Running a homeowners association can be easier when you implement and utilize specific processes in your routine. One of these elements typically includes using accounting software for HOA transactions. Choosing the best HOA accounting software can save time and make you work more effectively. However, picking an application to use for your specific needs may be confusing if you aren’t sure of the specifications and features you require. Even then, when making this decision, it can help to receive input from a professional who works with these transactions regularly. This article will examine a few top choices you may want to incorporate into your current workload. They’ve been chosen based on their comprehensive features, flexibility, and ability to provide an effective solution.
1. Buildium
Handling several properties effectively and quickly can be more efficient to complete when you use the Buildium application. Enabling managers of association properties to complete each accounting task fast and effectively is done via an entire general ledger. Utilizing the cloud-based software provides the solution you need to help improve record-keeping, finances, communications, and day-to-day operations. This high-quality accounting software for HOA requirements can assist with your bookkeeping needs and other essential management aspects. Possessing a highly efficient online payment feature into the system helps remove the headache of collecting and processing payments, making it more efficient to record these transactions.
2. NetSuite
NetSuite offers businesses the chance to run their businesses through an integrated cloud system of organisation. Over 24,000 organisations around the world use NetSuite and it is a highly trusted industry leader. While Buildium is a strong competitor, Buildium focuses on streamlining processes for property managers. Both NetSuite and Buildium integrate well with iPhones, androids and web-browsing. While NetSuite caters for small, medium and large businesses, Buildium also caters for freelancers on top of various business sizes. If you are a smaller business more strapped for cash, Buildium offers a low rate of $50 a month, while NetSuite charges $499 a month. NetSuite, however, offers more features such as ‘What if’ scenarios, 1099 preparation, 3PL management, API, Account reconciliation and accounts payable, which Builium does not. If you are. bigger business in need of more features and support, NetSuite may be for you.
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3. AppFolio
Keeping an accurate accounting of every transaction made with your association is imperative if you want to avoid hours of frustration searching for errors or misplaced entries. Utilizing AppFolio accounting software for HOA property management takes the complexity out of the process, allowing you to get more work done correctly. Providing a feature that automates the accounts payable can help ensure this area gets recorded quickly and accurately. AppFolio also offers real-time reporting, which can keep you more informed about the profits and losses associated with your properties. Removing the amount of busywork you need to complete makes using this application one of the best HOA accounting software solutions you can use.
4. Condo Manager
Catering specifically to HOAs and COAs, Condo Manager allows you to utilize a full-service accounting platform with numerous property management capabilities. Completing essential tasks, such as budget planning, bank reconciliation, or generating monthly reports can be more efficient when you’ve incorporated this accounting software for HOA transactions into the daily processes you complete. Allowing you to stay on top of the accounts payable and accounts receivable columns, receive online payments, and automate invoicing makes it highly efficient to utilize this application and avoid the dread of completing manual entries. Including communication tools, an online resident portal, and modules for collections or CC&R violations makes this app even more robust.
5. MoneyMinder
Examining the best HOA accounting software solutions wouldn’t be complete without mentioning MoneyMinder. This top application has provided the essential tools required to focus on your bookkeeping requirements for over 15 years, making it one of the veterans in the space when considering a list of the most reliable accounting software for HOA candidates. With this application, you can keep track of resident dues, receive online payments, send homeowners invoices and compare your actual expenses with the budget you created.
Staying Financially Healthy and Secure Is Essential
Incorporating a streamlined bookkeeping system for your general ledger helps provide more transparency. Inputting each debit and credit and organizing in specific areas makes handling more efficient and ensures your HOA stays financially healthy. This application will likely be more secure using a clean-cut platform to help you bill members, track expenses and manage your association’s finances.
Consider getting assistance from our team of real estate accountants here at Fusion CPA. We have worked with several different applications and narrowed down the choices to a specific list. Contacting us will allow you to discuss your options and discover what will work best for your particular needs. Get in touch with us today if you’d like to get started.
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