Homeowners Association Accounting and Financial Reporting
Elite Management Services manages finances and homeowners association accounting for all of its properties. We want board members and homeowners to be confident in the financial health of their community. Therefore, we believe accurate financial reporting is an absolute must.
Why Get Professional Help?
Homeowners association financial reporting and accounting are two of the most challenging aspects of HOA management. Ideally, community members who are accountants or have experience with HOA accounting serve as board directors every year. However, not all homeowners associations have accounting professionals in their community. Moreover, it would be unrealistic for the same accountant to serve on the board in perpetuity.
Apart from this issue, far too often, HOA boards lack the expertise or experience to deal with the complicated nature of accounting and financial management. Elite Management Services recognizes these problems and provides the best solution.
We have a dedicated team of highly skilled professionals ready to provide homeowners and condominium association financial reporting and accounting services. Our trained staff members adopt the best practices to ensure accurate results delivered with transparency. We have also built a network of trusted and capable Certified Public Accountants (CPAs) to address every accounting need.
HOA Accounting and Financial Reporting Services
Elite Management Services utilizes accounting methods and reporting standards in compliance with GAAP (Generally Accepted Accounting Principles). We protect association funds with our own internal controls. With EMS, you can trust all invoices to go to the appropriate accounts with the help of your property manager. In addition to this, we make sure to pay vendors and employees on time to promote healthy working partnerships.
EMS also assists with annual budget preparation. Prior to budget approval, we provide the board with a draft budget to which they can make any necessary corrections. This allows directors to evaluate the previous year and plan for the next, determining where costs should be contained and possible future projects. Our homeowners association accounting department also assists CPAs in the required annual audits by providing applicable financial records.
Moreover, EMS reviews each association’s insurance policies to ensure sufficient coverage. Together with the board, EMS plans for long-term financial health and assists in conducting reserve studies. We send the board detailed HOA financial reports every month. Our HOA financial reporting package includes:
- Balance Sheet
- Income Statement
- Budget Comparison Report
- Delinquent Account List (with current status)
- Prepaid Account List
- Check Register
- Bank Reconciliation Report
- Bank Statements
- Copies of all paid invoices
When requested, we provide board members with financial training including how to read statements. We continue training by keeping HOA board members abreast of changing interest rates concerning reserve fund investments and changes to financial laws. We also provide resources for taking preventative measures including protecting against fraud and embezzlement.
With EMS on your side, financial management and accounting for condo associations and HOAs can be a breeze.
HOA Property Management Billing and Assessment Collection
Without the timely collection of assessments, a community association could not be successful. Elite Management Services understands this and offers multiple payment options, as well as, assists in collection proceedings.
We offer our homeowners the option to pay their association assessments using bank drafts, checks, money orders, or online with our e-payment option. Our online payment service does not require a homeowner to have a username and password to log in, making it easier than ever to ensure their payment is made on time.
At the direction of the board of directors, EMS manages the association’s collection policy. We act on the established policy the HOA board dictates, including pursuing the lien process and foreclosure if they so choose. Accounts moving into collections, lien or foreclosure are handed over to the attorney the association retains, and the monthly director report includes this collection status as well as an aging delinquency report.
The Only HOA Management Company for You
Elite Management Services has years of experience in the HOA management industry. Throughout our time in business, we have perfected homeowners association accounting and financial reporting services. We also provide community associations with a wide range of other solutions, such as legal assistance, reserve planning, maintenance and violations, and board member education.
Whether your association is struggling with accounting and financial management or simply lacks the time to devote to such matters, you will certainly benefit from a partnership with Elite Management Services. Your community deserves only the best. Let us make that happen.
All homeowner calls to our office locations are answered by a live person in order to assist in the success of assessment collection. To learn more, click here to contact our office or call 855-238-8488. Trust in Elite Management Services today!