The HOA accounts payable report is an important tool for measuring an association’s debts. Unfortunately, not all board members fully understand how it works. What Is an HOA Accounts Payable Report? As with other organizations, a homeowners association operates with the help of a financial system. Homeowners pay monthly dues, which the association then…
An HOA general ledger is a valuable tool for tracking and measuring your association’s finances. But, many HOAs simply don’t realize how important this financial report is. What Is an HOA General Ledger? The general ledger is the prime repository of a homeowners association’s financial data. It serves as the association’s ongoing record of…
Every homeowners association deals with money. Without proper controls and reporting, though, it can be easy to lose track of the association’s cash. This is where an HOA cash flow statement comes in. What Is an HOA Cash Flow Statement? A cash flow statement is a financial report that depicts the amount of cash and…
The HOA income statement is a part of every association’s range of financial reports. Therefore, it is important to know what this statement does and what you can find on it. What Is an HOA Income Statement? An HOA income statement is a financial report that presents the association’s revenues and expenses for a…
The HOA balance sheet is an important financial tool in any given homeowners or condo association. Making sure you prepare this report accurately is essential to the financial health of your community. What Is an HOA Balance Sheet? The balance sheet is one of several financial statements or reports that organizations use to assess…
Many are hesitant to use software for HOA management. But, the reality is that both self-managed communities and HOA management companies can benefit from the use of such software. Why Should Self-Managed Communities Use Software for HOA Management? A self-managed homeowners association relies solely on its HOA board to run the community. But, board…
While there are some homeowners associations that receive help from a management company, there are many others that rely solely on the board for guidance. And it is these types of communities that usually require self-managed HOA software. Features Critical to an Effective Self-Managed HOA Software At a glance, it may seem like managing…
Why should homeowners associations start using an HOA management software during COVID-19? Given the state of the world right now, there are many reasons. The Rise of HOA Management Software During COVID-19 Before the coronavirus pandemic hit, many homeowners associations relied on traditional processes or the help of a management company for their day-to-day…
Managing the finances of a community can be taxing, and bank reconciliation is one of the more tedious tasks associated with that. Discover the process of reconciling your bank statements and how an HOA management software can help. Understanding the Bank Reconciliation Definition What is a bank reconciliation? To put it simply, bank reconciliation is…
Just like any organization, homeowners associations are no stranger to bad debt. When homeowners fail to pay their dues on time, it results in delinquencies. But, did you know that management software can help you with HOA delinquent accounts? What an Increase in HOA Delinquent Accounts Means for Your Community A homeowners association is responsible…