Most of the homeowners’ associations (HOAs) have concerns with regards to financial management. If you are a member of the board, you may have numerous considerations and financial decisions to ponder on. No wonder, most of the HOAs choose to get financial experts on the job. There are companies that can handle the needs of HOAs with extreme care and attention to detail, focusing on the need to build both short and long term values for the community. With so many services around, how do you choose the right one? We have some few tips for your help!
As mentioned, there are financial services that cater to the practical needs of a homeowners’ association. However, before you make a choice, you have to understand the help you can get from the concerned service.
- The first aspect is about getting a complete financial reporting package for the association. Keep in mind that every HOA is different, and therefore, having a customized package only helps in addressing the common concerns, objectives and issues.
- Secondly, you must know the reporting services offered by a company. Ideally, the HOA should get payment and delinquency records for all owners on a monthly basis for better transparency. Also, the concerned service should offer internal controls to protect the funds of the association.
- It is also extremely pertinent to ensure that all the bills approved by the board are paid on time. Look for financial services that can deal with such payments and association funds in a clear, accountable and transparent manner. Professional services would never shy away from offering bank reconciliation services. In fact, this is often one of the highlights of such financial management companies.
- Check if the concerned service will deal with sending bills to home owners. This includes collection fees, regulation assessments, late fees and everything else. The outsourced service should be liable with regards to notifying the home owners on time.
- Of course, financial services aren’t complete without the preparation of annual budget. Ask the service if they can assist the association’s audit team with tax and audit preparation. They must be able to offer all kinds of reports, account details and other aspects as needed for timely completion of accounting work.
You can click here to find the right service. Make sure to ask as many questions as possible before hiring a professional service!