Online Financial Software

Started by RyanM5 • 6 replies • 2273 views

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RyanM5 (California)
Posts: 1

Posted:

Hello Everyone,

This is my first post and I am a excited new Board Member at my HOA.

I am wondering if there is a good HOA Financial Software that is on-line based that provides Boards online access to live financials and homeowners have access to live owner statement information.

It seems ridiculous that it takes me days to get information from my management company about our balances and billing and we only get reconciled reports once a month. Also, before I was a Board Member, it took time to get my owner statement history.

Does this type of software exist?

TimB4 (Tennessee)
Posts: 21,059

Posted:

This issue has been discussed often in the past. As treasurer, one thing I always insisted upon with our bookkeeper was to receive copies of the deposit slips. The deposit slips provided the names and lot number of those making payments. I could then use this information to verify the bookkeeper's actions/activity (the old, trust but verify method of supervision).

As Treasurer, you should have access to the bank account. Bank account information is typically available online. If your MC is controlling all of your finances (vs. simply tracking payments, making deposits and, perhaps, preparing checks for signature) I would suggest that you rework the contract so the Association has control of the finances and not the MC (after all, it is your money).

The other suggestion would be to insist that the MC provides a printed ledger to the Association for each lot/unit at the end of the year. This helps the Association with keeping track of records if there are ill feelings if the contract is not renewed with the MC in the future.

Here are links to the past threads on this forum about the software issue. Please do not respond (reactivate) to those threads. If you have additional questions or comments, post them in this thread. Note: the last two have additional links in those threads.

Subject: Small HOA software package

Subject: HOA Software

Subject: Budget Software

Subject: HOA Management Software

Subject: HOA software (a different thread then the earlier one with the same subject title)

Subject: HOA software suggestions

Hope this helps,

Tim

MarinaD2 (Louisiana)
Posts: 1

Posted:

I think it's best to contact IT specialists on this subject. The best option for me is to develop software for your needs. I know several companies that specialize in this area as Artelogic in US https://artelogic.net/industries/software-web-and-app-solutions-for-financial-institutions
and Intellectsoft in CA
https://www.intellectsoft.net/?utm_source=clutch.co&utm_medium=referral&utm_cprofile

BillH10 (Texas)
Posts: 1,217

Posted:

Ryan,welcome and congratulations on being named Treasurer.

Your management company may have the capability to provide the electronic access to information you are seeking. I suggest you speak with them. Our master association website provides board member association information and individual owner account dashboards.

I believe it was mentioned electronic access to association bank accounts should be available. It is no different than access to your personal checking account. As owners of a management company, we arrange for read only access to the accounts for officers and directors if desired. We restrict access to read-only to prevent unauthorized funds transfers. We normally have one director or officer on the signature card as a backup but they do not have access to HOA checks. We insist our clients authorize us to arrange for as many payments as possible to be made via the auto-debit process. It makes no sense for us to write checks to the gas, electric, water, trash service, and other providers when they can be paid through the ACH process.

Since you are new to your position, I suggest you evaluate the processes, reports, and tools in place for at least three months before pursuing changes. We rarely have the need to examine client bank accounts between reporting cycles, nor do the treasurers of our clients. We of course know the status of owner accounts, and provide that information to members of the board monthly, but as treasurer there is not much you can do regarding delinquent account balances outside of board meetings and your documented past due account collections/management process.

The intervals you described to obtain balance and other information do seem lengthly. As an owner, I should receive information on the telephone if I call, or within a business day or two if requested via email. That is a function of the responsiveness of the management company and can be addressed in the association contract with them.

Good luck.

RichardP13 (California)
Posts: 3,868

Posted:

Quote:

Posted By BillH10 on 08/02/2019 8:24 AM
Ryan,welcome and congratulations on being named Treasurer.

Your management company may have the capability to provide the electronic access to information you are seeking. I suggest you speak with them. Our master association website provides board member association information and individual owner account dashboards.

I believe it was mentioned electronic access to association bank accounts should be available. It is no different than access to your personal checking account. As owners of a management company, we arrange for read only access to the accounts for officers and directors if desired. We restrict access to read-only to prevent unauthorized funds transfers. We normally have one director or officer on the signature card as a backup but they do not have access to HOA checks. We insist our clients authorize us to arrange for as many payments as possible to be made via the auto-debit process. It makes no sense for us to write checks to the gas, electric, water, trash service, and other providers when they can be paid through the ACH process.

Since you are new to your position, I suggest you evaluate the processes, reports, and tools in place for at least three months before pursuing changes. We rarely have the need to examine client bank accounts between reporting cycles, nor do the treasurers of our clients. We of course know the status of owner accounts, and provide that information to members of the board monthly, but as treasurer there is not much you can do regarding delinquent account balances outside of board meetings and your documented past due account collections/management process.

The intervals you described to obtain balance and other information do seem lengthly. As an owner, I should receive information on the telephone if I call, or within a business day or two if requested via email. That is a function of the responsiveness of the management company and can be addressed in the association contract with them.

Good luck.

His post is over 4 years old.

BillH10 (Texas)
Posts: 1,217

Posted:

So it is, you got me Richard. I was so excited, a topic about which I felt I had something to add. There have not been many recently. The gentleman has probably been out of office two years or more by now

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