Tips For Better HOA Financial Management – Part 2
Hello, and welcome back to our blog here at RS Fincher. If you recall from last time, we talked about several financial management tips for you and your HOA board of directors. We talked about understanding basis of accounting, understanding federal and state laws, as well as having a clear and organized budget that will work several years down the line. This time, we’re going to talk about several more tips to help you manage your HOA community. If you’d like to learn more about RS Fincher and our HOA management services, contact us today.
Perform an annual audit
Even if you’re not required to do an annual audit, HOA boards should still do one, especially if it has a lot of cash flowing in and out. An audit is one of the most all-inclusive types of reports. It allows you to understand the HOA community as a whole by focusing on verification and substantiation procedures, in addition to inventories with creditors and debtors.
Shop locally
Shopping locally for everything that your HOA needs is almost always a good idea. Not only does this mean your pumping money back into the local community and homeowners in the area, but it may be beneficial for the board and the HOA as a whole. HOA boards that shop locally usually end up with loyalty rewards or discounts that can go a long way towards creating a sound and stable financial management plan.
Don’t forget security
The security of your bank account is fundamental to the success of your HOA community. Since the security of the community’s funds is important for both board members and residents, it’s important to ensure that everyone is on board and that no major purchases are made without first being approved by the board.
Learn from each other
Since the majority of HOA board members work full-time jobs and have to manage their own finances on top of that, it’s important that everyone learns from and bounces ideas off each other. Being a board member is a huge responsibility, so don’t be afraid to ask for help or take on new members to handle the workload.
Speak with an HOA management company
If you’ve followed some of our tips and are still experiencing difficulties managing your HOA’s financials, you should contact RS Fincher to learn about our HOA community management services. When you hire us, we will provide you with accounting and bookkeeping services; weekly, monthly, and yearly financial reporting, as well as coaching board members, to better handle financial situations. But that’s not all, RS Fincher will help you with all of your HOA management responsibilities from overseeing board meetings to managing facilities and amenities. We will work closely with your HOA board of directors to understand what goals you have, then formulate a comprehensive plan to see it all come to fruition. Managing an HOA community is no simple task, so don’t be afraid to call in some help. Contact RS Fincher today to learn more about us.