The HOA accounting software is designed to handle a wide range of tasks involved in managing the HOA’s financials, including monthly billing, planning expenditures, tracking funds and expenses, publishing financial reports and audited financial statements, and budgeting and tracking HOA assets.
It is important to note that the software needs to be compatible with your HOA’s operating system (Windows or Mac). Below you can find the best accounting software for homeowners association (HOA) available on the market with its pros and cons.
Our Top 5 Accounting Software For Homeowners Association (HOA)
Best Accounting Software For Homeowners Association (HOA) Reviews
1. Best Overall: Buildium
Buildium is web-based accounting software for HOA’s and association managers. It provides homeowners with the tools they need to manage their finances efficiently.
Buildium has various features designed to streamline the process of managing receipts, expenses, bank reconciliations, easy access to budgets and cash flow projections, and much more. In addition, the software was designed for ease of use so that homeowners can manage their HOA with just about anyone in their family or the person doing payroll at your organization.
Buildium also offers a tool for creating budgets and cash flow projections for your HOA. This will help you be prepared for any unexpected expenses, large assessments, or other financial issues that may affect the property. With this feature, you can see how much money is expected to come in and how much is expected to go out so that you can make necessary adjustments should they be required.
Budgeting – Buildium has a budget creation tool that allows homeowners to view their projected revenue and expenditure at any given time during the year.
2. Best Customizable Reports: AppFolio
Many HOAs are finding that they need to manage their finances better than ever before. That is why we’re excited today to bring you AppFolio. Learn more about the platform and review its benefits for HOAs.
AppFolio is software that can help HOAs manage their homes better than ever. With AppFolio, your homeowner’s association can create and assign memberships, collect payments, track dues, and stay on top of all financial records.
In addition to helping your organization keep track of finances, it also allows you to manage community amenities like pools or parks and schedule events in your neighborhood. By using AppFolio, you’ll be able to create a safer place that is more attractive for residents and easier for maintenance teams.
With AppFolio, all the information that your HOA needs to stay on top of finances is centralized in a single application on your computers. In addition, you can create an app for any purpose that your organization wants.
It’s also possible to create an app to manage finances in your industry or simply as a way to keep track of dues payments. Once you have made your app ready to go, no software setup steps or downloads are required.
3. Best for Streamline Workflows: Yardi Breeze
Yardi Breeze is the latest in digital accounting software by Yardi Systems. This system is designed specifically for homeowners associations (HOA) like yours to access an integrated set of powerful financial tools.
It has all your usual features and a host of new ones that have been designed with you, the homeowner, in mind.
Yardi Breeze Main Features
- Banking – Integrates with banking software to allow you to manage your HOA’s banking needs all in a single application. Protect your association’s money.
- Communications – Send and receive important email communications to your HOA members in a single, unified application. Email remains a vital part of HOA administration. Make sure it works for you, not vice versa.
- Reports – Get detailed financial reports for the entire association. No more trying to get numbers from multiple sources or pouring over spreadsheets from previous years. Yardi Breeze provides you with everything from a simple, easy-to-use interface.
4. Best User-Friendly: Property Matrix
Property Matrix is a new software that allows HOAs to automate the distribution of association dues. It eliminates manual, paper-based processes and simplifies the invoicing process for property managers.
This software has numerous features that allow you to keep track of all financial transactions in an efficient and easy manner:
- Collect dues from all homeowners by mailing out customized monthly invoices or collect dues online using their dues payment portal.
- Automatically distribute funds to each homeowner according to their share of assessed value.
- Automatically pay levies and reserve fees using collected funds.
- Track payments, late payments, rental fees, fines, and more.
5. Best For Small Businesses: FreshBooks
FreshBooks software provides a comprehensive set of features that do bookkeeping and accounting for businesses of all sizes easier. While its core function is to automate recurring tasks, such as invoicing and tracking receipts and expenses, FreshBooks has integrated additional features into the toolbox like billing automation, detailed contact management tools, and file sharing with third-party apps.
FreshBooks allows remote access to your books and files. The program has a straightforward but powerful interface; you can create an account within minutes and start working immediately after logging in. While you have unlimited access to your accountant’s records, you can set up unlimited logins as well. If you need to collaborate with someone from the other side of the globe, FreshBooks Cloud lets you do that too.
For those who want to take their accounting business online, FreshBooks is a good choice because it has excellent features for beginners and professionals alike.
This guide will help you choose accounting software that is best for your needs by including things like what types of users would be using it, how it works, costs, compatibility with other software systems or organizations, etc.
How To Choose Accounting Software For Homeowners Association (HOA)
A little bit of research can go a long way in narrowing down the software you want. There are plenty of options, but here are a few that you might want to consider depending on your needs:
- Current Status
Considering all these options, you can choose the best accounting software for homeowners association (HOA).
What Is HOA?
An HOA exists to maintain property values and enhance the quality of life for residents living within it through enforcing deed restrictions and governing local land-use policies. This term originated from the phrase “Homeowners’ Association.
What Is HOA Accounting Software?
HOA accounting software is a type of software that regulates the finances of your community. The software gathers information from homeowners on their financial contributions to the property and then calculates how much is due to each owner for taxes, water/sewer charges, interest on HOA loans, and more. The key benefit of using this type of accounting software is that it makes everything transparent so that every homeowner knows exactly how much is owed.
What Is The Best Accounting Software For HOA?
The best accounting software for an HOA is QuickBooks. It’s easy to use, integrates seamlessly with your website, and is a one-stop shop for all your financial management needs.
QuickBooks has been used by more than 14 million people worldwide and its trusted vendor partner Intuit – a company with many-year experience in the business world. It means QuickBooks can be relied on to help you run your business efficiently and effectively. The software is also available as part of a home office package, so there are no excuses.