Accounting for HOAs

The Need for HOA Accounting

Accounting is one of the most challenging aspects of managing a community association. Not everyone knows the proper principles to apply nor the right way to handle budgeting.

 

At Professional Property Consultants, we do all the general financial management and accounting services that communities need. These include coupons, collections, lockboxes, and financial reports. We also produce all the necessary financial information your Board will need to make sound financial decisions.

 

Additionally, our internal controls are specifically designed to preserve the interests of the association and protect its funds by preventing fraud and other financial malfeasance.

Wisconsin HOA Accounting and Collections

Professional Property Consultants offers a wide range of accounting and collection services, including but not limited to:

General Accounting

We help your Board maintain and update your books, making sure every record remains accurate and free from tampering. Proper accounting ensures that your Board gets a precise view of your association’s financial status, thereby helping you make informed decisions.

Collections

Our collections system enables homeowners to pay their dues using Automatic Clearing House (ACH) payments and the Professional Property Consultants website. These two encrypted methods allow for a more secure and reliable way of collecting dues and assessments.

 

In addition to this, we manage the association’s collection policy as aggressively as the Board directs. This includes enforcing any lien protocols and initiating foreclosure proceedings if so desired.

Budget Planning

We assist your Board with budget planning, ensuring budgets are prepared and delivered well in advance of approval deadlines. This allows for ample time to evaluate costs, spending parameters, and future projects.

HOA Financial Reports and Records

Here at PPC, we have a fully equipped accounting department that can provide your Board with records needed for annual independent audits. We also prepare financial statements that your Board can use to assess the community’s financial standing.

 

These reports include the following:

 

  1. Cover Letter
  2. Balance Sheet
  3. Revenue and Expense Statement
  4. Operating Account Bank Reconciliations
  5. Operating Account Bank Statements
  6. Operating Accounts Activity and Check Registers
  7. Reserve Account Bank Reconciliations
  8. Reserve Account Bank Statements
  9. Reserve Accounts Activity and Check Registers

 

You can expect these reports to be posted on your community website by the 20th day of each month.