Why Your HOA Management Company Should Handle Your HOA’s Finances

Many Aurora community associations tend to deal with a wide array of responsibilities and challenges unique to their communities, finances being one of them. Whether due to time constraints, or not having an experienced HOA financial management member on their board, dealing with community finances has the potential of becoming overwhelming for anyone. This is why having a trusted HOA community management company help perform effective and efficient HOA financial management is crucial to the success of your community association.

Organized Task Management

HOA financial management is no easy feat, especially if you have a large community to look after. Community association management firms have the staff and expertise necessary to properly organize and prioritize tasks, ensuring that they’re all completed accurately and in a timely manner. From collecting dues to filing taxes, your HOA financial management expert will organize responsibilities in a suitable manner and execute them with efficiency. This helps to reduce wasted resources and, as an inevitable result, wasted money. 

Efficient Allocation of Resources

Every HOA strives to allocate resources efficiently so that money goes farther and residents are happier. However, this is a goal that isn’t always attainable when managing your own finances. Your community association management company can partner with you for HOA financial management to optimize resources, allocating them in the most profitable and efficient way possible. Utilizing expert services in this way will allow you to complete more projects, refrain from increasing dues, and keep your residents as satisfied as possible with their time living in your community association.

Accurate Bookkeeping Records

Keeping clear and accurate records is imperative for any organization, including homeowners associations. However, with so many other responsibilities to undertake, this can sometimes fail to be a priority for HOA boards. With professional HOA financial management, you can ensure that your community association has organized and accurate bookkeeping, thereby preventing discrepancies and allowing you to keep track of exactly how your resources are being utilized. 

Easy Audit Coordination

Many HOAs have a stipulation in their CC&Rs that requires an annual audit. This involves examining all financial documents and other relevant documentation in order to assess your community’s financial health. Audits are feared by individuals and businesses across every industry because of the extensive recordkeeping required. Luckily, HOA financial management from a reputable community association management company makes annual audits a breeze. At The Management Trust, we present proposals from various, reputable independent audit firms and allow your HOA board to choose the preferred company. Once this decision has been made, we provide all requested documentation to ensure ease of review and reporting. By performing accurate recordkeeping year-round and conveniently compiling this information for your audit firm’s review, we make auditing a hassle-free experience that leaves your board members free to focus on their community’s bigger picture.

If your Aurora, Colorado, HOA is in need of HOA financial management, trust the industry-leading experts at The Management Trust. We provide full-service community management as well as independent financial management services to best suit your Aurora community’s needs. To find out more about our wide range of community association management services, give us a call today at (303) 750-0994 or fill out our online contact form.