Streamline Your Finances With HOA Accounting Software

If you’re on the board of a self managed HOA, you may only have a handful of hours each week to ensure everything gets done. You need efficient tools to make this happen. This is especially true if you’re an HOA treasurer who has the important job of managing the financial health of the community. Relying on the association’s old-school methods and outdated technology won’t cut it, and could easily lead to errors. 

Vendor relationships, homeowner payments, budgeting – these are just a few of the moving parts that must come together when keeping your finances in order. The good news is that using the right HOA software will streamline the process and bring everything together under one roof. 

There are plenty of accounting and property management software options on the market, but they don’t provide the niche functionality you need. To truly consolidate your finances, work with our HOA accounting software that was designed with you in mind. 

Let’s look at how easy your job could be. 

Automate the Invoicing and Payments Process

Imagine how much time you’d save if you no longer had to manually send invoices to homeowners, track incoming payments, and manage late fees. Automating all these processes would not only make your job a breeze, it would ensure money wasn’t falling through the cracks.

With the right HOA accounting software in place, you can send invoices to all the residents in your community at once or segment them into groups. You could even create recurring invoices that go out when you want, whether it’s monthly, quarterly, bi-annual, or annual. This means no more tedious bookkeeping and data entry work. Homeowners also benefit by setting up autopay so they never miss a payment. 

In addition to invoicing and receiving payments, you can streamline the tracking of late fees and early payment discounts so you’re not spending hours reviewing invoices. Our software lets you set a schedule based on your needs and automate the process. 

All this functionality ensures your association’s accounts remain current and error-free. It also adds a level of convenience that residents will appreciate. 

Simple, Robust, General Ledger Accounting 

As an HOA treasurer, it’s important to maintain a bird’s eye view of all your accounts. To do this, you must be able to access data quickly and with absolute certainty that it’s up-to-date and accurate. 

Quickbooks is a popular tool for this type of work. And, while it’s highly effective for accounting, it wasn’t built with HOAs in mind. 

We understand all the financial requirements homeowners associations must consider and have designed a tool that provides the insights you need. Our all-in-one HOA accounting software puts the control in your hands so you can streamline your entire accounting infrastructure. 

Features include: 

• Streamlined accounts payable and bank reconciliation
• Custom reporting functionality and interactive financial statements
• Banking integration for seamless transaction imports 
• Cash or accrual-based accounting preferences 
• Custom or template chart of accounts 

Our HOA software can prepare and efile your 1099 tax forms, and we have a CPA ready to file your 1120H and related state forms, so the association maintains IRS compliance. This eliminates the need for extra work at tax time and provides the peace of mind that your tax filing won’t get overlooked. 

Budgeting and Reporting Made Easy

When it’s time for your self managed HOA board to start planning for the upcoming year, access to key financial insights will help you make informed decisions. The right software makes this information easy to access and understand. 

It’s important to keep in mind that no two homeowners associations are exactly alike. They manage communities of varying sizes, maintain unique rules and fee structures, and have different plans for their future. That’s why we’ve created customizable budgeting and reporting functionality. 

Our HOA accounting software allows you to create report packets based on the data your association needs – no more, no less. These packets are branded and well-organized so board members aren’t overwhelmed with putting all the pieces together. This is a game-changer during budget meetings. 

You’ll also be able to create a custom chart of accounts that aligns with your association’s unique goals and financial system. This provides much-needed clarity, helps you stay organized, and makes it easy to streamline financial management. 

When it comes to budgeting, our software offers an analytics tool that lets you compare data and view overall budget performance. You can also replicate a budget you create in our system for use in the upcoming year and export data into PDF or Excel format. 

Seamless Banking and Smart Integrations 

To achieve the full scope of financial management, your HOA accounting software needs to connect to your association’s bank account. This allows you to track all transactions and do away with time-consuming paperwork. We’ve made this easy with integration capability along with user-friendly coding for better organization. 

Our software allows you to: 

• Access account balances in real time 
• Import and categorize transactions
• Code and track homeowner and vendor payments 
• Automate bank reconciliation 

In addition to syncing with your bank, our HOA software allows for integrations with other third-party companies that will aid in financial management, communication, and data storage. This means you can consolidate a wide range of tools without the need for separate accounts or added fees. 

When using software to connect with your bank and provide residents with an autopay option, security is a concern. We take things like payment system security and data protection very seriously, which is why we’re powered by Amazon Web Services (AWS). This cloud computing service puts safeguards in place to protect you and your homeowners’ privacy. Features like two-step verification, encrypted data, user permissions, and secure payments ensure your HOA and residents never have to worry about their information falling into the wrong hands. 

Vendor Management 

Working with third-party vendors is a big part of HOA management, but the financial aspect of it can be a huge headache for treasurers. Managing invoices, ensuring payments go out, and tracking jobs all must happen seamlessly to stay on top of finances and maintain the quality of the community. Our software streamlines all these tasks. 

Instead of contacting each vendor directly to make payments, you can receive invoices via email where they’ll get automatically scanned and uploaded into our platform. You can then set up online payments so you’re not spending time reaching out to each vendor. Our software lets you establish autopayments based on a vendor’s preferred method of payment and will automatically send out a check if one can’t be established. 

Keeping records of vendor documents like invoices and contracts is also a breeze. Using a centralized repository, you can store all pertinent information per vendor so nothing falls through the cracks. You can also generate 1099 tax forms for each vendor. 

By streamlining these essential functions, you ensure your association is never delinquent on payments and that your vendor relationships stay healthy. 

Take Control With Our HOA Accounting Software   

If your association’s financial management is still in the dark ages, your job will never be easy. The good news is there’s a simple solution. Our all-in-one HOA software will drastically reduce the time you spend maintaining a healthy financial infrastructure. 

Ready to streamline your finances today? Contact PayHOA to learn more. 

---

PayHOA offers an HOA management software solution for HOAs of any size or managerial priorities. To find out if PayHOA fits all your HOA management needs, try our software free for 30 days.