For those association which are operated by their board ( as opposed to managed by an independent management company), having the right tools is critical to keeping your time commitment reasonable. We created our free (albeit you have to register) board management section on CORE’s website for you which has many tools to help you operate the association but more importantly, we are talking about software.
Association’s managed by independent managers get to leverage the software selected by the manager. This works to a point since the manager is responsible for 90% of the operational detail and they need it to get their work done effectively. Board operated association’s do not have that luxury. They need software and systems to help them in the daily management and responding to the phone calls, emails and even letters from owners requesting information.
And this is before we even talk about the bookkeeping/accounting system. For many small associations, the treasurer may have downloaded QuickBooks years ago and it works ok. But it is on the treasurer’s computer and if something happens, the association may quickly find itself missing a critical piece of information.
Some of you may have moved to QuickBooks Online which solves much of that problem. But it is still likely only accessible by the treasurer and you may not have a process in place to smoothly transition the login and work from old to new treasurer. Web-based applications are better than desktop for board operated associations but you still need process and systems to address the inevitable.
Outsourcing the accounting and information management might be a great opportunity for your board operated association. This eliminates the worry that you need to have specific skills for the treasurers role. The board can still control the checkbook (especially the reserve funds) and the accounting team can keep everything accurate and up-to-date.
If you are a board operated association and are looking for options, CORE would be interested in having that conversation with you. You can control the front-end, work with the vendors, schedule the work, approve the bills, and CORE will handle the recording to the accounting system, entering vendor invoices, paying the bills and reporting to the owners and board. We support you remotely and our superior understanding of associations and the peculiarities of association reporting make us very cost competitive. We can even create and manage your association’s website so that you can deliver all of your governing documents to current and future owners on their times and terms.
Being a board managed association doesn’t mean giving up using the best tools for maximizing the effectiveness of your time serving the community. If you are ready to consider what effective back end specialized accounting management can do to help your board and community, email us to schedule a time to talk.