Community accounting can seem like a daunting task, and if you ask management teams it can be one of the most difficult aspects of the job. Community management teams have daily responsibilities to maintain and keep up with HOA community accounting procedures.
Some of these duties include;
- Collecting Assessments
- Generating Financial Statements
- Pursuing Delinquent Assessments
- Paying Community Vendors
- Organizing and Filing Taxes
- Generating General Ledger Reports
With many obligations the question becomes, “How can we simplify these procedures?
The first step in simplifying these transactions is to adopt a software. When searching for this type of solution you should keep an eye out for these time-saving efficiencies;
- The ability to manage all communities from a single interface
- Selecting a software provider that was specifically built for associations
- The option to automate monthly financial reports by community
- The ability to post fees and delinquency letters
- Options to manage your vendors and budget from one place
Another way your accounting procedure can be simplified is through integrations. If your accounting software provider partners with your financial institution you’re automatically syncing accounts. This can help monitor your associations finances in real-time, as well as catch any mistakes or possible discrepancies. This type of integration can save your communities from serious mistakes, possible fraud, and wasted time.
Simplify your HOA accounting procedures and put your communities on a path towards growth with Caliber. Caliber employs a comprehensive suite of features to assist in everyday accounting endeavors.
