tool. These reports show all of the association’s financial transactions for a given time period, usually on a monthly basis. You’ll be able to compare the HOA’s expenses and see if they are over or under budget for the month. Insufficient funds is another possible consequence of poor homeowners association accounting. When you fail to budget your expenses properly, the HOA might run out of money. This will inevitably force your board to either take out a loan or charge special assessments to homeowners.