“How do I pay my HOA fees?” Homeowners often ask this question, but many HOAs only offer the same traditional method. But, there are a few different payment methods for HOA dues that associations can start adopting. Convenient Online Payment Methods for HOA Dues Many homeowners find difficulty with the current payment methods their HOA…
Automation makes HOA management easier. Streamlined processes, such as automatic invoicing, increases efficiency and reduces manual labor. However, there are still a lot of HOAs that use manual invoicing processes. If you want to determine which is best for your HOA, here’s what you need to know about manual invoicing vs automatic invoicing. What…
Although homeowners associations are non-profit organizations, they still earn money for the purpose of maintaining the community. Keep up with your HOA accounts receivable with the help of an association management software. What Are HOA Accounts Receivable? A homeowners association receives money from its members in the form of regular dues or fees. The…
In certain situations, a homeowners association may decide to levy a special assessment. Most homeowners are not amenable to this because of the unexpected financial burden. To prevent any misunderstandings between homeowners and the board, here’s what you need to know about HOA special assessments. The Basics of HOA Special Assessments Living in an HOA…
Homeowners association accounting is a critical part of managing any HOA community. The key to successful accounting, though, starts at the beginning — choosing your accounting method. Among the three possible options, HOA accrual accounting remains unsurpassed. What Is HOA Accrual Accounting? The accrual basis of accounting dictates that you should record revenues and…
Do you have problems with homeowners association financial reporting? Even with a financially literate board, mistakes can still happen. What’s important is that you’re able to identify these HOA financial reporting mistakes early on and make changes so that they never happen again. If you want to protect the financial position of your HOA, here’s…
Condominiums are becoming increasingly popular in the United States, with many choosing to live in condos due to their affordability and convenience. But, with condo living comes condo fees. What Are Condo Fees? If you have ever lived in a condominium, then you know there are common areas that all owners share. These common…
Gone are the days of manual bookkeeping for homeowners associations nationwide. With HOA accounting software, you can automate accounting processes and generate financial reports with ease! What Is HOA Accounting Software? HOA accounting software helps HOA boards and managers perform day-to-day financial tasks such as payments, invoices, and wages payments. These actions automatically create accounting…