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?
- Why does your association need software?
- What is the best HOA Accounting Software?
- Features to look for
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.