HOA Platform

What is an HOA Platform?

An HOA platform is a software program designed to automate routine tasks common to the administration of homeowners associations and condominium associations. Basic functions should include bookkeeping, payment of bills, generation and sending of invoices, collection of payments, online provision of reports and forms to board members and property owners, and online handling of homeowner requests regarding maintenance, architectural changes, or other issues. Further capabilities can include budgeting, tax preparation, and integration of accounting with banking functions. While some of these features can be performed by general accounting or communications platforms, software designed specifically for HOA functions are often more useful.

Why is an HOA Platform important?

An HOA platform provides several advantages:

• Combining many tasks common to HOA management—invoicing, bill payment, and account reconciliation—reduces the workload on the volunteer board members who oversee many homeowners associations.
• Budgeting capabilities ensure funds are available when needed for emergency repairs and other exigencies as well as for scheduled maintenance and upgrades.
• Accounting features ensure accuracy and accountability regarding transactions and eliminate the risk of loss of in transit. Additionally, accounting features provide much of the information required to prepare and pay taxes and satisfy requirements to provide information to property owners or public entities.
• Banking integrations can save further manual work and provide a better return on investment for escrowed or invested funds.
• Communications functions cut response time for homeowner requests.

How can you use “HOA Platform” in a sentence?

A well-designed HOA platform can save time, money, and aggravation in carrying out the HOA board’s duties.