Some Boards are hesitant to change accounting mid fiscal year. The fear may be that the accounting for the fiscal year end will be convoluted or inaccurate and can interfere with a year-end audit or tax filing. Or the fear may be that it is a lot of work. You don’t...read more
A key part of financial transparency is access to banking information. We selected one of the few national banks that specializes in HOAs and Condo banking. We use this bank to provide operating accounts since as they interface with our accounting systems to provide...read more
One of the software programs we use at Community Financials is TOPS. TOPS is the largest software company in the HOA & condo industry as measured by the number of management companies using it. It has 5 times as many clients as the next largest competitor...read more
All in favor, say “Aye”! If only the process of electing community association directors were that simple! Depending on the size and complexity of your association, you may find the proper handling and record keeping requirements of annual elections to be a...read more
Have you ever come across a story about theft at an HOA or Condo community? Ever think that it couldn’t happen at your community? Maybe it couldn’t but there is an outside chance that it could. Maybe not with the current board but a future board? If you want to...read more
So your HOA or condo community already is or is going to become self-managed but you want some software to help make it easier. Before shopping for, buying and training on software we wanted to give you an overview of self-managed HOA software and self-managed condo...read more
Homeowners Associations (HOAs) and condo communities use accounting services. However accounting service is a broad term and can mean different things to different people. In this post we are going to explain the various accounting services for HOAs and Condo...read more
Getting a loan to buy a home or condo is a real chore. Now think how difficult it is to get multiple bids for loans for a community to do a capital project? Need a new roof, new windows, new siding, new boiler, or new paving? As the community gets older its...read more
I’ve talked to many community board members that are interested in self-management but have doubts it will work for them. There are clear benefits but who will do all the work? A major theme we hear is the desire to self-manage your HOA or Condo but will volunteers...read more
In our continuing education class “Financial Best Practices for Homeowner Associations and Condo Communities” we recommend managers and board members close old bank accounts. In this post we are going to discuss why you should close your old HOA and condo bank...read more
Doing payroll is straightforward and easy right? Not really. Many communities and management companies get tripped up by payroll. Don’t be ashamed I know a lot of accounting companies that outsource payroll to experts as well. This post discusses how to reduce...read more
I taught a class on Financial Best Practices to 80 Community Association Managers and Board Members earlier this month. A Board Member said you know what would be great is if we could get notifications of debit card ATM withdrawals or purchases. I said you are right...read more
Long Form Articles
If you like our blog posts you will love our long form articles.
They are packed with useful information to help your Board.
Save over 50% of a full management fee while still receiving support from professionals with a majority of the tasks involved in operating a community.
Florida has the most HOA and Condo Communities in the country. They have many laws that make sense to help protect owners.