There’s a difference between deploying technology and adopting it. You can flip the switch on a perfectly functional payment portal, send out one announcement, and still find yourself staring at a pile of envelopes at the end of the month. And that’s not stubbornness on their part, but human nature. The more habitual a behavior, […]

If you manage a large community association, you know that collecting dues is an entire chain of events, from generating invoices, sending reminders, and accepting payments through multiple channels, to matching each one to the right unit, reconciling your bank, and tracking down whoever hasn’t paid once the grace period closes. Every single link in […]

Accounting software is used by all types of professionals. While accountants and bookkeepers are generally very comfortable working with this technology, people without an accounting background can use it too. In fact, several HOA staff and managers rely on accounting software to streamline and organize income and expenses, such as bill payments, taxes, payroll, assessments […]

Are you familiar with earnings credits? Sometimes referred to as an earnings credit rate  (ECR) system, earnings credits are sometimes offered by banks to property management companies. While property management companies benefit from these credits, they have also sparked controversy due to the ethical and legal concerns raised between the companies and their clients. Read […]

Maximizing profitability as a condo or HOA portfolio manager is always a top goal. One comprehensive study found that over 90% of property management companies had growth as their #1 priority. Acquiring more clients is one of the main ways property management companies can generate additional revenue; however, companies can also lose good clients if they try […]

Did you know that your HOA might be eligible for a grant? Unlike loans, recipients do not have to pay back grant money.

Densely populated high rise condominiums have always been budget conscious. With so many expenses, it’s not hard to overspend and exceed the annual budget. But this year is different. Reducing costs or finding new ways to generate revenue isn’t just a goal, it’s a necessity for many large condo communities. Costs for services, materials, and […]

Has it been a challenging year for your condominium community? If you answered yes, you are not alone. The cost of everything, including insurance, utilities and staff, is up, and condo owners are feeling the pressure. The bad news is that costs aren’t decreasing any time soon. The good news is that more stability is […]

Condo and HOA communities are non-profit organizations, meaning almost all of their revenue comes from owner assessments or dues. Associations need owners to make their payments on time. Otherwise, they may be forced to increase assessments, levy a special assessment, reduce services, or take out a loan.   Download our free collection policy template     […]

While many condos and HOAs aren’t required to provide payment plans, it’s better for the community to receive some money than nothing at all.

Accounting gets easier with practice, but without good systems in place, and a bit of help from software, it will always feel like a chore.

While we can’t eliminate this responsibility for you, we can suggest some ways to simplify your accounts receivable workflow.

QuickBooks can help automate and streamline the process of documenting and collecting monthly HOA payments from members.

Not only does QuickBooks offer different pricing packages, but customers have the ability to combine it with software they already use.

Assessment increases are not popular, but they are necessary to maintain property values, facilities, and a good standard of living.