- September 6, 2019
- Posted by: Scott
- Category: associations, Business plans, communities, Community, Economics, Finance & accounting, HOA
Fulfillment-based, Internet driven billing and collection programs for homeowner associations are cost-effective and result in higher collection rates compared to HOAs run with a Board appointed treasurer, according to a recent 2019 Community Association Institute report.
Many Idaho HOAs have turned to independently managed, accounting programs that are Internet-based to communicate with their membership, and it’s paying off. Just ask your local electric, waste management and water services who have been utilizing financial fulfillment centers for the past two decades.
MGM Association Management goes one step further and provides an HOA specific accounting program that gives more transparency compared to traditional HOA accounting methods. In the old days, annual HOA Board meetings were the only means a homeowner could access their HOA’s financial information. MGM automates a variety of online payment and collection features that include communication, financial records, delinquency notifications, and membership billing, and can be operated and managed completely online. Homeowners no longer have to wait for an annual meeting to find out the financial status of their personal account or the financial status of their HOA.
MGM uses this program in all of its service plans and is less expensive than hiring a local bookkeeper. In addition, the program essentially removes liability associated with a volunteer appointed Board member. This program is an effective adjunct to facilitate real-time account status and billing services. According to the Community Association Institute report, HOAs who utilize the Internet to manage their membership results in more engaged members. A more engaged membership means a greater adherence and less payment delinquency.
Every HOA has 24/7 access to this program. Board members are able to integrate any type of file format in Microsoft Office Suite, for example, photos, newsletters, meeting minutes, community announcements, crime reports, as well as the HOA’s financial reports. Homeowners are able to log-in at any time and access the same documents, as well as their secured, personal account. Today’s homeowners are finding a voice with the Internet whereas in the past, their membership seemed impersonal and left many feeling disenchanted.
MGM understands that saving your Board time allows them to focus on more relevant issues. MGM simply facilitates and manages the financial process for each HOA through this online program. The software offers additional tools such as email messaging for announcements or upcoming HOA meetings; the ability to share a community calendar or announcements to all members, or even HOA specific newsletters. The Board has the flexibility to remotely manage and communicate with their association and fellow Board members, and are able to authorize payments, which saves them time and increases their operational function.
Of those HOAs who have used this program can’t beat the proven efficacy of member engagement, the accounting specificity and its influence on their membership. If you are interested in learning more about upgrading your billing and collection procedures, contact MGM Association Management. MGM has offices in Idaho Falls and Meridian. For more information, call (208) 846-9189, or visit www.gomgm.com.