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Best HOA & Condo Management Software 2023 Reviews & Pricing

accounting software for homeowners associations

Since the treasurer will not be the only person reviewing the chart of accounts, it is imperative it is accessible to any potential party, from other HOA volunteers to board members. More specific listings lead to less questions and confusion in the future. Individual request tickets can help you direct requests to the right people with attached images, text, and documents. You can also close completed tickets and access the thread of communications to easily organize and manage every request. You have the ability to set up multiple pay schedules and frequencies, and can distribute payments by cheque or through direct deposit.

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The simplest answer is because it can take a lot of work off your plate, of course. So, below, we’ve listed other key benefits of implementing software solutions to help run your HOA. However, you can simplify and streamline most of your tasks with technology and software and save time.

MRI Software

For one thing, bad HOA bookkeeping can cause a major financial fiasco within the association. You might end up overspending and making poor financial decisions as a result of inaccurate records. Integrate MoneyMinder and Join It to automatically sync up your membership and payments.

accounting software for homeowners associations

Other features include the ability to host board meetings and community bylaws, communicate community news, and set up custom forms to track HOA business. HOA systems allow board members to pull reports on payments made, overdue dues payments, and revenue. Being able to track income accurately allows board members to plan maintenance and upgrade budgets for community resources. The system will also allow you to calculate HOA dues increases to pay for large projects in the future.

Homeowners’ Association (HOA) Software: the Best Options in 2022

Membership payments are imported into your Join It bank account and Members are inserted into your MoneyMinder contacts seamlessly when they are created or updated. Connect your Venmo account to MoneyMinder PRO to directly download transactions, saving you time and effort. Residents will violate the rules every once in a while, so your software should come equipped with a tool to track that information. This is particularly helpful for larger communities where a number of violations can take place all at once or overlap. With this module, you can easily keep track of members’ violations, access their violations history, and send notices. And while you can certainly run one without using management software, there is no denying that software makes everything easier and faster.

That means not letting a single person have control over every financial department. Ideally, the person who writes the association’s checks should be different from the person handling receivables. Most accounting software is overkill for volunteer-run Homeowners Associations. MoneyMinder is simple online treasurer software for HOAs that has exactly the features you need.

What Our HOA Community is Talking About

When it comes to the best HOA management software, it’s hard not to mention Yardi Breeze. This management system comes with impressive features like appointment scheduling, cash flow analysis, contract and license management, critical date alerts, and built-in accounting. You can also easily track violations, share files, calculate late fees, and manage your taxes.

FreshBooks accounting software allows you to create an invoice template with your association’s branding materials that you can have sent out either automatically or at the click of a button. With HOA accounting software from FreshBooks, those tedious tasks hoa accounting won’t be a problem for you anymore.. The automated HOA accounting software lets you send invoices, record payments, chart expenses and more with just a few clicks. Insufficient funds is another possible consequence of poor homeowners association accounting.

Accounting software for homeowners associations is designed for an HOA’s billing and collections needs. With PayHOA, every day is an opportunity to prepare for tax time, so a series of small actions can have a big impact on your peace of mind. PayHOA accounting software can be available for as little as $49 a month for a self-managed board. It’s a small price to pay to turn piles of paperwork into easily searchable digital files that can be ready whenever you need them. IRS form 1120 is for corporate income tax returns, while form 1120-H is specifically designed for homeowners associations.

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