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As HOAs face increasing financial complexity and regulatory scrutiny, choosing the right accounting software is more important than ever. Without clear and transparent finances, your organization runs the risk of troubled money flows, theft, fraud, inability to deliver services, and the need for multiple special assessments. QuickBooks is a good tool for certain situations.
Why do HOAs Use Tools like QuickBooks?
QuickBooks has a full suite of products, but most people think of its bookkeeping product first. The bookkeeping product comes in both a desktop and an online version, depending on your HOA’s needs.
1. Familiarity
QuickBooks is one of the more common software choices for companies, so many people have a passing familiarity with it. Additionally, the company behind the software aims to provide an easy-to-use, minimal training-required product. Combined, this means the product is easier for your HOA board to use immediately.
2. Online Access
Some versions of QuickBooks are cloud-based, which means they can be accessed anywhere. This can be beneficial for small HOAs without offices and those who want to keep a close eye on the financial situation. You may also find it easier to work with professionals like SSL Associates with the cloud-based version.
3. Affordability
One of the big draws of QuickBooks is its affordability, which is why many smaller companies choose it.
Your HOA will probably find this appealing, especially if you’re trying to stabilize cash flow or resolve accounting issues without investing in more specialized HOA accounting software. If you’re serving on a smaller HOA board that only needs a few features, QuickBooks might be the most budget-friendly option.
4. Customization
While QuickBooks is not exclusively designed with HOAs in mind, it does offer customizations that allow it to function for small- and even medium-size HOAs. You may have to bring in a specialist to do the initial setup, but then your board can have the custom dashboards and reports necessary to run your HOA.
5. Regular Updates
QuickBooks is an actively maintained software package, so your HOA will continue to receive new features that could make your bookkeeping easier. These regular updates, especially for the cloud-based version, also ensure that your security and functionality remain up to date.
6. Customer Support
This software also offers customer support to ensure your HOA can use the software. This support can help your board through any problems with updates, setup, integrations, or anything directly software-related.
QuickBooks is good for HOAs and SSL helps make it even better.
QuickBooks Features for HOAs
QuickBooks does have many features that HOAs can use to generate timely reports, observe changes in cash flow, budget appropriately, and more. These vital functions for your board help you serve your community.
Payment Tracking
Payments are critical for understanding your HOA’s cash flow. Your accounts pay for routine and not-so-routine services, which are accounted for in your budget. Proper tracking using QuickBooks means you can use this data for future needs as well as monitor it for current problems like fraud.
Recurring Invoicing
Collecting HOA dues in a timely, consistent manner benefits both your residents and your board. QuickBooks includes a robust recurrent invoicing platform to automate dues collection, track late payments, and more so your board can focus more on making decisions that benefit your community.
Resident Profiles
QuickBooks also includes robust resident profile options so all that data is in one place and linked to payment information. This form of management saves you time when you need to contact someone, as well as helping residents stay on top of their dues. The profiles can also be used to help identify and address community needs.
Custom Reports
QuickBooks includes robust report generation mechanics, and most reports can be customized to meet your needs. With custom reports, you have a clearer picture of the finances for operations, reserves, and yearly budgeting in an easy-to-read format.
Financial Analysis
Additionally, QuickBooks includes a suite of financial analysis tools to use on your bookkeeping data. These tools can help spot trends, forecast, and identify cash flow, in addition to more run-of-the-mill assistance like making the bookkeeping more straightforward.
Note: This blog is provided for informational purposes only and should not be considered advice.
Using QuickBooks for your HOA but not sure it’s enough?
SSL Associates helps HOA boards get the most out of QuickBooks with custom reports, smart workflows, and expert financial support—no need to change platforms.
Not sure if QuickBooks is the best fit for your HOA?
SSL Associates can help assess your current setup and offer tailored accounting support—so your board can make smarter, stress-free financial decisions.
Choosing QuickBooks as the bookkeeping tool for your HOA can be a great choice due to its affordability and robust features. However, making QuickBooks work for your HOA will require some customization to create the best possible suite of tools for your HOA’s unique situation.
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