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 entries in the general ledger, which the system then uses to generate financial statements such as Balance Sheets, Income Statements, and Cash Flow Statements.
It differs from HOA management software, which is more comprehensive in its features and capabilities. HOA management software usually includes accounting and financial reporting services in addition to other features such as event management, service request automation, communication, resident portals, and the like. HOA accounting software typically does not offer these other services.
What about property management software? This type of software differs from the other two HOA software in terms of purpose. Property management software is used to aid the management of rental properties, whether they are of a residential or commercial kind. It shares some functional similarities with HOA management software, such as tenant portals, communication, work order management, and online rent payment.
What Are the Benefits of HOA Accounting Software?
Here are the top advantages of getting HOA accounting software:
- Accuracy. The error margin is much smaller than if you were using a manual system since the software only requires one accounting entry per transaction.
- Speed. The software makes it much faster when adding data to the computer from its built-in databases and details for each property owner.
- Faster Documents. You can easily get your invoices printed quickly and efficiently.
- Automatic Updates. Your program will automatically update everything so that you’ll always see the most recent account balance.
- Financial Reports. With HOA accounting software, you can generate financial statements in real-time with the click of a button. Accurate reports allow you to make smart and informed decisions for your community.
- Savings. Although you will initially pay an amount for the software, the cost more than pays off as you cut down on time spent manually performing tasks.
- Cross-usability. Information can be easily shared and worked on from any location and with more than one user at a time, making it easy for managers to share information with the HOA board and vice versa.
- Legibility. Having numbers on screen makes them more easily readable than handwritten figures, which improves accuracy.
Best HOA Accounting Software
AppFolio Property Manager comes with all the accounting features you need in HOA software, including bill entry and automated accounts payable. It also integrates debt collection with online payments and even automates late fees. You also get real-time flexible reporting as well as performance insights, allowing you to make adjustments as you go.
Although AppFolio is primarily a property management software, HOAs can still benefit from this system thanks to its powerful accounting features. Pricing starts at $0.80 per unit per month, with a minimum monthly fee of $250. You can even sign up for a free customized demo.
FreshBooks promises to make bookkeeping easy, allowing you to spend time on more important matters. This software focuses purely on HOA accounting. You can send invoices, track your expenses, and record payments. After the initial setup, you can basically step back and just let it run by itself. FreshBooks is even available as a mobile app for on-the-go use.
You can try FreshBooks for free for 60 days. After that, subscriptions start at $4.50 a month with five billable clients. If you have over 500 billable clients, you will need to contact FreshBooks for custom pricing.
3. Condo Manager
Condo Manager is specifically designed to cater to HOAs and COAs, though it also has property management capabilities. This software boasts full-service accounting — from budget planning to bank reconciliation to generating monthly reports. You can stay on top of your accounts receivables and accounts payables as well as automate invoicing and receive payments online. With Condo Manager, you can say goodbye to manual entries for good.
This HOA and condo management software does not stop with accounting, though. It is an all-in-one self-managed HOA software that also offers website services, online resident portals, communication tools, and service request management. It even has modules for CC&R violations, collections, and architectural requests. Both HOA management companies and independent communities can benefit from this self-managed condo association software.
You can contact Condo Manager online for a free demo.
Buildium is a property management software that HOA communities can also use. It offers maintenance request tracking, online payments, and comprehensive accounting features. Buildium also generates financial reports, has a portal for residents and property owners, and even offers a professional website to top it all off. Some of its features, such as tenant screening and property inspections, come with additional fees, though.
It is hard to find software that comes free of charge, but Buildium comes very close. With a 15-day trial at your disposal, Buildium is definitely one of the best free HOA management software you can try. After that, pricing starts at $50 per month.
MoneyMinder is one of the few providers that solely focuses on HOA accounting. This particular software has been in the business for 17 years, making it a true veteran when it comes to accounting for HOAs. With MoneyMinder, you can track resident dues as well as other income, generate reports, send invoices to homeowners, receive payments online, and compare your budget with your actual expenses. You can even integrate it with your bank account, allowing for easy bank reconciliation.
Although MoneyMinder is chiefly an HOA accounting system, it also offers a few other management features. This includes document management and sharing as well as member communication.
Perhaps the best part about MoneyMinder is that it has a completely free version, though it understandably comes with limited functions. You can try the paid version for 30 days before subscribing to it for $159 a year.
6. ATG Online
ATG Online understands the difficulties self-managed communities face. With C3 (Complete Control for Communities), it aims to make financial management easy for HOAs everywhere. C3 comes with A/R and A/P management capabilities, budgeting, reporting, and delinquency processing. It also boasts association management features, such as work order management, maintenance, architectural, and covenant tracking.
Pricing available upon request.
ForwardPass offers full-service accounting features, from accounts receivable and accounts payable right down to the general ledger. It can manage and track assessments, automate processing fees, send invoices and statements, create purchase orders, reconcile bank accounts, and generate real-time financial reports.
This HOA software is not limited to accounting, too. It comes with work order management, amenity reservations, community calendars, communication tools, and complaint processing. Pricing begins at $49 a month per user plus $49 a month per community with a minimum of $147 a month.
8. CINC Systems
CINC Systems is an all-in-one association management software that comes with robust accounting features. This software boasts modules for accounts payable, collections, homeowner billing and payments, lockbox services, and monthly reports. It also offers other features typical in HOA management software, such as communication, CCR management, and ACC management. CINC Systems even provides a customized website for easy access.
Pricing starts at $39 a month.
FrontSteps allows you to build your own custom HOA website with features like violation tracking, dues management, and online payments. You can even make it easy for residents to file work orders and maintenance requests. On the management side, you can keep track of these requests and stay on top of your community’s financials with seamless accounting services.
You can sign up for a free trial with FrontSteps, though you need at least 750 homes/units to be eligible. After that, pricing begins at $79.95 per month.
For most people, QuickBooks is the first thing that comes to mind when it comes to accounting software. And while there is no QuickBooks product that specifically caters to community associations, you can still use QuickBooks for HOA purposes. With this software, you can automate dues payments, wages, and bills. You can also track your income and expenses, allowing you to compare your budget with actual figures. Many HOA management systems even integrate with QuickBooks for streamlined use.
Pricing starts at $12.50 per month.
Making a Decision
HOA accounting software definitely makes financial management easier for many communities, self-managed or otherwise.
With so many options available, choosing one can come as a challenge. Not all software providers offer the same features, though. When looking for the best HOA software for your community, make sure to evaluate your needs, compare it with the features your prospects offer, and consider your budget.
Condo Manager offers extensive HOA management solutions to companies and communities alike. Call us today at (800) 626-1267 or contact us online for more information.
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