Jesse Hitt • 19 May 2023 • 7 min read

PayHOA Bookkeeping Simplifies HOA Accounting

HOA bookkeeping

When you volunteered for your homeowner’s association, you didn’t sign your life away. If you’re looking to cut your workload substantially, consider giving HOA bookkeeping services from PayHOA a try.

People who raise their hands when their HOA needs help with the books usually have experience getting numbers to line up. It makes sense that you’d have your own ways of doing things and your favorite applications.

But, if your HOA uses PayHOA’s software, you have the option of adding HOA bookkeeping services.

HOA Bookkeeping Service

At some point in the past, someone made the decision to use PayHOA’s software rather than hire a property manager. Leadership teams around the country that have gone this route have learned that it can be easier to manage an entire neighborhood than it was to manage one property manager—sad but true.

The decision to use software geared toward HOAs generates plenty of positives from the start:

  • easy communication options
  • simple document sharing
  • vendor payments and tracking
  • violation tracking
  • online dues payment
  • community forums and websites

It still takes work, but PayHOA’s growing list of clients has found true value and time savings by joining the team. 

Now, let’s take a look at bookkeeping. It’s a highly specific job and requires an ongoing commitment to fiscal responsibility. Money goes in, money goes out, and neighborhood residents want to know things are being handled as they should.

Everyone can sleep the sleep of the innocent when the Treasurer is on top of balancing the ledger, filing taxes, completing payroll, and all the other important tasks that need to be handled with care and precision.

But if there’s ever a problem or a hiccup, you’ll need to know where to find all the receipts.

Are you going to dig through boxes and folders to find them? Or are you going to have everything neatly organized in your HOA accounting software?

There’s another option: Outsourcing your HOA’s bookkeeping needs to the professionals at PayHOA. It’s a simple and affordable way for you and your fellow board members to do right by your friends and neighbors.

Investing in PayHOA’s service doesn’t mean you’ll be out of a job. Board members will have instant access to all of your community’s accounts, reports, transactions, and returns. When anyone has questions or needs specific numbers, your community’s budget summaries and reserve information will be readily available.

Of course, you might enjoy getting down and dirty with the numbers. You might not want to get rid of your green visor, tiny pencil, and hand-cranked adding machine. Old school is definitely one of the ways you could go.

But, if you’d like to cut your HOA accounting workload in half, read on and see what PayHOA bookkeeping can do for you.  

HOA bookkeeping

Time and Money Saved

HOAs were created because groups of homeowners wanted to maximize the enjoyment of their neighborhoods. They wanted to live to a set of agreed-upon standards that resulted in pleasing yards and well-maintained homes. 

It’s an admirable goal, but it doesn’t happen on its own. Somebody, or a collection of somebodies, must step up and enforce the rules and regulations that everyone signed on a dotted line to follow.

It’s not all about keeping track of violations or balancing the books. HOAs also enjoy their community gatherings, but that also requires people to step up and take charge of the situation.

Just about every aspect of running an HOA is made easier by using self-managed software. From tracking violations to sending out party invitations, the right software saves time and money.

When it comes to HOA accounting, the books need to be organized and efficient. Even with help from the software, there are bound to be metaphorical headaches—if not real ones—because keeping track of an organization’s finances requires a commitment to the tiniest of details.

Beyond the act of balancing books, sending invoices, paying taxes, and the like, regulations are subject to change from year to year. This imposes another learning curve on the volunteer responsible for HOA accounting.

The benefits of automated accounting tools and processes speak for themselves. There’s no way to eliminate all effort and still enjoy the comforts an HOA community provides, but you can definitely reduce your workload with HOA bookkeeping services.

HOA bookkeeping

Security and Compliance

As a company with a wealth of experience in providing digital services, PayHOA understands the importance of keeping data secure. We’re committed to maintaining your data’s confidentiality and integrity.

Established procedures and protocols are in place that dictate how data is:

  • managed
  • stored
  • secured
  • used
  • modified
  • destroyed

Companies that deliver digital services know there are threats and bad actors out there. It’s a constant effort to find new and better ways to maintain clients’ privacy. 

Data governance requirements are serious business and are meant to protect you and your HOA. Security technologies, antivirus software, and anti-ransom software are used to protect data from unauthorized use.

Every step is taken so you and your neighbors can experience the peace of mind that comes with an accurate and secure bookkeeping system.

HOA Accounting the PayHOA Way

If time and money are worth saving, then it’s definitely worth considering what PayHOA’s bookkeeping service can do for you and your community.

With our service, expect to receive frequent reports to help keep an eye on your finances. Monthly and annual reports allow your leadership team to stay up to date with your organization’s financial situation, which is a definite plus for budgeting and planning for the future.

Speaking of budgets, our expert team will help create a yearly budget that is specific to your HOA. With a budget, you’ll be able to:

  • Manage your HOA’s money effectively.
  • Allocate appropriate resources for projects.
  • Monitor performance.
  • Meet your objectives.
  • Improve decision making.
  • Identify problems before they occur.
  • Plan for the future.
  • Increase staff motivation.

Our in-house bookkeeping team will use monthly bank reconciliation to gauge the progress toward your overall goals. We do this by comparing bank statements to your financial records, catching errors when they’re small and relatively simple to fix.

All transactions are coded and mapped to the correct G/L account. That makes it easy to search for the information you need to run HOA accounting reports.

Our helpful and knowledgeable team members are available when you need bookkeeping support and financial consultations. You don’t have to tackle your problems alone.

If you’re interested in going beyond these services, our team can take on more roles for an additional cost:

  • 1099 preparation
  • paper check processing
  • 1120H IRS preparation

Sign Up Now

If all of these financial services sound interesting, it’s probably time to take a look at the pricing structure:

  • 0 to100 units—$199/month
  • 101 to 200 units—$259/month
  • 201 to 300 units—$309/month
  • 301 to 400 units—$359/month
  • 401 to 500 units—$409/month
  • 500+ units—request a quote

The HOA lifestyle isn’t for everyone because it involves putting in extra effort for the common good. Rules and regulations aren’t meant to be hindrances. Instead, they’re in place to make the neighborhood comfortable and inviting for everyone who lives there.

However, the gains of living in a self-managed HOA community don’t happen by themselves. Volunteers have to step up and take on roles of responsibility. That often means working nights and weekends.

PayHOA’s bookkeeping services provide a way to increase your spare time while also serving your community. That’s the very definition of a win-win situation. 

PayHOA offers an HOA management software solution for HOAs of any size or managerial priorities. To find out if PayHOA fits all your HOA management needs, try our software free for 30 days.

Enjoyed this Article? Try Another!

HOA condo association

Empowering your Self Managed HOA to Navigate Frivolous Lawsuits

If you are a board member or leader of your condo association, lawsuits — both…

Read More
HOA Bookkeeping

Avoiding Pitfalls in HOA Bookkeeping

Managing the finances of a homeowners association (HOA) can be daunting, especially when the responsibility…

Read More

Protecting Your Neighborhood from Pests: Who Pays for Vermin and Wildlife Removal?

Communities trust HOA Management with the upkeep of their neighborhoods, including maintaining common areas, shared…

Read More