Expert Financial Management Services Pays for Itself
Many Homeowner Association and Condominium Boards make the mistake of equating doing their bookkeeping by themselves or picking a low-cost bookkeeper with saving money.
With Your HOA, you get a mix of real-time financial information and on-time monthly financial reporting. No more waiting for several months for financial reports. You get up-to-date information using online tools as well as quick responses to accounting questions from our staff. This empowers you to better operate your community and stay on budget. With our report that shows actual costs versus budgeted costs and any variance, you can make changes early enough to impact your budget year.
Your HOA can actually help reduce the number of late-paying owners and the delinquent balances they owe! First, we let owners pay by check, online, or with a credit card, more ways to pay equals more money collected. Then we send out billing statements to owners reminding them to pay. We systematically add late fees, which many communities neglect to bill for and collect, and we send out late payment reminder letters. Further, you can make sure you are following state law by applying those recovered funds to the correct accounts, avoiding the risk of miscalculations, misapplied payments, and more. Additionally, we allow owners to set up a payment plan or report delinquent owners to HOA approved attorneys which has a significant impact on reducing delinquencies in a community. Having owners that actually pay versus owing the community has a huge impact on cash flow.
There are significant time savings available to the Board. Do you experience unanswered questions and having to spend time chasing down information? Also, since the financial reports are on time and much of the information is accessed in real-time there are no “surprises” at Board meetings. The Treasurer isn’t overburdened with searching for information “at the last minute” so the rest of the Board can be informed. How much is your time worth?