The benefits to a banking software for the HOAs you manage
Given the vast amount of HOA technology now available on the market, one would think that its benefits would influence management companies to engage more heavily in its opportunities. As we entered into the year 2020, many property management companies experienced the need to shift their old way of operating their communities to a more software driven way of living. Not only were more homeowners working remotely, but property management companies were having to establish new workplaces and options for their managers to work remotely as well. Your traditional in-person meetings quickly shifted to zoom and online meetups - that was just a thin coat of icing on the cake.
Yet, had the pandemic never happened, HOA industries were still headed toward new changes. It was the pandemic that helped put the car into gear - property management companies either got on board or they got stuck waiting for the bus.
According to a recent survey of professionals in the HOA management industry, 49.2% of respondents have been using their current tech solutions for 3 or more years. Yet, according to this same study, 28.6% of respondents feel neutral or dissatisfied with their current tech solutions. The key question is why?
What’s holding back the move on technology?
- Outdated processes - More than anything, technology can face a large amount of drawbacks from outdated processes and those that are inclined to make change. If an HOA is “set in their ways,” it can be difficult to embrace new developments. As a result, a community can lack growth and steer behind other communities that offer better opportunities to their homeowners.
- Managing damage and maintenance invoices - There’s nothing worse than an unexpected damage or maintenance issue, especially when you run a large community. In times like this, managers and their property management companies are put under a large amount of expectation to quickly resolve these issues. When technology is not an option it can cause long delays and large amounts of manual work. Managers also face the issue of limited staff and outdated software — which then makes organizing multiple invoices and expenses a huge struggle.
- There’s never enough time - Sound familiar? It comes at no surprise to say property managers live a busy life. From work travel, to meetings and community outreach — you wonder how they're ever able to get anything done! In order for a property manager to be successful in their role, they must be given support and the right tools — especially when it comes to managing a community's finances.
Where do we go from here?
At the end of the day, the show must go on! Regardless of how or who manages the HOA, a property management company must be prepared for the best and worst of scenarios. Although we can only hope that property managers are provided with an efficient support system, we must consider ways to help reduce these obstacles — not only for the sake of our property management companies, but more importantly the communities they manage.
One way to help property management companies effectively run their communities is by providing advanced sources of software that can help manage their billing and financial responsibilities. To better understand, let's explore what makes HOA banking software an essential tool to helping an HOA become successful.
What makes HOA banking software so unique?
For starters, an HOA banking software is not only unique, it’s become the future of all HOA softwares! A software such as this, is specifically built to accommodate the financial needs of HOAs and their communities.
- Manage finances
- Automated billing
- Helps conduct business optimally
- Financial inquiries
- Organizes dues and fees
- Streamline processes
- Cuts cost
- Increase communication
- Increases operational efficiencies
5 Benefits of using an HOA banking software for property managers
1. Tracks finances
The number one benefit to using an HOA banking software comes with its ability to track and manage finances.
- May provide the ability to sync ledgers with an association's banking institution
- Monitors client payments, deposits, and withdrawals
- Can provide customized financial reporting
- Can virtually distribute customized reports as needed
- Streamlines data and reporting
- Secured hosting and customized private settings
2. Increase efficiency
Another benefit comes with its ability to increase efficiency. This allows managers to use one program vs. multiple applications and symptoms.
- Reduces physical paperwork - record keeping is collected and tracked through a banking software application vs. manual paperwork.
- Provides mobilization options - can track, communicate and reconcile invoices straight from a mobile application or laptop.
- Provides managers the option to work-from-home - can access accounts online 24/7.
- May allow managers to create bulk billing and invoices vs. manual individualized invoices.
3. Payment options
Considered to be one of the more popular benefits, payment options has become a head turner for many HOAs. Community managers are able to manage payments, oversee payment statuses, and communicate with community leaders on a continuous basis.
- Online access to submit payments 24/7.
- Reduces time spent manually processing fees and dues.
- Provides homeowners the convenience to set up auto-pay via credit card or electronic check.
- Allows managers and community leaders the ability to communicate and report discrepancies in a timely manner.
4. Automated billing services
One responsibility of being a property manager is to oversee the billing process for those that help run the HOA. This may include: contractors, vendors and any cover expenses as needed. An HOA banking software allows managers the ability to easily process payments, along with keeping a track record of all invoices, reports and completion dates. Other benefits may include:
- Schedule payments accordingly
- Autogenerate invoices as needed
- Virtually distribute invoices as needed
- Reduces paperwork filing
Communication is key to running a successful HOA. Money can be a sensitive topic, especially when it comes to managing large communities with multiple board members. An HOA banking software allows property managers the ability to build a strong level of trust, transparency and communicate in a timely manner.
- Provides faster communication options through messaging and push notifications provided by a software.
- Allow managers to send message, auto-alerts, surveys, updated community calendar dates and bill pay reminders.
- Sensitive information - private channels can be customized for conversations that may include confidential information.
- Communication track records - provides a log of all communications.
- Enables accountability.
- Directories - may have the ability to create homeowner directories that include important contacts such as their property managers and HOA board of directors.
- Enables access to documents, financial records and payment history as needed.
Looking to simplify the payment process for your communities? Request a demo to see TownSq's full suite of solutions to take the communities you manage to the next level.