Whether you are an HOA management company responsible for dozens of associations or a self-managed association of only a dozen units, clear and timely communication with homeowners and service providers are essential to smooth operations. Unfortunately, this is often more easily said than done. Many management companies will try to get by with organically developed…
Condominiums are often attractive purchases for those who wish to own a property, but prefer upkeep that is easier than a house. However, that ease comes with the acceptance of condo fees. Before considering a condo, it is vital to consider what fees are actually going toward…and what they aren’t. The first question to…
A large part of your job as a team member on the HOA board is to be a good steward of the money that is payed to the board for the upkeep of the community. The task can be a daunting one, but following these five rules of accounting will help you and the rest…
When it comes to your HOA’s monthly, quarterly, and yearly financial statements, the outcome is largely dependent upon which type of accounting method is used by your HOA. There are three different types of accounting methods that can be utilized which are often determined by the size of the organization or by state and local…
Finances are one of the most important and difficult aspects of property management. If you are hoping to improve the financial health of your business, here are a few property management accounting basics that will help you to create the thriving business that you desire. Researching State Laws When managing property finances, it is…
Understanding HOA accounting basics When doing accounting tasks with Homeowner Association Software, you have to think reverse of how the typical American sees their household income and budget. With HOA’s, the Board begins by determining the association budget FIRST, then the estimated expenses, followed by determining the revenue source — which is mostly the fees…