What to Look for in Association Management Software for Accounts Receivable
Perhaps the most important service an association management company provides is accounting. Homeowners pay a lot of money each year for the privilege of living in an HOA community, and deserve to know their investment is being handled with care. Community managers, therefore, need to have good processes in place to handle payments and access to the right tools to make those processes efficient. In this article, you’ll learn some of the ways that Condo Manager enhances the accounts receivable process.
Create Custom Association Profiles
HOA and community management companies rarely are responsible for only a single community. Usually, they have a full roster of dozens of communities, each with their own needs, rules, regulations, and payment structures. While it’s important to respect each community and give them the level of service they deserve, having to keep track of all those rules and separate processes can be a nightmare. Condo Manager solves this with association profiles. With Condo Manager, management companies are able to individually customize the associations they manage, making sure any dues, fees, or special assessments called for in the rules and regulations of each community are properly accounted for.
Customizable HOA Fees and Assessments
Often, associations will charge a flat rate for all their members. However, it is not uncommon for for communities to take other things, such as the size of a unit or pets to determine assessments or additional fees their members are responsible for. Just as Condo Manager allows for custom association profiles, it allows for profiles for each member of those communities. With these profiles, managers are able to adjust the dues of each association members based on the rules and regulations of the community. Everyone pays their fair share.
Automatic Document Generation
When managing hundreds of units across dozens of communities, finding inefficient processes and updating them is essential. Every second lost doing something manually is amplified across every member of every association you are responsible for. That means hours of lost time and overworked employees who are prone to error and unable to provide quality service.
One place to look for this kind of inefficiency is in how you generate financial documents like balance statements and payment reminders. Even if you have some automated process to cleanly format statements, if you do not have a way to process them in large batches, your community managers stand to waste a lot of time on the tedious task of reviewing and creating each statement manually. On the other hand, Condo Manager makes it easy to generate and distribute documents either on a set schedule or on-the-fly for the entire community, taking into account each association member’s individual preferences as it does. Condo Manager will even handle documents for the community like deposit slips. As payments come in, managers are able to log them and have them automatically added to the deposit slip, making check-runs a breeze.
Automated Follow-Up and Collections
In addition to financial documents, Condo Manager allows users to automate the entire communication process when assessments are due. Using the built-in word processor, community managers are able to create custom form letters and payment reminders using data merge fields to fill in any information created in the system. There is no need to wrangle spreadsheets or deal with complicated mail-merge functions. These can then be scheduled and sent out according to the rules of the community or the association member’s preference alongside statements when they are due. If payments do not arrive on time, you are able to send out automated follow-up letters, reminders, and notices as the delinquent member moves through the collections process.
Easier Association Accounting
Condo Manager is a “set it and forget it” solution that lets you be confident accounts receivable funds are being handled and tracked properly without the wasted time of manual processes. Through its advanced automation features, communities association management companies powered by Condo Manager are able to spend more time focusing on their communities and less on the paperwork that goes with it. Reach out to us online for a free demo or give us a call at (800)-626-1267.