Homeowners associations (HOAs) are tasked with being community leaders.
At times this means finding out-of-the-box solutions to management challenges. A well-run neighborhood demands flexibility. Because of this, an HOA board may be wary of all-or-nothing management tools.
For self managed HOAs, there’s no third-party company to handle the workload or to hold responsible for mistakes. Your tools may make the difference between failure and success—and they need to work for the board members using them.
HOA self management software, which can centralize, automate, and streamline many accounting and other management tasks, is increasingly popular among HOA boards. Using this software can be a game changer for a self managed HOA. It can help save precious time and money, and allows boards to add value to their neighborhoods.
But what if you already have systems in place that are organic to your association’s needs? What if the way you’re doing things now simply makes sense for you and your residents?
Even if your HOA is averse to integrating a whole new system, you shouldn’t write off HOA management software too quickly.
The best HOA software is user-friendly enough to make transitioning painless, and adaptable enough to fit any association’s management style.
Do you have some current systems your members simply can’t do without? Top HOA software can often integrate those systems and workflows without skipping a beat.
Here are some of the ways software can bring more versatility to your HOA.
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HOA Self Management Software Centralizes Your Financial Data
Your HOA will have its own unique history of financial and banking data, and manually transferring budgets and ledgers to a new system would be a cumbersome task.
Yet with HOA accounting software, you won’t want to start from scratch with a whole new financial management system. HOA software allows you to seamlessly transfer data from your existing systems into a centralized digital hub.
Critically, HOA software syncs with your existing bank ledgers. By connecting to your most current banking records, boards can transfer bookkeeping data easily and accurately. If your board keeps budgets and financial records via spreadsheets, this can easily be imported to an HOA software system as well.
HOA software maintains your existing data and improves organization, accuracy, and time management. Another major benefit is that it makes your HOA more transparent and less prone to risks, while helping set and meet short and long-term goals.
This is because HOA management software provides features such as the ability to review analytics and produce different types of financial reporting. This helps board members set goals to improve their communities and measure their progress along the way.
Your residents will also benefit from the increased transparency software allows, so that board minutes, financial records, and other important documents are easily accessible from a centralized repository.
HOA Self Management Software Allows Seamless Dues Collections
Your dues collection system may already rely on electronic invoicing. Or your residents may pay dues and fees using physical checks that are later deposited. Consider the methods you use to track late payments and communications with residents. Your HOA may have its own system of documenting your collections, but is that method the most efficient way possible?
HOA software offers a bulk billing solution for all units in your community, so homeowners are automatically invoiced each month and can set up autopay via a secure resident portal on their smart device or computer. All important communications about payments are centrally stored.
Prefer to send paper invoices and other correspondence? HOA software helps you coordinate your physical communications via USPS.
If your board members are currently using an accounting and billing software like QuickBooks, you’ll already be familiar with the concept of electronic invoicing and payments. However, general accounting software typically supports invoicing of individuals, and lacks support for the kind of bulk billing of units HOAs require.
This makes invoicing much more difficult than it needs to be.
HOA software lets you continue using electronic invoicing and collections, but in a way that’s intuitive to associations and their needs.
HOA software offers solutions such as:
· Bulk, automated billing of all units in a community
· Centralized, customizable repository of resident and unit data
· Readymade templates or customized messaging for invoices, violations, maintenance requests, and other critical communications
· Electronic dues payments and the ability for residents to set up autopay, view payments, and access documents, view and send communications, see community calendars, and more.
Other features include maintenance request tracking, a custom website builder for your community, a vendor management repository, and more.
HOA Self Management Software Makes Communication a Priority
You’re already communicating with your residents via telephone, email, or text message. You’re already posting community updates and community social events. However, in many cases these different methods of connecting with residents are disjointed at best. This makes it hard to track and be consistent in addressing your community’s concerns.
HOA self management software combines your traditional avenues of communication and makes them more efficient and consistent. Management software lets you send and receive communications directly with residents at any time or day and track correspondence, so there’ll be no more missed phone calls or lost emails.
Some communication features include:
· Sending automated, prescheduled mass voicemails to residents
· Sending mass emails or texts
· Customizing groups or individual recipients
· Tracking communications with updates on who has received and opened them
· Setting up physical mail correspondence like invoicing and newsletters
· Issuing violations and receiving maintenance and architectural requests
HOA software shouldn’t be used to replace your current systems. The best HOA software will take existing systems that are already intuitive to your association and improve them.
PayHOA is trusted by thousands of HOAs nationally to help meet their community management needs. At a fraction of the cost of hiring a third-party property manager, PayHOA software can help you manage your budget and finances and maintain a thriving community.