How can an association management software help HOAs?

Association management software can help HOAs with accounting, financial and business reporting, invoicing and payment, member communication, work order automation, committee management, and event management. It also typically has an online member portal for resident use.

What are the best HOA accounting software?

The best HOA accounting software are AppFolio, FreshBooks, Condo Manager, Buildium, MoneyMinder, ATG Online (C3), ForwardPass, CINC Systems, FrontSteps, and QuickBooks.

HOA Software Archives - Page 2 of 2 - HOA Management Software

8 Things An Association Management Software Can Help Your HOA With

admin on November 6, 2017

Association management software is a valuable tool for any HOA community. It streamlines day-to-day operations and makes many tasks a breeze.

What Is AMS? Association Management Software Explained

As part of the leadership of an HOA community, it can sometimes be difficult to decide which investments are worth your time and the residents’ money. One of the investments you should look into, though, is purchasing or subscribing to an association management system.

What does AMS mean? AMS, which is short for association management software, is a program that easily and effectively organizes a wide variety of information relating to your association. This type of software combines the management of finances, resident payments, event planning, and many other useful tools to efficiently run your community.

Benefits of Association Management Solutions

Community association management software can be wonderfully freeing. Because it can take care of many tedious tasks, association leaders can focus more time on building a great community. An AMS system can also save your association money in the long run.

When administrative tasks are delegated to a system, your association’s productivity will also increase exponentially. Along with this increased productivity comes the inevitability of fewer funds spent on these tasks.

To top it all off, investing in AMS software is also eco-friendly. Transferring many of the daily tasks from paper to a digital platform can minimize the carbon footprint of your community. Many things that would normally use paper and ink, such as announcements and events calendars, can all be posted online.

Here are things the best association management software can help your HOA with:

1. Accounting

Accounting is perhaps one of the most challenging aspects of managing a community. It takes an accountant, or at least someone with sufficient accounting knowledge, to handle the intricacies of accounting and bookkeeping. With an AMS system, though, the task is made simpler.

An AMS can provide general ledger accounting, making it easy for you to balance your books. It can also juggle both your association’s receivables and payables, allowing you to stay on top of your financials.

Many systems even provide integrated bank reconciliation with a database for unlimited bank accounts, the ability to add bank fees and interests, and the ability to view updates in real-time. Say goodbye to manual journalizing and confusing spreadsheets — association management software is here.

2. Financial and Business Reporting

Because not everyone is a professional accountant, it can be immensely helpful to have financial reports drawn up quickly and in a way that is simple and readable for everyone on the board.

Most HOA software strives to make financial reports as self-explanatory and clear as possible with the benefit of including everyone in financial discussions and minimizing misunderstandings. Many systems also offer analytics and business intelligence that can help you make smart decisions.

3. Invoicing and Payment

Every HOA community relies on dues to survive. Unfortunately, sending invoices and collecting dues isn’t the easiest of tasks when done manually.

With an association management system, though, you can effortlessly manage billing and collection. Send invoices to members when fees become due. Many systems also allow members to pay their dues online without hassle. There are also systems that let you pro-rate dues if that ever becomes necessary.

4. Online Member Portal

Online member portals allow your association to be accessible all the time. With such a portal, members can log into their individual accounts and access information you make available to them. They can update their profiles, download copies of the HOA’s governing documents, and view the events calendar, too. Integrated systems can also make it easy for members to pay fees right from their accounts.

5. Member Communication

Communication is paramount in any given HOA community. You need to be able to talk to residents and disseminate critical information in a timely manner. With an AMS system, you can post announcements or updates, distribute e-newsletters, and also send notices such as violation notices and collection letters.

Some systems even have online reservation capabilities. This is particularly helpful if you need to control the number of people in a shared space at a given time. With this reservation system, you can eliminate redundancies in scheduling and make it easy for residents to save a spot.

6. Work Order Automation

Service requests are always a bother to manage, especially if you still do it the manual way. Some requests get lost in the shuffle, while others fail to even make their way to you. Automating your work orders with the help of association management software is a good solution to these problems.

Through the online member portal, residents can submit work orders or service requests. They can fill out the necessary fields and even attach photos as supporting documents.

Work order automation also benefits HOA board members or managers. You can track work orders in real-time, organize them according to priority or date, and even schedule repairs all from one neat place. Moreover, once a member’s request has been approved, you can send notice via the system, too.

7. Committee Management

Many HOA communities have committees that help the board with various tasks, from Architectural Review Committees to Events Committees. With the help of an AMS system, you can manage committees and sub-committees easily. Many programs also offer the ability for committees to interact and communicate. Other features usually include the recording of minutes and notes at committee meetings.

8. Event Management

If you need a comprehensive event management system, many association management systems come equipped with this feature.

You can organize one-day or multi-day events and communicate its details with members. Through the software, members can also register attendance and make payments. You can even plan every little detail right down to catering, audio/visual requirements, and room assignments (if necessary).

Association Management Software vs HOA Management Software

There might be some confusion regarding the difference between an AMS and an HOA management software. An association management software is broader and typically addresses the needs of a professional or trade association. On the other hand, HOA management software is software specifically designed to cater to HOA and COA communities.

Of course, that isn’t to say that AMS software can’t be used by homeowners associations. The features of both these programs usually overlap, which means HOAs can use either one. Though, since HOA software caters to HOA communities specifically, it normally has features that are friendlier to HOAs.

As for association management software vs property management software, the latter is used for managing real estate properties of both the residential and commercial variety. It also typically involves managing rent, tenants, and property maintenance.

An All-Around Management Tool

Association management software can be one of the best investments that you make for the community. Taking into account the amount of money it can help you save in many different areas, the program will pay for itself quite quickly. It can enhance the quality of the board, make you more efficient, and provide an easier way for residents to complete tasks online.

Condo Manager offers integrated association management solutions to self-managed communities and HOA management companies. Call us at (800) 626-1267 to learn more or schedule a free demo with us today.

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10 Best HOA Accounting Software

admin on March 23, 2016

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

1. AppFolio

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.

2. FreshBooks

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.

4. Buildium

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.

5. MoneyMinder

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.

7. ForwardPass

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.

9. FrontSteps

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.

10. QuickBooks

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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Everything You Need To Know About HOA Software

admin on October 16, 2013

Do you need help managing your condo or homeowners association? If you’re not ready to hire a professional management company, why not consider HOA software instead? To help you make this decision, here’s everything you need to know about HOA management software.

What Is HOA Software?

HOA software is an industry-specific computer program that performs essential community association management tasks. It functions as an all-in-one management tool that can make HOA board members’ lives easier. Condominium association software is the same thing, except that it is made for COAs.

HOA Software vs Generic Software

Generic software is designed to work across industries. It offers essential management features, which can be very helpful for HOAs. However, adjustments may be needed to adapt the generic software to the specific needs of your community. On the other hand, HOA software is already tailor-made for your association management needs. It will be easier and more intuitive to use.

HOA Software vs Spreadsheets

Many self-managed HOAs are likely familiar with Excel, Google Sheets, and other spreadsheet programs. It’s a low-cost option that allows HOAs to track their income, expenses, budgets, reconciliations, and other financial transactions. Spreadsheets can perform a wide variety of accounting functions. And even though macros and formulas can be difficult to learn, there are many tutorials and resources available to board members

The main drawback of spreadsheets is that it cannot perform more complex tasks that are essential to HOA management. Spreadsheets are also not efficient because it requires manual data entry, which can lead to as much as 88% errors. Scalability is another issue. While spreadsheets may be sufficient for a small HOA, it will become harder and harder as your community grows. While software may cost more, it’s much better at serving your current and future needs.

HOA Software vs Property Management Software

Property management software is also an industry-specific program. It is used by landlords to manage rental properties. Though they may have some overlaps, HOA management and property management also have unique responsibilities. As such, property management software may not have all the features that you will need to manage an HOA — and vice versa.

What Are the Features of HOA Software?

No two HOA software are exactly alike. Nevertheless, here are essential features that you should look for when choosing the best software for your community.

Accounting and Bookkeeping

Managing finances is one of the most difficult responsibilities of the board. As such, many look for HOA accounting software that can make financial tracking easier and less tedious. With a digital ledger, board members can easily keep track of money coming in and out of HOA accounts.

Communications Platform

With HOA software, the board can send announcements and updates to the entire community. The program also keeps track of all personal communications with homeowners so you won’t have to keep rehashing the same details over and over. In addition, some software options offer a forum or community board where homeowners can communicate with each other. These communication features are essential in creating a sense of community.

Financial Reporting

One of the best features of HOA software is robust financial reporting capabilities. You can create comprehensive and detailed reports that help keep track of the HOA’s finances. Financial reports are also customizable so you can make them as simple and easy to understand. This will help board members make accurate and sound financial decisions for the HOA.

Maintenance Management

Board members can use association management software to keep track of maintenance requests, work orders, and vendor payments. The association can also create maintenance schedules and to-do lists for each service provider.

Homeowner Portal

HOA or condo association software may include an online portal for the members of the community. Homeowners can log into their account to view assessment due dates, payment history, communication history, architectural review applications, amenity bookings, service requests, and events calendars. They can also conveniently access HOA reports and documents instead of having to request them from the management office.

Board Member Portal

HOA software may come with a separate HOA portal for board members. It comes with password protection to ensure that confidential or sensitive documents such as annual budgets, financial reports, delinquency reports, incident reports, and reserve studies are safe and secure. This ensures transparency among board members and can help them work more efficiently.

Violation Tracking

In a large community, software can be essential in keeping track of homeowners’ violations. With an all-in-one platform, each violation can be seamlessly integrated into homeowners’ accounts and the accounts receivable sheet. Automation also enables the software to send notices or emails to offending homeowners. Thus, the board can save a lot of time since they don’t have to manually perform these tasks one by one.

Should You Use Free Software?

HOA software is an investment. Associations that are hesitant to spend that kind of money may consider free software instead. Is this the right move for your HOA? Here are the pros and cons of free software.

Benefits of Free HOA Software

Little or No Cost: Free software is an attractive option for communities that have limited budgets. It allows them to experience the benefits of HOA software without having to shell out a lot of money.
Basic Features: Free software may not have extensive features, but it can still help associations perform essential administrative and management tasks.
Free Trial: Most software options have free trials so that you can experience the features first-hand. If you are stuck between two software options, you can use the free trial to determine which one is better suited for your community.

Drawbacks of Free HOA Software

Limited Features: Free software won’t have the same features as paid versions. It will perform basic functions but you won’t be able to access more complex features such as analytics, forecasting, and financial reporting.
Intrusive Ads: Free software may offer full features but with ads. These are not only intrusive and annoying but they also bring up security concerns. Make sure to read the fine print because some companies may be selling your data to third-party marketers.
Lack of Support: Don’t expect frequent updates — or if any at all — with free software. Since the software company isn’t making money from the program, it also won’t have the funds or resources to continuously update and improve the program.

Why Consider Paid HOA Software?

Going for the full, paid version is still the best option for associations. Contrary to popular belief, HOA software is not that expensive. Most companies offer different packages at different price points. It’s up to you to find the software that meets your community’s specific needs and budget. You can also start with the basic package then move up to higher tiers over time. This way, you won’t be spending more money than is currently needed.

Investing in HOA Software Is a Commitment to Your Growth and Success

There’s no doubt about it; HOA software can make board members’ lives easier. With essential features and automation capabilities, the association can save valuable time, money, and effort. Board members become more efficient and thus, are better able to serve the community. Though purchasing software may be a long-term financial commitment, it brings with it amazing benefits that can serve as the impetus for your community’s growth and success.

Interested in self-managed HOA software? Feel free to reach out to the Condo Manager team today! We have created comprehensive and innovative software solutions designed to meet the needs of HOAs and COAs. Call us at (800) 626-1267 or email us at sales@condomanagerusa.com for a free demo.

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