With its popularity and range of accounting and finance solutions, HOAs nationwide use QuickBooks for HOA bookkeeping. But, recently, decision-makers are choosing HOA accounting software instead of Quickbooks once realizing it supports all of an HOA’s vast HOA accounting needs.
Where QuickBooks may be capable of handling the financial transactions of an HOA, there is so much more to running an association than taking and making payments. HOAs must communicate with association members, track violations, and manage several vendors to maintain the aesthetic and property values of their communities.
HOA accounting software features range from company to company, but overall, they are customized to serve HOAs.
Software features help board volunteers by:
- managing units and owners efficiently by tracking all maintenance history, communications, and payments per unit
- supporting neighborhood connections with message boards where homeowners can interact with each other
- making communication simple and automatic with mass emailing, calling, and mailing to all association members or specific selections (i.e., those late on payments)
- increasing community engagement with surveys to receive input on the direction of the HOA
Sounds perfect, right? So why doesn’t every homeowner’s association use HOA accounting software?
Fear of the Unknown
The most considerable hesitation for volunteers is the desire to keep HOA bookkeeping processes the same. It’s natural to fear change and worry that the initial effort in shifting to new software won’t be worth it in the end. There may even be threats from volunteers to leave their positions if processes change.
PayHOA provides support through this transition period. Not only is the software intuitive for anyone to use, but PayHOA staff train new and old board members alike on using the system. Volunteers can rest easy knowing PayHOA is one call away.
Another fear is losing control of data. If you’ve been using QuickBooks for a long time, transferring years and years of important historical financial information into a new system may seem overwhelming. But making the switch is easier than you think.
With PayHOA, for example, you can directly import reports and some data from QuickBooks into PayHOA’s system using an Excel spreadsheet. Not only will your data be safe with PayHOA, but you can start looking at various, previous financial reports immediately to analyze your financial history and plan for the future. It doesn’t get much easier than that.
The Cost of Change
A good board will be scrupulous in analyzing the cost vs. benefit of any significant change for an HOA. In serving the community’s residents, they want to keep dues low while ensuring all money received truly goes to the betterment of the association.
HOA accounting software may cost more than using QuickBooks or a series of Excel sheets for HOA bookkeeping, depending on the company you employ and the features you pay for on QuickBooks. Also, it takes time to retrain volunteers and switch over processes.
But, you must calculate the time that will be saved in the future with HOA accounting software customized to meet your needs. With PayHOA accounting software, you no longer need other subscription-based systems to communicate with members. Homeowners have access to everything within their homeowners portal, which provides a smoother, more elevated experience that’s worth paying for.
Is it Worth the Switch?
Only your board and community members can decide if it’s worth it and when to switch from QuickBooks or another general accounting platform to an accounting software designed specifically for HOAs.
There are many benefits to HOA accounting software, including:
- Increased security: Good HOA accounting software leaves you less vulnerable to cyber attacks than other systems.
- Cost savings: Quality HOA accounting software may cost more than your current system, but the time you save and the extra benefits it offers will save you money in the long run.
- More free time: Board volunteers have busy lives and crunching numbers isn’t how most people enjoy spending their time. HOA bookkeeping services free your volunteers to live their lives.
- Features especially designed for an HOA: HOA accounting software is intentionally designed with HOA in mind, providing a smoother experience for volunteers and residents.
- Industry expertise and support: An experienced software company will know the rules and regulations unique to HOAs and be able to offer guidance to less-experienced volunteers.
These benefits can significantly improve volunteer confidence and satisfaction once they are equipped with the tools to succeed in their roles. Homeowners will see an investment in customized software as an investment in themselves and their neighborhood. But, leadership must be diligent in choosing the right software for the HOA.
How to Choose the Right HOA Accounting Software
Not all software is created equal, and choosing the right one for your association will make all the difference in the payoff the software brings your association. When determining the right software for you, ask yourself these questions:
- What features are most important to us? Ranking the most important features can help you determine which company is right for you and help you make budgeting decisions regarding add-on features and customizable packages.
- Is this a respected software company? When you’ve narrowed it down to companies that possess the attributes your association seeks, check user reviews to see if others have been satisfied with their product’s quality and customer service.
If you don’t want to rush into choosing new software, look for an option to try the software risk-free to get an idea if it’s right for you. Like picking a partner, choosing an HOA accounting software is not a decision you’ll want to rush. Having a trial period, like dating, will allow you to see if a company is right for your association.
Imagine having one login to access all your properties and units, accounting, and financial reporting. With PayHOA, you won’t need any other software to manage your HOA. We have designed an all-in-one software platform for HOAs for accounting, communications, owner requests, payments, and more used by more than 5,000 HOAs across the country.
PayHOA stands out from other HOA accounting software companies with:
- 100% secure online payments, including the ability to set up autopay for dues
- data encryption and top-notch web app access
- unlimited, free training of software for board members and volunteers
- payment reports, expense reports, bank ledger syncing, and business overview reports
- HOA bookkeeping service that takes all bookkeeping tasks off your volunteers’ plates
- transparency of all financial transactions, records, and reports
- ability to send mass emails, text messages, paper mail, and automated phone calls to residents
- tracking of maintenance requests, violations, and general requests
- 98% customer satisfaction
With over 50 years of combined experience, PayHOA truly understands homeowners associations. The language throughout our software is more person-centered than QuickBooks, making our software intuitive for even the least technologically experienced volunteer.
Still trying to figure it out? You can schedule an exploratory call with our accounting experts to see if our HOA accounting software suits you. We even offer a 30-day free trial to explore our features and experience the difference an HOA-specialized software could make in your day-to-day management of an HOA. You’re already managing your books with QuickBooks; let us help you!