Here at PayHOA, our team exists to help you better manage your HOA. We listen to our clients. From those conversations, we developed our comprehensive management platform to address your needs for all aspects of HOA management.
We haven’t stopped listening. And we’re delighted to announce our latest offering, our HOA bookkeeping service.
Just like running any other business, accurate financials are key. It is especially important for HOAs as hundreds of homeowners depend on them to be financially responsible. There are a series of best practices that the board treasurer and other volunteers can follow for successful financial management.
HOA bookkeeping means paying close attention to daily, weekly, monthly, and annual numbers using the following practices:
- Cash disbursements record all checks the association writes.
- Balance sheet compares the association’s assets to liabilities.
- Accounts payable monitors unpaid expenses.
- Income and expense statements display financial transactions for a given period.
- General ledger tracks financial transactions through time.
Understanding bookkeeping methods is just the first step. These records need to be diligently maintained to live up to the expectations of members of the association.
By outsourcing your HOA bookkeeping to PayHOA, you can have a hands-on approach while leaving the daily and monthly bookkeeping tasks to experts. Allow us to take financial management off your plate so you can focus on the many other aspects of running a self-managed HOA, as well as your life.
Reasons to outsource HOA bookkeeping services
Your HOA doesn’t have time
Serving on an HOA board is a volunteer position. Most members have full-time jobs, families to care for, and a list of other responsibilities to tend to on top of their duties to the association. HOA bookkeeping itself can be as time-consuming as a full-time job, especially when you’re new to the process. There’s no need for your board members to spin their wheels learning to become a bookkeeper when we can do it for you.
Board members volunteer because they care deeply about their associations and want to improve their communities. By freeing up their time from the day-to-day fiduciary tasks, they’ll have more time and energy to take on bigger, more meaningful projects, and improve the quality of life and property value for their entire community.
Trust and ease
When it comes to handling your money, you want someone you can trust. As our client, you’ve allowed us to collect your dues, generate your financial reports, and pay your vendors from our platform, among other important responsibilities for a self-managed HOA. We value our relationship with you and manage each of your communities as if they served our own homes. We hope and believe that we have made your life easier with our customized services.
Like our software, our bookkeeping service offers top-notch accounting security. We have been recognized with the highest level of Payment Card Industry Data Security Standard compliance for our practices, and we apply this same attention to detail to our HOA bookkeeping service.
PayHOA strives for constant improvement through creative thinking and relentless innovation. As the industry evolves and changes, we do the same to meet the needs of self-managed HOAs.
Even for volunteers with extensive accounting experience, HOA bookkeeping has unique requirements and offers different challenges. With our combined experience of over 50 years in management, we have truly seen it all, which is why we’ve launched a bookkeeping service in addition to our existing solutions. Whether managing your books, keeping you prepared for audits and tax time, or even preparing your organization’s tax return, we’ve got you covered.
Protection against fraud
A separate, unbiased set of eyes viewing your finances daily can catch issues immediately. We protect your HOA from external and internal threats. Self-managed HOAs need to be prepared to not only handle day-to-day finances but also unexpected situations. As the news has shown, HOA fraud can become a grave situation if it goes unchecked.
Common types of HOA fraud are:
- Embezzlement – a person using property or funds entrusted in their care by the HOA as their own
- Mismanagement of funds – someone using HOA funds for personal benefit
- Kickbacks – payments or gifts from contractors or vendors to board members in exchange for business
If there aren’t proper checks and balances in place, your association is at greater risk of fraud by board members, managers, and employees.
By utilizing outside HOA bookkeeping services, your association will have important oversight to prevent fraud such as:
- Delegating financial responsibilities to more than one person
- Impartial review of financial documents
- Payroll managed by third party
From innocuous to blatantly egregious, we can catch accounting mistakes and correct them in real time. Whether your challenges consist of common problems such as messy books, or rare situations such as internal theft, we can take the burden off of your organization and relieve board member stress by providing administrative separation between your HOA and a potential fraudster.
Board terms are not meant to be permanent positions. This change is good for both the association and volunteers, but it comes with challenges as well. Even after following best practices for managing transition, processes shift with each new set of officers or, at worst, are lost altogether and need to be built anew.
When it comes to finances, transition plans should include:
- Analysis of reserve funds including strategies for using reserve funds and funding needed in the coming year
- Review of budget against actual expenses to create new year’s budget
- Clear expectations of fiduciary responsibilities
In a perfect world, there would be lots of time for training and onboarding from one board term to the next. But here in the real world, PayHOA will be there for you during planned transitions as well as the unexpected.
Employing PayHOA with your HOA bookkeeping services ensures that even as board members change, the processes for managing your finances stay the same. PayHOA even trains new board members for you, fostering an effortless transition.
Sign up for HOA bookkeeping services today!
Who doesn’t want to make their life easier? 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.
Our pricing is competitive and will save your HOA time and money in comparison to the cost of hiring expensive HOA management companies.
- 0-100 units – $199/month
- 101-200 units – $259/month
- 201-300 units – $309/month
- 301-400 units – $359/month
- 401-500 units – $409/month
- 500+ units – Request a quote.
We invite you to set up a fifteen-minute exploratory call with one of our financial experts to answer questions or address concerns. Let us take some more of your stress away and give you back more of your time.