Role of Association Management Software

Role of Association Management Software

 

Explaining the Role of Association Management Software

On a daily basis, there is no lack of new technology being released in an effort to improve our day-to-day processes, whether it be for personal or professional use. With so many different options available, it’s easy to get confused when choosing between different platforms—and considering HOA management software for association management companies is no exception. For those new to the territory, it can even be difficult to determine the main purpose or benefit of HOA management software, so here is an overview to help in making a decision for your company.

 

Basic HOA management Software Functions

While the type of software details vary depending on the provider, there are a few consistent functions across most products that are beneficial for HOA management professionals. At the very least, you want to make sure any management program you choose includes these features.

 

Data Management

Cloud-based information management software makes it easy for professionals to view company data online from any location that has internet access. However, it’s still very common for most HOA management companies to use offline options for managing their data. Consider the best type of information management for your association.

 

Accounting

HOA Management SoftwareIt’s important to always look for HOA management software that includes financial management features specifically for community associations, as you want to be sure your fund accounting is properly handled. Separate tools can be used for this, but it’s much more helpful if the functions are already included in your HOA management program.

HOA management software also provides the added benefit of audit trails, automation, and full accounting logs that help in preventing and pinpointing fraud.

 

Fee Collections

Look for HOA management software that includes financial features like collecting overdue fees from owners. Having a software solution for this will ensure an association can expedite the collections process and gauge that management is properly collecting all necessary fees.

 

Day-to-day Functions

Besides tools for managing finances, you should also consider functions for daily management of basic company operations themselves. For example, community association management companies will need a platform for supervising projects, vendors, and maintenance of each community. That also includes tools for enforcing community rules and governing documents.

 

Added Benefits of HOA management Software

The above features are just some of the reasons association management professionals are choosing HOA management software for their business needs. Here are some added reasons to consider:

 

Increased Efficiency: While all of the above tasks could be accomplished through separate, local tools and processes, HOA management software helps in streamlining and automating each operation, giving you everything in one place and reducing labor required for mundane, daily duties. Community association management software allows your staff to get more done all in one place.

Through one investment, HOA management software saves you not only time, but also provides diverse benefits to your company and its management professionals. We all know it’s important to continually provide the highest service to your clients so they keep coming back to you for business. Having community-specific software helps you stay on top of all duties and responsibilities involved so you don’t miss anything and can give your clients the attention they pay for and deserve.

Less redundancy: The consolidation of many functions into one program helps reduce excess and increase the quality of communication with homeowners and clients. With all of your information centralized, anyone in your office can access and see the same information when responding to calls or emails or viewing company financials. This streamlined process will leave you with less disgruntled clients and happier board members. You’ll also reduce costs upfront and improve user experiences more than with the use of traditional equipment or processes.

 

Questions to Ask About HOA management Software

We’ve discussed some of the best reasons for using community association management software for your business. However, it’s also important to do a lot of your own research when looking for a new management software solution. Below are some of the best questions to ask developers and/or providers before committing to one product.

How does the program increase efficiency?

Find out exactly how the management software can make it easier for you to manage business financials, data, and overall performance of an association. Will the program allow you to work with your vendors? How about your bank? Get specific with questions on how the software will increase efficiency for your company, and make sure it aligns with your top goals for improvement.

How does the software simplify HOA management?

Will you be able to easily automate daily tasks so that your staff can shift their focus to other important work matters? How will the software allow you to handle these tasks?

Ask about how you will be able to manage community information, such as vendor and maintenance scheduling, staff labor, collections of dues, and other financials. How do the functions of the program align with your core values, goals, and requirements?

Can you expect constant improvements in performance?

This question is very important because it lets you know what to expect from the program down the line—not just at the time of purchase or within the next few months. A quality HOA management software product company should always be gathering feedback from owners and management companies to ensure they remain in line with changing preferences, needs, and even association laws. Do they keep up with association accounting trend changes and follow AICPA guidelines? You want your purchase to be good for many years, not bottom out due to failure in keeping up with changing times. And perhaps even more importantly, you want to make sure the software is up-to-date with legal compliance.

Also, ask the HOA management software vendor how often they upgrade and how much they focus on the improvement of product performance. And don’t forget to inquire about any extra charges that may come with updates or upgrades along the way.

 

Who built the software, and who maintains it?

Basically, you’re wanting to make sure the program is legitimately what it claims to be and do. It’s easy for a vendor to make all sorts of assertions about what you can expect, but you should remain skeptical while you collect the necessary details.

Ask about the provider’s organization around the full capabilities of the software. Did those building the software have the necessary knowledge and understanding of what a HOA management program must contain? Are they well-versed in the association management industry? And will the software continue to be managed and maintained by those with sufficient expertise? It’s a lot of questions to consider, but it’s worth taking the time to ask.

 

What is the product’s return on investment?

Don’t miss a chance to compare one product with another before deciding what is best for your business. Ask vendors about how exactly the software will generate ROI for your company, as well as the benefits of purchasing their software versus other options and your current management approach. Request references from other similar-sized management companies in the area who have benefited from the product, and contact them to confirm the claims.

These are just some starting details and questions to consider while searching for new HOA management software, so they may vary depending on your company’s needs and current processes.

Homeowners association management professionals are increasingly choosing HOA management technology over older processes because of its all-inclusive benefits in the business. With enough preparation and inquiry into the specifics, you can find the best advantages HOA management software can bring to your company. The right management software can become one of your strongest assets.