HOA Accounting software: The eye-opening ripple effect of choosing the right one for your accounting heading
HOA Accounting software: The eye-opening ripple effect of choosing the right one for your accounting
HOA Accounting software: The eye-opening ripple effect of choosing the right one for your accounting Content
By Srishti Singh
The reason for choosing HOA accounting software seems pretty straightforward. You need a reliable way to keep an accurate record of the operation, including accounts receivable, accounts payable, and all general ledger work.
What’s often overlooked is the ripple effect that the right HOA accounting software can have on your association. That right solution is one where all the many aspects of your association are operating on one database, unifying everything in one financial management software system.
Here are a few examples of the ripple effect from this uber-connected approach.
You’ll find yourself operating more efficiently
With one unified system, you can reduce the hassles and time spent working in multiple systems. And since you no longer have to export and import data from one system to another, you’ll reduce the chance for errors and omissions.
The premier systems help you do this while delivering best-in-class functionality. For example, Northstar’s fully-integrated association management solution has accounts receivable functionality that allows you to bill dues and recurring charges on a schedule you define. Since all aspects of the operation are connected, you can be confident that no charge is being missed. It also allows you to offer ACH and credit card payment options to your members.
You also have full bank reconciliation, the ability to automate your recurring accounts payable, the protection of positive pay, and more.
You’ll discover savings
With a fully-integrated association management software solution, you’ll eliminate the need for multiple vendors. No more paying for a separate gatehouse system. No more paying for separate systems that handle your amenities like golf tee times, activities, and more.
Better yet, you eliminate the time it takes to maintain those separate systems. And you reduce the training time needed as systems add new functionality or you add a new staff member.
You’ll improve your decision making
Since all aspects of your operation connect to one database, you know that the information you see is complete. This helps you confidently make decisions for your association. On top of that, it allows you to access some valuable tools.
For example, Northstar's HOA accounting software features powerful dashboards that allow you to drill down into the details. And you can quickly and easily generate comprehensive reports so you know where your financials stand at any point in time. Plus, the fully-integrated system gives you key analytics capabilities that help you uncover insights across your entire operation.
You’ll improve the member experience
You can give your members exceptional clarity and convenience when it comes to their association expenses. With the fully-integrated system, all fees, dues, and charges are automatically consolidated from across your operation.
A member could initiate a work order online. That request automatically populates to your crew’s devices in the field so they can see what needs to be done. And once the work is completed, any associated charges are automatically billed to the member.
The members can easily view their balance or individual invoices through an online portal. And systems like Northstar’s even add the ability to view all charges through an intuitive mobile app.
The integrated HOA accounting software allows the members to pay what’s owed right online or through the app.
This level of clarity and convenience delivers the kind of value that elevates the member experience.
Seeing the ripple effect at your association
With the right HOA management software, you’ll spend less time checking on payments, maintaining multiple systems, and the myriad of other administrative tasks that pop up with disparate systems. Furthermore, you’ll create a beneficial ripple effect that spreads across all areas of your operation, helping to improve your efficiency, your member satisfaction, and more.
To take a deeper dive into all the financial management functionality available, Request a demo of the Northstar fully-integrated association management solution. A solution built on one database for the connectivity to further evolve the finances – and operations – at your association.