Reason To Hire a HOA Accounting

HOA Accounting is a long familiar notion for the property owners and realtors with its overturned process from American’s specific household budget. Home Owners Association maintain accounting books that reveals the due collected, type of expenses obtained, and many other generally passed to the residents by a management firm once it is made out. Such practices are handled substantially by the experts to make the best with properties and to cut down some contradictions of running under-budget as that takes up the chance of striking the following years budget.

It’s highly crucial to know the staples of HOA Accounting to stay away from such sparking. Lets find here what are those key aspects to be known to define the process more effective.

Alerts on Operating Budget:
Figuring out the previous years fiscal statements and comparing it with the current year will certainly help you to find the HOA styles that you may not be aware of. Having such possibilities in the following years to come, it is extremely mandate to have a quality check with the books of accounts.

Administrative Management and Maintenance:
Collecting monthly testing rates, late fee points, etc for formulating yearly financial plan, tax payment will help to determine the value of the property. To take on preparation groundbreaking, there is a need of professionals to save on your rainy day. They do care your administrative, financial as well the maintenance services in an authentic way. HOA accountants do carry over the meeting and review procedures in making headway to determine the proficient value of the property. Choosing a reliable HOA management concern to proceed with the HOA accounting tasks allows for healthy environment. The concern knows that your home is an invaluable asset for you!

Know about your tenants with profound tenant screening

Are you a property owner? If yes, you’ll certainly be able to experience the dilemmas in managing the properties. Caring the complexities of claiming the rent, inspecting the properties preferably consumes time as well makes the landlord to experience the tiring situation. Wherein, finding a good tenant will be a great relief for the property owners in binding a fortunate property management.

There are several concerns that applies sound practices in picking the right tenants along with the compilation of support services to the assets. Property owners seek for the assistance of realtors in refining a renter. However, when there are huge set of properties to handle, property management backoffice concerns extend their support in screening the tenants with the submission of detailed report:

• Any public and banking documents
• Personal information
• Credit check report
• Eviction reports

With hundreds of rental prospects you could locate a prospective tenant by offering minimal cost to the real estate agents. The tenant screening test reduces the risk of leasing your properties to a stranger and the one who is not financially sound. Such examinations are taken care by the back office service providers who are capable enough in taking up your requirement effective. Propertymanagementbackoffice.com is one such service providers who offer property management accounting, call answering service, tenant screening, etc that makes your business sound good, and have a peace of mind.

Trouble managing property management calls?

It is a great thing to own a property but the trouble begins with its maintenance.  It is not easy for the owners themselves to manage the myriad tasks that comprise the maintenance. Here is where property management companies come in. 

However, these companies do these tasks for not just one property owner but a lot. Thought the tasks may not be too thought-oriented, they are operational in nature. Property management companies can always use an extra hand and an hour. There are several tasks such as property management answering service, ad listing, accounting and so on. They are always in shortage of resources. And to expand their resources, they would have to spend a lot. Because hiring more people at the operational front only means more expenses (because they do not draw revenue as such.) In that case, is there an alternative for these firms whereby they can cut down on costs, yet avail the resources that they so badly need?

Will, with outsourcing, there is! One of the main advantages of outsourcing is the cost benefits. There are no overhead costs. Virtual assistants would perform the calls, accounts etc from remote places. They would have the entire infrastructure necessary to carry out these tasks. All you pay for is the service. Thus you also get an extra hand without really paying a fortune for it. They are also experienced in what they do. So there are no training costs either. The only thing to worry about is data security – if you make sure that they are following the right measures such as 128-bit encryption for data transfer, secure servers and camera surveillance that is not too much of a worry too.

Be it for property management answering service, accounting or any other similar operational task, outsourcing can bring about a win-win situation with the right outsourcing partner.

Stuck with property management nightmares?

If you are running a property management back office firm, you are probably aware of the nightmares that accompany the job. Either you don’t have the time to manage accounts or answer calls or this or that. Property management companies could always use another hand or an extra hour. Having said that, here is how you can have things done on time and by efficient people.

Have you ever explored the possibility of outsourcing?
Outsourcing can offer you great cost benefits. There are also other benefits but the best are to do with cost reduction and the time saved.

With a virtual assistant for your property management company, you are not really going to lose anything. When you find the right people for your tasks it is quite similar to having your in-house team, except that they would be working from another office/ another country altogether. They would login to your systems via secure servers and update your books. They would also operate your calls from where they are. Property management answering service is a great  that has a lot of takers these days. They can perform ad listing services and other such back office tasks when they know enough details regarding your business.

When you hire such teams from outsourcing firms, you have nothing much to lose. The only thing to be wary of is the data security. Ensure that the firm you approach have 128-bit encryption for data transfer, 24/7 surveillance, privacy policies signed up with employees and so on. If they have such standard data security measures in place, you can definitely check their services out. It is way better than trying to do everything simultaneously and not finding enough time. Definitely the right thing to do if you are having nightmares related to your property management back office tasks.

Reducing costs at a Home Owners’ Association

If you are running a Home Owner’s Association and you are looking for assistance with your accounting and bookkeeping, you have come to the right place.

A corporation formed by a real estate developer in order to govern a group of lots and homes in a residential area is called a home owner’s association. The real estate developer may transfer the right of ownership to the residents once a set number of lots are filled up. The home owners become the members of the association and this association is also governed by a set of laws.

These associations are different from property management companies in that while the latter are set up with a profit motive, the former are set up in order to manage their own marketing and maintenance. There is no profit motive involved with the former. That being said, the activities of both these organizations are more or less the same. All activities necessary to maintain a set of residential lots are done by both.

They include call handling, accounting, bookkeeping, ad listing, and maintenance tasks such as rent reminders and so on. While property management companies can afford to hire more people if they wish to, it is not as easy for the HOAs. That is because they are not working for others, but for themselves. The need to reduce costs is felt more by HOAs rather than the property management companies.

In such a case, they can consider outsourcing their back office tasks since it provides them great cost benefits. It reduces overhead costs. All they pay for is the services, which is quite easily affordable, and they do not have to incur hiring and training costs and other overheads. There are many firms that offer these services such as HOA accounting, call handling etc. The HOA can approach these firms and get their tasks done.

Frustrated with the endless property management operational tasks?

If you are running a property management business in the US, you are probably aware of the innumerable chores it involves – operational tasks are the most of it. There are several activities like call handling, accounting, ad listing and so on. The more the number of lots, the busier you will be. A company would need to hire more people for these operational tasks as it expands. 

But here is a slight problem. Since these are operational tasks, it may not be really worth hiring more people to just attend calls and do accounts. So the returns on investing in more people are less. You would have to pay provide them office space, hiring and training costs, their salary – all for some daily chores that do not fetch a revenue by themselves. So it is not wise to expand the team. Rather, the need of the hour is to find a way to maximize profits and minimize costs. 

Is there even a way to do that? 

Well, with the outsourcing option, there is! 

There are several companies that outsource their secondary business tasks such as bookkeeping, accounting, customer support, payroll and so on. Similarly you could outsource your property management operational tasks like call handling, ad listing, accounting etc. People would work for you from remote areas at affordable rates. They are virtual staff. The only difference is, instead of being at an arm’s length they would work mostly from another country, say India. But they would be trained in all your tasks. All you pay for is their service, which is affordable. This option spares you the overheads, which comes to you as a great relief! 

So, check out the outsourcing firms and outsource your property management answering service and other similar tasks. You have nothing to lose. This way you spend less and get more!

Put an end to your HOA accounting troubles!

Homeowner’s association is a legal entity that is created by a real estate developer to manage a community of homes. The developer would transfer the authority to the HOA managers after a set number of lots are sold out. The Homeowners’ Association is a non-profit organization that is governed by a set of statutes, rules and regulations by law.

The HOA is much like other property management companies, except that they do all the tasks for their particular community of homes, while the other property management companies do the same on behalf of property owners for profits. There are accounting and other administrative tasks, website and marketing related tasks and so on.

Since this basically functions as a non-profit association, they cannot afford to hire a lot of people for salary. That includes accountants. They often have trouble finding enough time or people to manage their accounting. They spend nights on HOA accounting and find themselves running out of time for other important
association activities.

If this sounds familiar, you are probably part of a homeowners’ association, too. If you have such issues too, you can get help from property management outsourcing companies. Because, going to another property management company may not solve your problems. It would be way too expensive. On the other hand,
outsourcing offers you a huge advantage – cost reductions.

You would save much a lot on overhead costs. You do not have to spend on office space, hiring and training, installation of accounting software, etc. The outsourcing company would have it all. You would only be paying for their services, which would also be affordable, considering the difference in currency value.
You should only be careful about the data security measures they take. Check them thoroughly for precautions such as 128-bit encryption, 24/7 surveillance and privacy policies. When you are sure everything is in place, you can go ahead with the outsourcing idea.

Having your HOA accounting managed by a property management outsourcing company saves a lot of time and efforts and is completely worth the price.