Being part of an HOA’s board of directors is a great way to stay involved in the lives and development of your community. Though there are plenty of routine administrative tasks, board members often shy away from accounting due to its perceived complexity. While CPAs often handle bookkeeping responsibilities externally, it still pays for all […]
Category Archives: Accounting
10
Nov
Nov
Bookkeeping can be a headache for any business. That’s why 46% of business owners claim it as their least favorite task. In order to sustain, organizations have to keep a close eye on expenses. In doing so, many business owners or associations do bookkeeping themselves in software like QuickBooks or look over the shoulder of […]
09
Oct
Oct
Operating a homeowners association company makes you responsible for maintaining and upkeep common areas in a residential community. And the management itself involves several parts, the most crucial being financial management. And though you don’t need to be a CPA to be a successful HOA manager, understanding financial concepts will help you do your […]
28
Jul
Jul
How do you choose the right CPA for your COA or HOA? Every condo association is made up of different independent departments that work hand in hand to ensure the smooth running of the HOA. Most of these departments rely on proper condo financial foundations, strategies, and budgets to carry out their different responsibilities to […]
25
Jul
Jul
Want to improve your COA’s cash flow? The size, growth, and projects in a Condo mostly depend on its community. Projects are mapped out, planned, budgeted, and determined to be important to a condo when community members are involved. This is because they are the ones to pay the fees and the special assessments when […]
21
Jun
Jun
Budget Preparation Budget preparation is an essential part of every association’s finances, no matter the time frame – quarterly or annually. For homeowners associations, a well-drafted budget must be prepared as a new financial year approaches, but not all associations know how to draft an HOA budget. An HOA budget is essential to the financial […]
15
Jun
Jun
Control procedures for HOAs and COAs are critiical. Businesses are built to grow and expand. Entrepreneurs put their money into businesses to see that it scales and expands to yield profits. It makes no sense that any business-minded person would put his money into a business lacking growth and does not have any plans to […]
29
May
May
Every business uses a balance sheet. HOA balance sheets are crucial to understanding the distribution of finances. Money coming in, money used for equity, and money going out need to be tracked at all times. The tracking of finances through financial sheets is important because condo associations depend on the availability of finances for maintenance […]
27
May
May
For most modern businesses out there, account payable is one of the top-stake tasks there is. After all, every business should be able to pay what it owes – you should not get this wrong. It is no secret that managing invoices accurately is a vital key to maintaining good relationships with your suppliers. A […]
26
Apr
Apr
Do you live in a home or condo that is part of a community association? Many people do. Have you ever considered who is running the books? The association’s finances can greatly affect everyone who lives in the community, so why would anyone ever leave the books to a novice? Why Hire a Professional When […]