The Typical Condo and HOA Association Management
Company Structure is Broken
Throughout our years in the association management industry, we discovered that very few board members/treasurers know how to interpret their Association’s financial statements. Many have not had formal accounting training, they are unfamiliar with fund accounting, and may have never prepared a budget.
We also discovered that many accountants and bookkeepers in community/property/association management companies lack formal training. Many of them have a routine, repetitive job (usually just a small part of the process) and they aren’t aware of how their work affects many aspects of an Association’s financial position. In addition, many employees at these companies end up being a “jack of all trades” and with all the typical industry-related distractions, they may not be completely focused on the financial issues or the big picture for an Association.
Since one of the main focuses of an Association is their financial processes and condition, it is extremely important that an Association hire professionals (such as an outside CPA or Bookkeeper) to manage the accounting and prepare the monthly financial statements. Due to some management company’s inefficiencies, lack of training and time constraints, some dollars and/or financial opportunities may have fallen through the cracks, unnoticed.
Make the right choice for your Association
Hire a CPA firm to handle your Association accounting
It’s that important!Share