Putting Off the Transition to HOA Accounting Software? Here’s How It’s Costing You

Many self managed associations agree: HOA accounting software costs less than hiring a third-party property manager and makes community management easier.

Yet some HOA treasurers may still hesitate to make the transition. You may be looking at the cost-benefit of integrating a whole new management software system and wonder if it’s just too much work.

Chances are, your association already has a familiar system in place. Whether you’re using paper financial ledgers and collecting physical dues checks, or you’re budgeting with spreadsheets or general accounting software like Quickbooks, you know your system. Your fellow board members know your system.

Why switch to HOA accounting software now?

Doesn’t that mean moving all your records and information, retraining your volunteers, and getting residents to buy in to the change?

While transitioning to a new system may seem like a bit of an undertaking, it offers crucial benefits that are well worth your valuable time and effort.

·        It’s much easier than you may think to make the switch to an HOA accounting and management software system.

·        The right HOA software can net you significant savings and more efficient use of your time.

·  The right HOA software makes it much easier to communicate with your members and keep everyone informed.

Board volunteers lead busy lives and have a limited schedule to juggle all their management tasks. Such tasks can include anything from setting a budget and managing finances, to billing and collecting dues and fees, overseeing maintenance and community upgrades, managing vendor relationships, and communicating with residents.

Yet, at the end of the day, delaying the transition to HOA accounting software will cost you more time and money.

Here are the reasons upgrading now can streamline your approach to community management.

Table of Contents:

1.      Switching to HOA Accounting Software Is Easier than You Think

2.      Waiting to Transition Costs Time and Money

Switching to HOA Accounting Software Is Easier than You Think

As a treasurer, HOA accounting software lets you take all the bookkeeping data you’ve stored in spreadsheets or Quickbooks, the community documents, vendor contracts, and all the separate records your association keeps and place them into a centralized digital repository that’s secure and easily searchable.

A CEO of a major corporation may need a whole technology team to guide them, help train staff, and make strategic recommendations. Yet HOA software makes it easy for even a few board volunteers to self manage your neighborhood.

In other words, transitioning to new software is much easier than you may think.

Top-tier HOA accounting software has been designed specifically with you, the busy board professional, in mind.

Moving Your Data

The fact is that HOA accounting software like PayHOA lets you easily import files from Quickbooks or Excel spreadsheets. You can seamlessly move critical budgeting and accounting information from these files into a centralized, streamlined repository.

Neighborhood managers can also add other files and information like governing documents, property and resident data, and vendor contracts. Once you’ve imported your data, you can quickly find, access, and update them with a robust search function using custom tags, fields, and notes.

Syncing Bank Accounts

The best HOA software systems make accounting simple by syncing to your bank ledgers for operating, reserve, and other accounts. This ensures your bookkeeping stays accurate with up-to-the-minute financial records.

Once your accounts are synced, HOA software like PayHOA gives you instant access to manage your data. You can then produce detailed financial reports and analytics to track financial goals and progress at the click of a button.

Getting Support from HOA Pros

Adjusting to a new technology can feel daunting. However, the best HOA accounting software companies understand this and offer support through the onboarding process and beyond.

When you first sign up for PayHOA, a web-based interface guides you through a quick and easy setup.

From there, your board members will have one-on-one access to our team of HOA software and operations experts. PayHOA support staff will help guide you through the transition process to the new system, empowering your association to get the most out of your software based on your community’s needs and priorities.

PayHOA software continues to evolve based on the feedback and needs of communities that use it. Our HOA experts are always listening to your community’s unique needs. In fact, most of the features within PayHOA have come directly from our user’s feedback. Whatever your goals, we’ll help you achieve them.

Waiting to Transition Costs Time and Money

Using separate systems for budgeting, accounting, data storage, collecting dues and fees, fielding maintenance requests, and other management tasks may seem like a fine system. But this approach can lead to having to repeat tasks, complete tasks inefficiently, and waste time switching between several different files and systems.

When you’re constantly searching for files, tracking down emails, and using workarounds to accomplish tasks, it can drain your time and end up costing you in the long run.

These kinds of repetitive and unnecessary tasks can end up costing you a total of 19 days per year of work. HOA software streamlines these tasks and lets you accomplish them all from one central, easy-to-navigate hub, so you don’t waste a minute.

Also, accounting programs like Quickbooks aren’t built with your HOA in mind. Unlike HOA accounting software, these programs don’t offer features such as:

·        Bulk billing for individual units in a neighborhood

·        Invoicing with customizations such as automated late fees, discounts, billing dates, and end dates

·        Automated, centralized correspondence between the association and residents via text, email, telephone, and physical mail

·        Digital dues payments, communications, and community information accessible through a unique homeowner portal

·        Management tools for tracking maintenance and architectural requests and violations, storing and accessing homeowner and vendor data

Thus, non-HOA accounting tools offer a workaround at best.

The cost of HOA accounting software like PayHOA is negligible when compared to the tens of thousands of dollars communities might spend hiring a third-party property manager. Your software empowers your community to budget better, reduce costly risks and errors, and reinvest savings into projects that bring more value.

PayHOA knows HOAs want and need to make the transition to HOA accounting software. Our team is dedicated to making that transition as seamless and easy as possible. That’s why over 7,000 HOAs across the country trust PayHOA to help make their neighborhoods a better place to live, and 98% of our users recommend PayHOA.

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.