HOA management board members wear a lot of hats. One day, you might be an event planner, the next making regulatory decisions, the day after that interpreting the CC&Rs. And though the treasurer might be the primary person handling finances, at some point or another it’s probably a facet of running a neighborhood that all board members will take a turn with.
Whoever has their hand on the financial ball at the time, it’s up to them to manage things promptly and efficiently or the HOA budget falls out of place. Gassen, your expert providers of property management services, is here with some tips on how to do just that.
Ensure Sources of Income Are Consistent
For your HOA, this means dues. Via online property management services or otherwise, it’s critical to the welfare of your community that residents pay their dues on time. Without them, your monthly budget can quickly spiral out of control.
Maintaining this income source is all about giving your residents multiple avenues with which to pay and making those avenues as easy as possible to access. While some folks may prefer online payment methods, others still use more traditional ways, so be sure to account for both.
If you use digital methods, you owe it to your community that any software is simple to use, consistent, and reliable. Use a program like HOA Assist which allows residents or members to pay dues quickly online and sends you the financial reports.
Be Flexible but Accountable
You can’t plan down to the nearest penny for some expenditures. Prices for things like landscaping plants or pool supplies will fluctuate. It’s okay to spend a little more or a little less than you may have thought you would, but make sure you’re accountable for it and take note of where the money is going or coming from.
This is where a to-the-moment update system for your budget, like a spreadsheet that you can access from your phone, is useful. Self-managed properties can use our HOA Assist management program to customize a portal where you and your residents are able to see in real time how finances shift and change.
Keep Everyone In the Loop
Since you never know when your treasurer or financial chair might be unavailable or when you want to make a big spending decision where the whole board needs relevant financial information, use a management program that keeps track of all your records.
You and anyone on your board can have access to the vital info you need with an online HOA assisting program. Plus, you can keep your residents informed of projects, changes, budget meetings, etc.
Use Accounting Property Management Services
If you’re in over your head, there’s no shame in asking for help. Even the most old-handed boards use professionals to handle their taxes or month-to-month budgeting. Not everyone speaks in the language of numbers and decimal points, so don’t let your struggle to do so cause you stress.
Bring in an expert like the accounting property management pros at Gassen and watch as your finances “magically” organize themselves.
Gassen: Your Partners in HOA Management
Our Eden Prairie staff is here to help your HOA reach its fullest potential, whether through accounting property management or comprehensive association help. Give us a call today at 952-922-5575,