Keeping the books balanced and clean is one of the most common problems Homeowners Associations deal with. Board members are always dedicated and good at managing their community but in most cases – simply lack the expertise when it comes to handling the finances. If you’re reading this and nodding your head, then it might be time to hire an HOA Staff Accountant.
Here are some of the reasons why:
Accurate bookkeeping
This one is kind of a no-brainer, right? An HOA accountant will make sure your books are clean and accurate. They’ll make sure things are recorded properly, make sure balance sheets are up to date, that income statements and aerial ledgers are where they need to be.
Transferring these tasks to an association accountant can also take a tremendous burden off the board in terms of the overall workload they’re dealing with. That means more time that can be dedicated to focusing on more important matters.
Reporting
One of the great things about hiring an HOA accountant is that they can essentially give you comprehensive, easier to understand reports – either monthly or quarterly – on the financial health of your organization. This will make it easier to track the community’s finances and make it so that more folks on the board have a clearer understanding as to how everything is laid out – so as to better inform everyone’s decision making.
Taxes
Look whether you live in Florida or Massachusetts – navigating the gauntlet of state and federal taxes and guidelines can be stressful. Now your HOA can rest assured that you’re in compliance with tax laws and also be better informed of strategies that can be used to lower the taxes that need to be paid by the HOA. For example – Should you file as a corporation or an HOA? A good HOA Accountant can help you figure out which works best for you.
And that money you save? It can be used elsewhere – on more pressing things like maintenance, beautification and renovations.
In addition – if any mistakes have been made or funds have been misappropriated – an HOA accountant will be able to identify those issues before they become a pressing problem.
If you’d like to learn how a HOA Staff accountant can help your Homeowner’s Association, give us a call today and we’ll be happy to assist! Until then – good luck!