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AdamL1 (UnitedStates)
Posts: 559
Posted:
I'm looking for something that can just do basic stuff like processing dues, simple budgets and operating statements, and sending official letters a few times a year.

Wondering if there's any sort of new "online" company that can do this?

Or any bill collection software I can use?
MelissaP1 (Alabama)
Posts: 13,836
Posted:
We had a bookkeeping service. They just processed our checks and wrote out checks. As for sending out notices that is a HOA responsibility. They should do it.

Former HOA President
AdamL1 (UnitedStates)
Posts: 559
Posted:
Quote:
Posted By MelissaP1 on 03/14/2022 11:01 AM
We had a bookkeeping service. They just processed our checks and wrote out checks. As for sending out notices that is a HOA responsibility. They should do it.

what was the name and cost of the bookkeeping service?
MelissaP1 (Alabama)
Posts: 13,836
Posted:
Any bookkeeper service can do it. Look for an an accounting firm in your area. They do not just do tax returns.

Former HOA President
BarbaraT1 (Texas)
Posts: 821
Posted:
Forum rules don’t allow the naming of specific businesses, and something like that is probably going to be hyper local anyway. If your city has a subreddit or Citydata forum you might try asking there, or look for similar sized HOAs in your area and ask what they use. Or highly targeted Google searches.
BillH10 (Texas)
Posts: 1,217
Posted:
What you are looking for is a "financials only" management agreement as opposed to a "full services" management agreement, which likely would include a "portfolio" manager meaning one who has several association clients similar to yours as opposed to a full time property manager dedicated to your account.
BillH10 (Texas)
Posts: 1,217
Posted:
Sent too soon, sorry--

Contact the local property management firms in your area and ask if they provide such services.

I recommend you engage a management company for financials only for two or three years to 'learn what you do not know' and evaluate at the end of the two or three years if you wish to attempt to bring the financial management in house or examine other options.

A story--I've mentioned before my wife and I own a full service management company, we have over 30 years experience in serving on HOA boards, 12 years as owners of a management company.

The association in which we reside, 105 single family home sub-association of a master went to financials only last July after nearly three years of evaluation. My wife and I talked to three different boards to help them understand what they were getting into. The president of the current board was dazzled by the 48% reduction in the management expense and convinced his colleagues to 'go for it'.

They are now 10 months into the new arrangement and have had a very steep learning curve which they were not able to master. They had no idea of what the governing documents contained and what is required by the Texas Property Code.

A few months ago, since there was a vacancy, my wife was asked to join the board so there is now a semblance of control and strict compliance with the Governing Documents and Texas Property Code. The financial services provider is the one one which managed the association since its inception, that part is going well, and in some respects better than before.

However, the president has no experience in leading a HOA, my wife and another board member must coach him on everything which takes place. He does not even know how to run a meeting.

Be be very careful before you jump into self-management.
CathyA3 (Ohio)
Posts: 6,299
Posted:
In addition to Bill's comments about not knowing what you don't know, adding property management tasks on top of those normally performed by the board will add noticeably to the board's work load - and more work is one thing board members usually don't need.

If your board members do have plenty of time on their hands, and your homeowners/future board members are also looking for ways to kill time, then maybe this will work. But if there is one thing that typical board members don't have, it's endless amounts of time - and if there is one thing the typical HOA doesn't have, it's a steady supply of homeowners looking for volunteer opportunities. Significant time commitments can discourage already reluctant homeowners to step up.
JohnC46 (South Carolina)
Posts: 14,265
Posted:
Look for/search HOA Management Companies. If you search for Management Companies alone, you will ne bombed with names. If you know any local HOA's, ask who they use. When talking about book keeping services, do no forget dues the dues collecting aspect and how to handle those late in payments. Many MC offer a selection of services at additional cost. As an example, our MC wanted $300 per month for a weekly drive thru and a list of violations. We passed on this service.

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