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, lest the budget of the HOA falls out of place. Gassen, your Eden Prairie providers of property management services, is here with some tips on how to do just that below.
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. For more info on that topic, check out our blog “How to Smartly Begin an Electronic Dues Payment System.”
Be Flexible but Accountable
Of course, 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 just 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. You’ll be able to see in real time how finances shift and change.
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, be that through accounting property management or comprehensive association help. Give us a call today at 952-922-5575,