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 many tasks in finance and produces a full range of financial statements. Useful for HOA boards and managers, this software helps to manage day-to-day tasks such as Balance Sheets, Income Statements, and Cash Flow Statements.
HOA management software is more comprehensive and includes features such as communication and event management. HOA accounting software typically does not offer these services.
What about property management software? Property management software is designed to help you manage rental properties of all types, whether they are residential or commercial. This type of software functions differently from HOA management software because it focuses on property management rather than managing an entire neighborhood.
Why does your association need software?
- HOA software streamlines all of your processes within your community, such as ensuring violations are issued and handled. By automating these tasks, you’re freed up to do other tasks that need your attention.
- With Cloud-Based HOA software, you can manage your homeowners or community association from anywhere. Having a cloud-based solution allows you to access your HOA software from any device, at any time. In today’s remote work environments, this is especially critical.
- The best HOA accounting software combines the review of all important association documentation and data in one centralized location. This means that everyone involved will have easy access to relevant information, and can be held more accountable for their actions because they are available at any time.
- Your data is more secure when it’s in a cloud-based system than stored on one computer or as hardcopy in a bunch of folders.
- Streamlined communications software can create better communications with your customers. With all information in one place, it’s easier to come to a consensus and make decisions.
- With all of the data available, it can be used to strategize for a neighborhood’s future. Reporting on an association’s activities and using them to figure out the current situation is helpful.
- HOA accounting software creates a smaller margin for error. Since the software only requires one accounting entry per transaction, this makes it much more efficient than a manual system.
- Savings. HOA accounting software saves you time and money. Although you are paying for the software, you cut down on time spent performing manual tasks.
- Financial reports. With HOA accounting software, you can generate real-time reports with the click of a button. Accurate reports allow you to make smart and informed decisions for your community.
What is the best HOA Accounting Software?
Smartwebs All-In-One Platform + Mobile allows you to say goodbye to time-consuming manual work and outdated software, allowing you to make the most of every minute.
Workflow automation means spending less time on community bookkeeping. Smartwebs accounting software was developed and designed exclusively for community associations, using the most up-to-date cloud technology and security. Powerful workflows, easy automation, and improved reporting will keep your HOA running smoothly.
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.
AppFolio Property Manager has some great accounting features for HOAs, including bill entry and automated accounts payable. A full stack of integrations, including debt collection with online payments, and automating late fees.
AppFolio is primarily a property management software designed for corporate accounting, HOAs can still benefit from their software. With 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.
Buildium is a property management software that can be used for HOAs as well. It provides property managers with efficient software that is easy to use, even for people who aren’t confident with new technology. Buildium focuses on streamlining tasks so that you spend less time on them. It has quickly attracted the eye of property managers.
Buildium allows you to perform many different property management tasks, like accounting, rental applications, tenant screening, document storage,
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.
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.
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.
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.
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.
If you’re looking for HOA software solely for accounting, Money Minder is a great option.
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 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.