Every homeowner’s association is different, with regards to values, objectives and interests. If you are a board member, you know the long processes and tasks involved in financial management. To reduce the hassles, most associations choose to hire professional companies. These are financial services that deal with the specific needs of homeowners’ associations and ensure that their interests and financial goals are protected. Here are some quick tips and tricks for choosing the right service in your area.
- First and foremost, look for financial services that deal with HOAs in particular. These companies know the complications of such associations and can offer a customized financial reporting package that meets the work requirements.
- As a client, you have to be assured about a service before you hire them. Start by asking questions about their experience and expertise. Professional services never shy away from talking about their clients, and they will be more than willing to offer references.
- You should be concerned with regards to reporting. Most of the financial services deal with funds of the association on a regular basis for payments approved by the board, and therefore, they should be able to offer monthly bank statements and reconciliation details.
- Look for a service that can handle the controls of association funds. You need a team that can also work closely on all aspects of home owners’ dues and payments. Also, check if they offer and maintain owner payment and delinquency records on a monthly basis and whether they will send the billings on time, both for collection fees, regular assessments and special assessments.
- Annual budget is one of the major concerns for homeowner’s association, and a financial service should be able to handle the same. They must also assist the board appointed audit team with tax and audit preparation. They are also supposed to establish and maintain reserve accounts, as needed, and must be able to prepare reports and forms for governmental agencies in time.
- Before you choose a service for financial management, do ask about their charges and how they plan to manage the work of the association. They must be easy to afford and reduce the task of management for board members. Don’t shy away from asking questions with regards to operations.
You can read more about such services here, and don’t miss on asking relevant questions that are unique to your association.