June 04, 2019
5 Benefits of Using HOA Software
Board members or property professionals managing a homeowners’ association (HOA) knows that paper doesn’t cut it when managing the association’s assets; they need software. And, most HOAs are now opting for cloud-based solutions that enables more transparency and collaboration and anywhere/anytime secure access. Cloud-based solutions provide “one version of the truth” and ensures everyone is on the same page. But then the question becomes do you need HOA software specifically, or a general accounting software?
Here are the benefits of using HOA software.
HOA Software is Tailored to Your Needs
Many companies will purchase generic software from one of those large well-known companies that “does it all.” But the thing is, what usually ends up happening is that the software doesn’t adapt to their needs, instead they need to adapt to the way the software works. For instance, if you are trying to adapt something like QuickBooks to oversee your accounting, it can involve setting up each unit as a customer and each owner as a job. Not very intuitive.
HOA software, on the other hand is designed to allow you to enter each housing unit. It also allows you to do one of the most important tasks, collect money from homeowners as they pay their monthly, quarterly dues as well as any infraction fees. Moreover, it connects accounting to operations to marketing for a big picture view, rather than just a view through the lens of accounting.
It’s Easy for Residents
One of the best benefits of HOA software is that homeowners love it. They can get quick and easy access to all of the HOA rules, regulations and updates through their portal. Homeowners can also pay those aforementioned dues online or put in a maintenance request. With the secure centralized storage of all documents, they and view their assessments and see payment histories.
Clear and Simple Financial Reports
Good financial reporting is essential to the smooth operation of every homeowner association. But not everyone is an accountant. So, reports have to be transparent, simple and easy to understand for everyone involved.
HOA software enables clear, explanatory financial reporting that lessens misunderstanding. With HOA software you can get a clear view of your business with real-time reporting on any device.
It Streamlines Operations
Managing a HOA is task-heavy. Those in charge need to ensure that dues are collected, that common area maintenance is done quickly and to the homeowners’ satisfaction, that the rules and regulations are enforced and that financial records are accurate.
HOA software is made to automate a whole range of administrative tasks. For instance, dues letters can be automated to go out at certain times of the years, and reminder letters triggered for those that have not paid on time. Regarding maintenance, HOA software makes it easy to easily generate purchase orders for required supplies directly from the work order for maximum transparency. Automation cuts down on time, money and effort, and increases efficiencies.
Instant Community Communication
HOA stakeholders and board members can quickly upload crucial records like board minutes and HOA rules to share with homeowners. With a communication portal, it’s a snap to send out HOA-wide announcements and notices. HOA software also enables you to use built-in permissions to share information to keep information safer than downloaded and emailed.
When residents are up-to-date on the latest events, upcoming upgrades or changes going on, it increases their levels of satisfaction with their HOA and community living environment, and helps smooth out any unpleasant surprises relating to repairs or maintenance.
Our HOA Software
Homeowner’s associations can expect quality gains when switching to Property Vista’s HOA software. Whether it amounts to keeping information secure but accessible, managing the company website, or keeping in-touch with residents on a day-to-day basis, property management systems help property managers succeed by giving them more time. Check out pricing here, and be sure to ask for a demo.