Many associations have started to realize the benefits of self-management and are making the switch. Statistics show that in recent years, 30% to 40% of HOAs have made the transition to self-management. Self-managed HOAs often save tens of thousands of dollars per year on the cost of third-party management fees.
Self-managing means volunteers will handle all day-to-day accounting and management tasks. Between setting and managing an annual budget, tracking and collecting homeowners’ dues and fees, maintaining architecture and amenities, and managing scores of community data, daily operations of an HOA can feel overwhelming under the best of circumstances. Particularly when this person is volunteering their time to support the HOA. Having the right tools is critical to the success of self managed communities.
HOA accounting software is a digital tool that can bridge the gap and streamline HOA management for anyone from a certified accountant to the volunteer treasurer with limited time and experience.
PayHOA’s accounting software provides an all-in-one digital management hub that goes far beyond what general accounting tools like QuickBooks can offer HOAs for their specific billing, budgeting, and management needs. Features like automated bulk billing and digital dues payments, AI-driven accounting and financial reporting tools, secure centralized data storage, and communication tools make PayHOA uniquely poised to provide immediate value for associations.
The fact is that not all HOA software tools are created equal. Once an HOA decides to invest in a software management tool, what should they expect in terms of cost and functionality? What tangible community improvements should they see once they’ve implemented a new system?
When shopping for HOA accounting software, here are 4 important things to look for.
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Using HOA Accounting Software for Digital Dues Collections
HOAs face the unique challenge of billing and collecting homeowners’ dues for each individual unit in their neighborhood.
General accounting programs like QuickBooks and Xero work great for businesses and individuals and their money management needs. However, these tools don’t allow HOAs to invoice according to units or to give homeowners the versatility to pay digitally from their smartphone or tablet with a unique homeowners’ portal. At best, general accounting programs act as a workaround and don’t make efficient use of an HOA’s time and energy.
The best HOA accounting software offers online payments that fully integrate with your community data. Homeowners have the option to set up autopay from their homeowners’ portal, allowing them to never miss a dues payment and access other secure information at the touch of a button, such as payment history, tools for communication and making requests, and a community calendar.
PayHOA software offers automated bulk invoicing as well, which other accounting software programs simply don’t do. HOA accounting software should streamline and optimize the dues payment process from invoice to payment, maximizing collection rates and minimizing the potential for mistakes or bottlenecks.
Tracking Owners and Units with HOA Accounting Software
Successfully managing an HOA means being able to track accurate records for every unit in the community, as well as individual owners and residents. This helps a treasurer have a clear understanding of key information such as ownership, maintenance, and payment activity.
Most software tools fail when it comes to offering the kind of comprehensive data management tools HOAs need.
PayHOA keeps records on both a unit and individual basis, making it easy to associate individuals with a particular unit. That way if someone moves, the unit data doesn’t need to be recreated. PayHOA logs and organizes these records automatically, establishing a documented history.
Our software also lets you tailor invoices and fees by unit type and other specifications. In the PayHOA platform, you’ll create tags and custom fields so your HOA can segment units and owners with a high level of customization.
Communicating with Your Community with HOA Accounting Software
Communication forms the bedrock of a thriving HOA. HOAs can get a bad reputation for not being transparent. Communication is a key ingredient in keeping residents happy and connected to shared community values.
Yet having many disparate communication tools makes managing each a hassle. Any HOA software you invest in should offer the ability to communicate quickly and effectively through multiple channels.
PayHOA lets you manage communication methods such as mass email, text, and automated phone messaging all from one centralized digital hub.
Other methods of communication offered by PayHOA include:
· Track violations and fees and related communications with residents.
· Receive and track maintenance requests.
· Use our easy website builder to share community information on your homepage.
· Send surveys and voting polls to residents.
· Store and share files and other data between select groups securely.
· Manage and send bulk physical mailers via USPS, such as billing and newsletters, at the touch of a button.
Maintaining the Financial Health of your Community
The number one use of HOA accounting software should always be to keep your association’s finances healthy and to help your community grow and thrive. Software should let you gain clarity around where your finances stand and what areas demand your attention most, so you can focus your time and efforts where they’re needed.
PayHOA lets associations quickly and effortlessly produce more than 25 types of financial reports, including balance sheets, budget vs. actual, profit and loss sheets, and others to incorporate into their financial planning. You can view real-time analytics from your main dashboard every time you log in to PayHOA, using financial data that automatically syncs with your banking data.
The best HOA accounting software lets associations tackle self management from top to bottom without needing an accounting background or having to spend hours incorporating a new system. HOA software should blend easily with your existing systems and begin producing value from the first time you use it.
PayHOA provides an all-in-one digital management solution at a fraction of the cost of hiring a third-party property manager. Associations can use the full range of our software for as little as $40 per month, with a 30-day free trial to see if it’s the right fit for your management needs.