Financial management is often the hardest part of HOA management. Not only do HOAs need to collect fees, but they must also handle budgets, create financial statements, and make reports. They also need to manage their reserve funds carefully.
Being volunteer homeowners, most board members need to gain the knowledge or background to manage all of these. They may need to be more organized when collecting dues, tracking expenses, and creating reports. But, the community needs to have careful HOA financial management. Otherwise, they may face great financial loss.
As a result, many communities outsource their HOA financial management tasks to professional management companies.
LandMark Community Management offers our clients a wide range of HOA financial management services. Our company is the right choice whether you need all or only a few of our services. Our HOA financial management services include, but are not limited to, the following:
Timely physical or electronic collections of HOA dues and assessments
Management of delinquent accounts
Planning and maintenance of reserve funds
Sending of contractor payments
Bookkeeping and accounting
Budget creation assistance
Financial report and financial statement preparation
Tracking and reporting of expenses
Financial advisory and board education
Online portal for owners with real-time account information
LandMark provides assessment collection, accounts payable support, bank reconciliations, budget preparation, reserve reporting, and clear monthly financial statements for HOA and condo association boards. Our team emphasizes accurate records, understandable reporting, appropriate controls, confidentiality, and timely answers when directors have financial questions.
Because every association has different accounts, approval practices, reserve needs, and reporting expectations, we tailor the financial workflow to the community and its governing documents.
Request a proposal or call (512) 569-5527 to discuss your association’s financial-management needs.
