High HOA accounting software program for small, medium and huge associations

Accounting software program is utilized by all varieties of professionals. Whereas accountants and bookkeepers are usually very comfy working with this know-how, folks with out an accounting background can use it too.

In actual fact, a number of HOA workers and managers depend on accounting software program to streamline and set up revenue and bills, akin to invoice funds, taxes, payroll, assessments from homeowners, and budgets.

In the event you’re searching for some steering on what accounting software program system will work greatest on your neighborhood, try our suggestions.

 Desk of contents

What’s the profit of getting accounting software program?

Similar to HOA administration software program, accounting software program reduces workloads by automating guide processes. By decreasing guide information entry necessities, accounting software program not solely saves you a while, however minimizes the potential for human errors, too.

With extra correct numbers, HOAs can confidently make knowledgeable selections about budgets, initiatives, assessments, and extra.

Do I want accounting software program made completely for HOAs?

HOA accounting software program is software program designed to deal with the particularities of HOA funds. This contains the whole lot from amassing dues and costs to monetary reporting and tax preparation.

There are corporations that make software program with HOAs and neighborhood associations in thoughts. Nonetheless, these platforms will not be essentially the very best choices on the market. Consider it or not, many communities desire to make use of a extra in style accounting software program system and combine it with their favourite HOA administration software program. That method, they will take pleasure in the advantages of two wonderful platforms. 

High HOA accounting software program for small, medium and huge associations

QuickBooks – greatest for small HOAs (5 – 99 doorways)

We’ve chosen three top-performing accounting software program programs and have organized them based mostly on what number of prospects, or on this case, workers and residents, they will comfortably handle.

The primary is QuickBooks. This well-known accounting software program program was developed by Intuit. QuickBooks merchandise work greatest for small and mid-sized companies that should not have an abundance of sources.

There’s a desktop and cloud-based model obtainable. Shoppers that choose QuickBooks On-line can entry this system from any system, and may combine different third-party software program (together with Rental Management) and monetary providers.

A few of QuickBooks’ prime purposes embody:

• Earnings monitoring
• Expense monitoring
• Invoice administration
• Invoicing
• On-line funds
• Experiences
• Receipt seize
• Payroll

Get extra particulars about QuickBooks and HOA accounting right here.

QuickBooks is designed to be consumer pleasant, and it has a dependable assist staff. Prospects agree that it’s straightforward to make use of in comparison with different accounting software program choices, and works properly with all kinds of companies. It is a perfect selection for small HOAs which may be self managed.   

Sage – greatest for med-sized HOAs (100 – 499 doorways)

Sage is a market chief in cloud enterprise administration options. It’s a British multinational firm that has seen important progress since its 1981 inception.  

Sage caters to small and mid-sized corporations, offering finance, HR and payroll options that automate guide processes. The corporate has a number of completely different merchandise, however Sage 100 and Sage 300 are most applicable for mid-sized HOAs.

Sage 300 is extra sturdy than Sage 100, and has extra refined automation capabilities.  Since it’s offered by module, it’s extremely customizable, however that additionally equates to increased prices. 

High options of Sage 300 embody:

• Common ledger
• Immediate financial institution reconciliations
• Accounts payable
• Accounts receivable
• Fee processing
• Buy order
• Reporting

A cloud possibility is offered which permits HOAs to combine different software program and entry further Sage add-ons. Prospects have discovered Sage pretty straightforward to make use of, however customizing processes is usually a bit difficult.

Yardi – greatest for giant HOAs (500+ doorways)

Yardi is a big firm that gives automation options for every type of organizations, together with HOAs. Yardi Methods was based in 1984 in Santa Barbara, California, and has quickly expanded since that point.

Yardi has a number of complete product choices, so massive HOAs can choose customized options that may deal with their particular person wants.

The highest Yardi accounting functionalities embody:

• Fee processing
• Vendor cost
• Invoicing
• Reporting
• Tax administration

Yardi has a strong accounting platform that may simply deal with the wants of a big HOA. The capabilities are virtually countless. The draw back is that it’s not a user-friendly program, and it may be pricey since prospects have so as to add on further options to get a whole accounting system. Nonetheless, a bigger neighborhood doubtless has somebody who has accounting information and is comfy utilizing accounting software program.  

Moreover, Yardi integrates with a number of third-party software program platforms.

Mix your favourite options for simpler HOA administration

When boards or managers use two programs, one for accounting and one for HOA administration operations, they get the advantage of having two top-performing instruments. Every system has its strengths, and not one of the good qualities are sacrificed if you pair them.

Rental Management’s integration capabilities imply HOAs can take pleasure in the very best of each worlds. Right here’s an instance of how the combination advantages HOAs. If a transaction is documented within the accounting platform, that info can also be recorded in Rental Management, routinely. Relying on the platform, two-way sync could also be obtainable, that means updates to proprietor info in Rental Management are up to date within the different platform too. So it doesn’t matter what platform you’re utilizing, your info shall be updated.

By integrating software program programs, workloads are lightened and errors are decreased, giving workers extra time to concentrate on extra pertinent, much less mundane duties.

Conclusion  

It’s finally as much as your neighborhood to resolve which HOA accounting software program shall be most appropriate along with your wants and your price range. Nonetheless, the three choices listed above are value your consideration.

After figuring out the first monetary duties your HOA must handle, consider the options of the accounting system(s) that look like most applicable on your neighborhood.

The accounting software program needs to be intuitive and comparatively user-friendly, and you need to be capable of attain a assist staff that may assist you to if you want help. In spite of everything, even the very best accounting software program received’t assist you to if you happen to aren’t ready to make use of it.

Lastly, your HOA doesn’t have to have accounting software program made particularly for HOAs. As a substitute, think about using an accounting system that has the aptitude to combine along with your present administration software program. This manner, you take pleasure in the advantages of two excellent software program platforms as a substitute of getting one system that excels in some areas however not others.