Accounting

Accounts Payable (AP) Time Builds Up How much of your week as a community manager is spent managing finances? Accounts Payable, or AP, is a part of the business all industries must handle, and community management is no different. When managing a property or community, a major responsibility is billing and paying vendors. This can […]

Stay-at-Home Order Is Lifted! Now What? As states attempt to re-open after the COVID-19 shutdown, HOAs and communities need to be ready for the changes it brings. Property managers need to consider what they learned in the months their state was shut down and how to re-open community facilities in the safest way possible. The […]

There Are Undoubtedly Going to Be Times When Temporary Office Closures Are Necessary It could be due to a natural disaster such as a hurricane, tornado or snowstorm, or it may be a human-related issue like COVID-19. But businesses must continue to operate and the accounting function of your HOA is the most important piece […]

Collections and Cash-Flow Can Be Some of the Trickiest Job Functions for Property Managers Collecting assessments that are due to your HOA is crucial for your association’s finances and cash-flow. However, they can also lead to unnecessary conflict if not handled properly. It is the fiduciary duty of the board members to collect dues and assessments […]

If a Disaster Happens, There Are a Lot of Things That an HOA Board and Its Residents Must Consider (Besides HOA Dues) Gathering supplies, making sure your family is safe, and keeping your home protected are just some of the immediate actions’ residents and HOAs need to take when dealing with an emergency. If for […]

Part of your responsibilities as an HOA accountant or HOA Board member is to keep sufficient funds in your HOA reserves. Residents are not fond of special assessments or fees due to poor accounting by the Board members and others who handle their monthly association payments. But What Exactly Is an HOA Reserve Fund? While […]

Audit. The word alone is cringeworthy for a lot of people. Similar to an audit from the IRS, a homeowner’s association audit is a lengthy process. An audit can take three to five weeks. So, investing in the best HOA management software can make it easier to move through any financial review processes required of […]

Sustaining a Business Requires Proper Reporting An understanding of the money coming in and the money going out is necessary for planning, not to mention for staying in good graces with the Internal Revenue Service (IRS). The same rings true for running a homeowners association. Completing different types of HOA audits allows you to keep […]

Collect Past Due Assessments: Homeowners Edition It’s no fun to be ‘THAT guy’ who is going after down-on-their-luck neighbors and demanding to collect past due payments. Of course, in a homeowners association, you always have the nuclear option when it comes time to collect past due payments—the home lien—but that should really be a last […]

Note: This article has been updated since it’s original publication. It’s the new year. The holidays are over and if you’re a CAM Accounting professional, now is when the real work begins. That’s because the new year also marks the beginning of a much more stressful time in community association accounting – Year End. If […]