Accounting Checklists Ensure HOA and Condo Financial Processes Are Done Correctly
How do you ensure best practice bookkeeping is done correctly on a consistent basis at your Homeowners Association (HOA ) or Condo community? You standardize your process, document it, add checklists and then inspect that your accounting team is following the system.
The Value of Checklists in All Vocations
Earlier in my career, I was an Army Captain. The Army had Standard Operating Procedures (SOPs) that included step-by-step instructions for every task. The SOP ensured that all soldiers were doing what was required in the same way and not missing steps. The same goes for pilots flying a plane. They have their pre-flight inspection checklist to ensure nothing is missed and the plane is safe to take off. A great book on the power of checklists is the “Checklist Manifesto” by Dr. Atul Gawande who was also a Professor at Harvard Medical School. He used the power of checklists to improve surgical outcomes.
Checklists in HOA Accounting
We’ve incorporated the power of checklists into our accounting service. Our workflow software provides a checklist of tasks for staff to follow. The tasks could be adjusted for a particular client but the majority of items are standardized and helpful instructions for each task are available as a reference. Using this system ensures consistency of service. It also prevents items from falling through the cracks. If a colleague is pulled away from completing their work, they can see exactly where they left off without missing a step.
Sample Checklist for Your HOA
In optimizing HOA accounting, the value of checklists can be further enhanced with the aid of specialized accounting software like Community Financials. This platform streamlines financial management processes and integrates seamlessly with checklist workflows, making the accounting tasks even more efficient and error-free. Community Financials offers comprehensive features, including automated bank reconciliation, invoice tracking, and budgeting tools, which align perfectly with the tasks outlined in the checklists. This synergy ensures that every step in the financial process is well-coordinated and executed, leaving no room for oversight or inaccuracies.
Community Financials fosters transparency and collaboration within the HOA, allowing multiple stakeholders to access and review financial data securely. Board members, property managers, and accountants can work collaboratively, accessing real-time financial reports and insights, leading to better-informed decisions for the community’s financial well-being. With the combination of checklists and Community Financials, HOAs can enjoy peace of mind, knowing that their accounting is efficiently managed, compliant, and focused on maintaining the fiscal health necessary for a thriving and prosperous community.
If you are looking to improve the accounting outcomes at your homeowner’s association, HOA, or condominium community I suggest checklists. If you want a service to do the monthly accounting for you Community Financials is here to help.
