- January 14, 2020
- Posted by: Garima Khatwani
- Category: associations, Business plans, Business plans, communities, HOA, homeowner association
Transparency and effective communication are critical for the smooth functioning of a homeowners association. For the boards, it’s very important to ensure that the residents feel involved and informed, which is not an easy task. Apart from running business affairs, enforcing and setting rules, and maintaining and upkeeping of areas, one important duty that Boards perform is managing common assets of a property/area and finances. Though some boards often hire an HOA management company to look after the association’s operations, if you are self-managing your HOA, proper accounting and management of expenses can be a daunting task. For this reason, a lot of HOAs have turned to internet-based, independently-managed accounting programs, which offer a variety of advantages, such as:
- Cost-Effectiveness – These fulfillment-based accounting programs for homeowner associations are budget-friendly, yet provide higher collection rates as compared to HOAs run with an appointed treasurer. The software is less expensive than hiring a local bookkeeper.
- Loaded With Features – The software comes loaded with features. It can be operated and managed completely online. The software automates various important aspects of payment and collection, including communication, financial records, delinquency notifications, and membership billing.
- Homeowners don’t Need to Wait for Meetings – Earlier, annual HOA Board meetings were the only way a resident could access their association’s financial information. Not anymore! With the HOA accounting software, homeowners don’t need to wait for these meetings to know the financial status of their personal account, as well as their HOA’s. The software facilitates real-time account status and billing services.
- Easy Integration and Sharing – The software allows Board members to easily integrate any type of files, for example, community announcements, photos, meeting minutes, newsletters, as well as the HOA’s financial reports. Residents can log-in at any time and access the documents and files.
- Flexibility and Time-Effectiveness – The program gives Boards the flexibility to remotely manage and communicate with the community and fellow Board members, and authorize payments, which helps them save a significant amount of time and increases operational efficiency.
Upgrade from the traditional HOA accounting methods to internet-based, independently-managed accounting programs to save time and money, and ensure effective communication and more transparency. MGM uses the software in all of its service plans. Get in touch with us to know more about the best accounting software for HOA and our service plans.