10 Best HOA Accounting Software Companies

Best HOA Accounting Software

Manual bookkeeping is no longer used by homeowners associations across the country. You can easily automate accounting processes and generate financial reports with HOA accounting software!

Table of contents

What Is HOA Accounting Software?

If you’re new to technology, you may be asking yourself what HOA accounting software is.

HOA accounting software automates numerous finance-related tasks and produces a comprehensive range of financial statements. This software is invaluable for HOA boards and managers, facilitating the management of day-to-day financial operations such as Balance Sheets, Income Statements, and Cash Flow Statements.

HOA management software offers a broader suite of services including communication and event management, HOA accounting software typically focuses more narrowly on financial management. This distinction is crucial for understanding the scope of functionalities provided by different systems.

Property management software on the other hand, is designed to assist in managing rental properties, whether they are residential or commercial. Unlike HOA management software, property management systems concentrate on individual property management rather than overseeing an entire neighborhood.

Why does your association need software?

HOA software HOA software simplifies processes within your community, such as tracking and resolving maintenance requests, ensuring violations are addressed promptly, and facilitating communication between management companies and residents.
Cloud-based HOA software solutions allow for management from anywhere, providing access from any device at any time, which is especially crucial in today’s remote work environments.
The best HOA accounting software centralizes review of all crucial association documentation and data, ensuring that information is readily accessible to all relevant parties. This centralized access improves accountability and decision-making efficiency.
Secure data –Moreover, cloud-based systems offer enhanced data security compared to traditional storage methods, and streamlined communication software fosters better interactions with residents. The availability of data enables strategic planning for the neighborhood’s future, leveraging reports on the association’s activities to assess current circumstances.
HOA accounting software, the margin for error is significantly reduced due to the efficiency of requiring only one accounting entry per transaction. This efficiency translates into time and cost savings, as the software minimizes the duration spent on manual tasks. Furthermore, real-time financial reporting capabilities allow for informed decision-making for the community.

What is the best HOA Accounting Software?

1. Smartwebs

Smartwebs Offers an All-In-One Platform + Mobile, streamlining community bookkeeping and enhancing efficiency with its cloud technology. Its features make it simpler and smarter to manage accounting, violations, work orders, communications, architectural requests, and more. Smartwebs pricing starts at $0.40 per door, making it accessible for both self-managed associations and larger entities.

Rated the best HOA accounting Software for ease of use, Smartwebs makes accounting, violations, work orders, communications, architectural requests, and more not only simpler but SMARTER.

Automate Receivables
Faster Payables
Better financial reporting
Advanced Accounting Intelligence
Stronger Bank Integrations

Smartwebs pricing starts at $0.40 per door making it affordable for self-managed associations and large-scale alike. You can schedule a FREE demo to see how the software works.

2. Appfolio

AppFolio Property Manager Known for its comprehensive accounting features suitable for HOAs, Appfolio supports automated accounts payable and integrates well with online payments for debt collection.

Though primarily a property management software, HOAs can benefit from its corporate accounting features, such as:

Record corporate transactions in a separate chart of accounts
Automatically create bills and invoices between corporate and property books
Bill back associations for management fees, admin work, vendor bills, and costs for common area maintenance

Pricing starts at $0.80 per unit per month, with a minimum monthly fee of $250. You can even sign up for a free customized demo.

3. Buildium

Buildium A property management software that serves HOAs as well, focusing on efficiency and ease of use, even for those new to technology. This solution streamlines various property management tasks, including accounting and tenant screening.

Buildium is free to try, and while pricing may not be ideal for all communities, it has plenty of options for those of different sizes. This software could improve small things, such as accounting functions, though it remains a good product overall.

4. FreshBooks

FreshBooks promises to make bookkeeping easy, allowing you to spend time on more important tasks. This software focuses purely on HOA accounting. One key feature of FreshBooks is its ability to be used on the go. That way, if you run into an emergency and need to track your time for a client later that evening, you don’t have to worry about not having the app with you.

You can try FreshBooks for free for 60 days. After that, subscriptions start at $4.50 a month with five billable clients. If you have over 500 billable clients, you will need to contact FreshBooks for custom pricing.

5. Condo Manager

Condo Manager is specifically designed to cater to HOAs and COAs, although property managers can still use their suite of features.

This software provides full-service accounting, from budgeting to bank reconciliations to monthly reports. Condo Manager not only does accounting, but also offers website services, online resident portals, communication tools, and service request management that help to improve your association. You can contact them for a free demo of the software.

6. CINC Systems

CINC Systems provide robust accounting and HOA management software modules. Their pricing starts at $39 a month. This all-in-one association management software boasts modules for accounts payable, collections, homeowner billing and payments, lockbox services, and monthly reports. It also offers other features typical in HOA management software, such as communication, CCR management, and ACC management.

Pricing starts at $39 a month.

7. FrontSteps

FrontSteps is a service that can be used to create and manage HOA websites. With this software, you can customize it to have many useful features such as violation tracking and online payments. This website makes it easy for residents in the community to file work orders. The management side lets you take care of your financial needs with their accounting services.

Pricing starts at $79.95 per month.

8. PayHOA

PayHOA is a cloud-based homeowner association (HOA) management software for communicating with members, collecting dues, and tracking expenses. It boasts of being an all-in-one platform to manage your community associations.

PayHOA offers a 30-day free trial. Afterward, pricing begins at $49 / per month.

9. MoneyMinder

MoneyMinder provides software exclusively for HOA accounting, catering to its needs. Utilizing MoneyMinder, you can track resident dues and other income. This software also displays reports, sends invoices to homeowners for payment, and compares your budget with your actual expenses.

What’s even better is that it is free for the basics, yet comes at $159 for the paid version for full capabilities. Those who want a taste of the features without risking anything are able to download the app for a trial period before paying.

It’s noteworthy that MoneyMinder has discontinued support for the Internet Explorer web browser, emphasizing the importance of modern technology compatibility.

10. Quickbooks

QuickBooks is well-known accounting software. While it does not offer options specifically catered to HOAs, it is still a great solution for an HOA just starting out. With this software, you can automate dues payments, wages, and bills. You can also track your income and expenses, allowing you to compare your budget with actual figures.

Pricing starts at $12.50 per month.

Features to look for

An efficient HOA accounting software can help HOAs save time and money, minimize errors, and improve overall financial management. But how do you know if you’re choosing the best software for you? Below are some of the key features to look for in HOA accounting software.

Budgeting and forecasting tools
Accounts payable and receivable
General ledger and financial reporting
Real-time balances

Budgeting and forecasting

Budgeting and forecasting are essential components of financial management for HOAs. An HOA accounting software with robust budgeting and forecasting tools can help HOAs create accurate and realistic budgets and forecast expenses, ensuring that the HOA’s finances are on track.

A good software solution should provide tools for creating and managing budgets. It should allow HOAs to set up budgets for different periods, such as monthly, quarterly, or annually, and allocate funds to different expense categories, such as utilities, landscaping, or maintenance. The software should also allow HOAs to adjust budgets as needed and compare actual expenses against the budget.

Accounts payable and receivable

Accounts payable and receivable are crucial aspects of managing an HOA’s finances. An HOA accounting software with efficient accounts payable and receivable management tools can help automate many of the manual processes involved in these tasks, saving time and reducing the risk of errors. Your software should allow invoicing, payment processing, and record keeping.

Overall, HOA accounting software with efficient accounts payable and receivable management tools can help HOAs streamline their financial operations and reduce the risk of errors. By automating these tasks, HOAs can focus on other aspects of managing their community, such as communication with members, maintenance, and compliance.

General ledger and financial reporting

A general ledger is a fundamental tool in accounting and financial management. It is a complete record of all financial transactions, organized by account and date, that is used to generate financial statements and reports. An HOA accounting software with a general ledger and financial reporting tools can provide a clear and accurate view of the HOA’s financial health.

Real-time balances

Real-time balances are an important feature of HOA accounting software because they provide an up-to-date and accurate view of the HOA’s financial status. This feature allows HOA members, board members, and financial managers to see the current balance of the HOA’s accounts, as well as any outstanding invoices or payments.

Having accounting software with real-time balances can save time by reducing the need for manual updates and reconciliations. Instead of manually entering and updating financial data, HOA accounting software with real-time balances can automatically update account balances and provide alerts when payments are received or invoices are issued. This can save time for financial managers and allow them to focus on other aspects of managing the HOA’s finances.

Selecting the best HOA accounting software

When choosing HOA accounting software, consider key features such as budgeting and forecasting tools, accounts payable and receivable management, general ledger and financial reporting capabilities, and real-time balances. These features are crucial for efficient financial management, error minimization, and strategic planning within your association.

Incorporating advanced technology into your HOA’s financial operations not only streamlines tasks but also enhances the management system, allowing your association to focus on essential duties like bank accounts and credit card management, handling maintenance requests, and coordinating with management companies. The right software ensures that your community can operate more effectively, fostering a well-managed and financially sound environment.

Guide for better HOA Management & Growth

Set the stage for success and streamline your HOA Growth and Management.

This guide helps You STOP Juggling HOA Accounting, Work-Orders, and everything else your community associations manage.

What You’ll Learn:

Top Violations for Communities and How to Minimize Them
How to Welcome New Residents
How to Become A Top HOA Community in Your City
How to Streamline HOA Growth and Management.
The Importance of HOA Management Software in Your Community
How to Choose the Right Community Association Management Software

Top Violations for Communities and How to Minimize Them

Garbage Cans

Residents leaving their garbage cans out for too long after trash day is a common violation in HOA communities. Most property managers probably know this violation all too well and have written up several violation letters because of it. Remembering to bring in those cans can be hard, especially when working from home!

How to Help Minimize This Violation

Reminding your homeowners that trash day is over and they can put away their cans is a great
way to minimize this violation. If you have a system like Smartwebs Communications, you can send out a weekly reoccurring text or email reminding residents to remove their trash bins from the road.

Landscaping

We all know it can be challenging to find the time to mow your lawn, but alas, it has to be done! This is a common violation HOA managers face and are crucial to making your community look its best. As the property manager, you want to maintain the beauty of your HOA association and make sure everyone in the community is proud of their neighborhood!

How to Help Minimize This Violation

Making sure your HOA rules are clear and easy to understand can help your residents know precisely what is and isn’t a violation. Once a quarter, you should send out communication that lists the common landscaping issues your community sees and the landscaping rules. This way, everyone is informed and can help fix problems before they even start!

Pets

We love our pets like family because they are! But residents not picking up after their furry friends is something that HOAs face all the time. This can be a problem that you hear a lot from other residents, and they might ask the property manager to help minimize this violation.

How to Help Minimize This Violation

This can be a tough violation because it’s hard to catch residents in the act of not picking up after their pets, so you need to be proactive about a solution. Making sure you have enough waste stations around the neighborhood is key to helping eliminate this problem. Sometimes residents forget to bring bags with them, so providing plenty of spots where they can grab a bag and remove the waste is crucial for your community!

How to Welcome New Residents to your HOA

Are new residents moving into the neighborhood? That’s great! New homeowners moving into the community provides an opportunity for you to welcome them to the area, make sure they are set up for success and deliver essential documents they need to enjoy their new home.

Send a Welcome Packet

Welcome packets are a great way to help new residents feel excited about where they are
moving to. So what should be in a welcome packet?

Governing Documents

One of the most important items to include in your governing documents, as this is what they will need to make sure they have a positive experience in the community. Many rules are violated not out of intent but because they are unaware, so having a well-written document outlining the rules and regulations of your community is crucial!

Welcome Letter

In your packet, include a welcome letter. Let them know you’re glad they are here and make them feel special! Noting who the board members are and their roles in the community are excellent information for any newbie. Also, if your community has a Facebook group or Nextdoor neighborhood, they could join. This is a great addition!

Community Map and Info

Your community probably has fantastic amenities and can be the main reason why residents
chose your neighborhood, so point them out. Providing a neighborhood map pointing out where the pool, fitness center, playground, and any/all amenities are will help your newcomers navigate the community. You should also include access information like your pool code or how to get a key card to use the amenities to their fullest.

Resident Portal Information

Do you have HOA software? We hope so! If you do, make sure your new residents know how to access it, their login info, and what information they can find. Suppose you have a resident portal like the one at Smartwebs. In that case, residents can submit architectural requests, communicate with the property manager directly, and find governing documents with a couple of clicks. This will be key for your residents to make sure they are continuously updated with new info and easily communicate with their property manager.

Welcome Committee

Establishing a welcome committee for your neighborhood can help new residents feel at home. By already having a contact in the community to ask questions about things like schools, favorite restaurants, and where to get their hair done. A welcome committee can also put together gift baskets for new homeowners that include your welcome packet, local businesses to check out, and how to meet others in the neighborhood. Greeting newcomers to your community will help set you apart and keep your residents happy for the long term!

How to Become A Top HOA Community in Your City

You want your HOA community to be somewhere people desire to live and are proud to
participate in. So, how do you become a top HOA community? Here are some tips we think can help you do just that!

Community Events

Community events are a great way to get residents involved and meet their neighbors. Throwing cookouts for the fourth of July or having a neighborhood block party every quarter can boost morale and get your community talking about their HOA. Is anyone in the community a part of a band? Ask them to perform at the neighborhood park and invite everyone to come out and enjoy it! Any event you throw can be a great way to get your community together and more involved.

Amenities

Having great amenities is a huge selling point for any HOA community, so maintaining them is crucial. Is your playground equipment rusting and old? Maybe it’s time to replace it. Getting ahead of requests/complaints about older equipment will make your HOA look proactive and prepared. If your budget allows it, look for more amenities you can add to your community as well. Maybe even small ones like having free fitness in the park days or adding soccer nets to open spaces.

Community Involvement

Getting people involved in their community helps them feel a part of something like they can impact their local neighborhood. Starting Facebook groups or a social committee is a great way to get your neighbors involved. This also helps alleviate your responsibilities and helps others feel important to their community.

How to Streamline HOA Growth and Management.

Growing a property management company is exciting and rewarding, but how do you get more
HOA communities to sign on with you? This can be challenging, but we think you can grow your business with ease with these steps.

Provide Great Service

The most important thing a business can do for itself provides excellent service. While this may be a no-brainer, we think it’s the most important as this is what will set you apart. If your company is known for always treating your clients right, going above and beyond, and getting the job done, you will, in turn, create advocates for your brand, making it easy to refer you.

Create a Referral Program

Referrals are a great way to grow your business as people enjoy talking about things they love.
Once you’ve created a brand worth talking about, make a referral program to incentivize clients to refer others to your business. Offering things like a free month of service or even gift cards are a great way to help gain referral business.

Attend Networking Events

Nothing beats meeting clients in person, so attending local or national networking events can
help your business get in front of key decision-makers. This can also help you build relationships with other vendors and services that could benefit you.

Increase Your Online Visibility

Are you visible to your potential clients on the internet? Make sure you’re updating your website and social channels frequently, as this is how people will find you. Here are some ideas to help increase your visibility:

Regularly post on social media – Facebook and LinkedIn are essential channels.
Start a blog that is updated consistently with important topics to your industry.
Join Facebook and LinkedIn groups related to your industry to connect with others.
Start a podcast or YouTube channel answering some of the important topics in your industry.

Partner With Other Vendors

If there are prominent vendors in your area that you can partner with, this could be great exposure. Make sure your core values are aligned before committing. Then you can leverage that other brand to help you grow yours and vice versa!

If you enjoyed this guide to help streamline HOA Growth and Management, check out the tools Smartwebs offers to help streamline and automate that growth.

Industry survey reveals why boards are unhappy with their Community Management Companies

According to a new survey, the majority of boards are not satisfied with their management companies. The survey, conducted by the Community Association Institute, found that only 30% of respondents reported that they were satisfied with their management company.

The survey asked respondents to rate their management company on a variety of factors, including communication, financial management, and overall performance. On each of these factors, the vast majority of respondents gave their management company a rating of “fair” or “poor.”

Here are a few ways you can impress and keep your board ‘on board.’

Board Members say Community Management technology is a MUST

Today, board members in associations are looking for high-tech services and access from anywhere. In fact, more than half of all respondents said it’s important for their association management company to be technologically advanced and use modern digital tools. Respondents put online portals, email, and online payments as the top three most valuable digital topics.

How do you find the best community management software for your company?

HOA Management Software is made to be easy to understand and visually pleasing. The user experience is important because it will determine how simple it is to use for your team.

Does the community management software have all of the features you need to maximize your productivity? Like, accounting, violations, online portals, work orders, mobile applications, architectural requests, communications, etc.

Accounting

Is your management company meeting board expectations when it comes to accounting?

In the survey conducted, financial management was also rated poorly, with only 16% of respondents giving their management company a positive review.

Your current accounting software may not be up to the task if it wasn’t designed specifically for community management. Monthly financial reports, balance sheets, income, and expense statements, and cash flow statements can quickly become overwhelming.

Out of the respondents polled, most reported that their management company used an outdated method or outdated software for their account management.

Having the right accounting software means:

No more tabbing back and forth
Seamless integration
Real-time balances and reporting
Online access for management teams and homeowners from anywhere

Responsiveness

It’s no secret that boards are expecting more from their management companies these days. One of the key areas where they’re looking for improvement is responsiveness.

The majority of boards are not satisfied with their management companies and switched companies when they found that they didn’t proactively respond, or were not accurately completing projects.

Boards want their calls and emails answered promptly, and they want their requests for information fulfilled quickly and completely. Keeping them up-to-date on important issues. The right community management software should help you do just that.

Organization

With online portals being one of the top 3 most valuable tools among board-surveyed respondents, it’s important for your HOA to prioritize software to help manage and stay organized with your portal.

An online portal is a great way for board members to stay informed about what’s going on with the association. It should be easy to find and use, and it should contain important information like financial reports and contact information for board members and association staff.

Tell me more.

Wondering where you can get software like this? You need SmartBooks! We built our accounting software specifically for HOAs and their distinct needs. Our software will help you manage your books with ease and also easily integrate with our management software to create one single platform to manage your communities. If you’re looking for superior HOA accounting software, schedule a demo with our team today and see the power of SmartBooks.