Sometimes, self-managing your HOA can feel like running on a hamster wheel of never-ending tasks—no matter how hard you work, you can’t seem to cover any ground.
Between managing owners, units, and vendors, on top of collecting payments and fielding texts, phone calls, emails, and documents, you may feel you’re facing an uphill battle. If you’re using rudimentary tools like spreadsheets or even paper ledgers to process the flurry of activity, you’ll always be a step behind.
Mainstream accounting tools like QuickBooks aren’t built to serve the unique needs of an HOA. Creating a better community goes beyond accounting, and so should your tools.
An HOA management accounting software platform gives you everything you need to run your HOA from one centralized hub. HOA software acts as a bookkeeper, communicator, record manager, and ultimate organizer, making it easier for the HOA board and homeowners to fulfill their duties.
Table of Contents
- A digital repository for all HOA information
- A better experience for homeowners
- Your HOA Swiss Army knife
- Expert support
A digital repository for all HOA information
HOA management accounting software automatically stores and organizes updates. With one centralized database, you can search and segment data with precision.
- Review maintenance and payment histories by unit and by owner
- Manage vendors through vendor profiles
- Out-of-the-box reporting templates
Your HOA accounting software comes with ready-made report templates to gain greater insight into your HOA’s financial health. Balance sheets, profit and loss statements, budget reports, and more can help you save more revenue that can be put toward improving your community.
In addition, a digital repository for your documents can help you conduct internal audits and maintain legal compliance. In recent years, states like South Carolina and New York have introduced more demanding laws around homeowner transparency, but almost all states require HOAs to submit an annual report to the Secretary of State and share the report with homeowners in the community. This report must include a financial summary, a summary of meeting objectives for the year, maintenance and landscaping expenses, and more.
With HOA management accounting software, this information can be easily pulled at any time.
A better experience for homeowners
HOA management accounting software provides homeowners with individual user portals that give them live access to their account status and allow them to pay their dues digitally, at their convenience, from anywhere.
But the homeowner experience goes beyond payments. Providing a centralized platform lets homeowners engage with the community and communicate with the HOA board.
Tracking Maintenance Status Homeowners can see progress on their maintenance and architectural requests within their user portal.
Sending Emails With a built-in email editor, you can create and save frequently used messages as templates for future use within your HOA accounting software platform. A delivery log displays which recipients’ messages were delivered or opened. A record of all messages sent from the platform leaves no one wondering when a message was sent and what it said.
Texting Owners Texting has recently shifted into a common preferred mode of communicating information quickly and efficiently. You can send texts to owners or groups of owners right from your HOA platform. It also allows for the addition of tags to group residents and schedules messages based on the selected qualifications.
Spreading the Word With a Calendar Create and manage your HOA’s meetings and special events through your HOA management platform’s community calendar.
Getting Input Through Polls and Surveys Your platform allows you to send polls and surveys about neighborhood developments and automatically organizes the community’s responses.
An HOA management accounting software platform acts as the go-to source for information for homeowners to stay in the know about their community.
Your HOA Swiss Army knife
There is enough software out there to find an individual solution for each of your individual needs, but toggling among several disconnected tools and spreadsheets is a headache in itself.
- A centralized HOA platform gives you the ability to create a stellar HOA experience with functions you may not even expect.
- Create a website for your HOA to give homeowners another outlet to engage with each other and participate in their community. You can even order physical mail through the platform to be sent automatically, without having to print or assemble envelopes.
- Templatize violations, maintenance requests and issue them from within your HOA platform.
- Make sure your covenants, governing documents, and regulations are accessible to homeowners.
- Innovative lockbox feature captures and deposits checks safely and securely, so the administrator doesn’t have to manage the check.
The flexibility of an HOA management accounting software platform allows you to use it in the way that is best for your unique community. For instance, if you prefer to send out statements or newsletters by physical mail, you can order and send these items from within your HOA accounting platform without the work of printing, assembling, and mailing them yourself.
Our support team works with HOA volunteers every day to help solve their issues. Several features within the PayHOA platform were first created as unique solutions developed for a particular PayHOA client before becoming a standard part of the platform.
Our team members aren’t just software experts, they’re HOA experts, as well. They know the ins and outs of self-managing an HOA, which is why thousands of communities across the country use PayHOA to make their neighborhoods an outstanding place to live.