Bookkeeping Services for Your HOA or Condo Association
Two of your board treasurer's important responsibilities are:
- Ensure that your association's bookkeeping tasks are done promptly and accurately.
- Provide financial information to your Board of Directors as needed, to enable your board to make sound financial decisions on behalf of your home owners or condo association.
The day-to-day, monthly, quarterly, annual, and intermittent bookkeeping responsibilities for a condo or homeowners association are often too onerous for a board treasurer to complete on their own. We make it easy for your board treasurer to delegate all or a portion of your association’s bookkeeping tasks.
Delegating bookkeeping tasks to our team has several advantages for your board and homeowners.
- Expertise. Your bookkeeping tasks are completed by an experienced bookkeeper with specialty training to ensure it is done in accordance with generally accepted accounting principles for a condo / homeowners association.
- Safety. Accounting and backup systems to ensure your accounting data is safe and secure.
- Efficiency. Your accounting tasks are completed promptly and efficiently: from entering transactions and mailing statements to following up on delinquent payments and providing data for audits.
- Online access for board members to view financial documents relevant to their role including financial statements, audits, budgets, and supporting documents. For example, invoices are available for the board to view online the day we receive them; a seven year history is available online.
- Online access for homeowners. Homeowners can login to view their own statements, invoices, and payments, and make payments online.
- Communication. Timely answers to questions from your home owners, board members, your tax accountant, etc.
- Compliance. We stay current with bookkeeping-related legal and regulatory changes to ensure your association is compliant.
- Continuity. The handling of your association bookkeeping tasks is consistent even when your association board treasurer changes.
- Peace-of-mind. Your board and home owners can relax knowing that your association's bookkeeping tasks are accurate, compliant, and complete.
Typical Tasks We Handle for HOA and Condo Associations
- Operating Budget. Prepare an annual operating budget in accordance with the Declaration and the Board of Directors, 30 days prior to the end of the fiscal year.
- Reserve Study. Act as a liaison for a reserve study in accordance with the Board of Directors for the replacement of the major components of the property/building.
- Homeowner Accounts. Prepare and update account ledgers for each homeowner.
- Receive and Record Income. Receipt and posting of individual association member dues and special assessments to individual account records.
- Payroll. Prepare, maintain, and disburse payroll for any on-site personnel and/or employees.
- Pay Bills. Process invoices and pay invoices.
- Financial Statements. Prepare and distribute monthly financial statements (balance sheet and income statement) and supplemental reports detailing expense variances, money collected, monthly expenses, outstanding dues, and outstanding invoices.
- Bank Accounts. Daily tracking of all bank accounts.
- Reconciliations. Monthly reconciliation of all bank accounts.
- Notices and Letters. Prepare and mail notices and letters, as directed by the Board of Directors.
- Delinquency Collection
- Annual Financial Reports. Prepare any annual financial reports, as directed by the Board of Directors.
- Audit Assistance. Provide records to the auditor for preparation of the association's annual audit.
Learn about our other services, get a management proposal or contact us today for more information about delegating your HOA or condo association's bookkeeping services. Discover how affordable and helpful association bookkeeping services can be.
