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An HOA software is an accounting or management tool comprising a website builder, a communication system, finance system, payment system and event platform, among other features. With an HOA, you can get rid of all the administrative roles, which include;
- Satisfying client needs by offering easy and secure payment options and a way to make requests online.
- They promote inter-member communication through automatic emails, letters and maintenance requests.
- Put up accessible analytic tools and financial reports.
In this write-up, we will tackle the best HOA softwares in the market. We will briefly describe its market price, features, advantages, and disadvantages.
Although there are several top-notch accounting software associations, here are some of the bests.
Upfront Conclusion
The best homeowners association accounting software right now is FreshBooks and AppFolio.
6 Best Homeowners Association Accounting Software
- FreshBooks – Best Accounting Software for Small to Medium Businesses
- AppFolio – Best Software for Property Management
- Condo Manager – Best Communications Software
- QuickBooks – Best Accounting Software for HOA beginners
- Money Minder – The Ultimate HOA software
- CINS Systems – Best All-in-one association management software
1. FreshBooks – Best Accounting Software for Small to Medium Businesses
Pricing
After a free 60-day trial, you can subscribe starting from $4.50 monthly if you have five billable clients. With more than 500 clients, you should contact FreshBooks for a custom cost.
Here is FreshBooks Price Plan
- Lite- $15 per month
- Plus- $25 per month
- Premium- $50 per month
FreshBooks is another excellent homeowner accounting software. The software was a product of Site Inc in 2004 and had its head offices in Toronto, Canada. Its bookkeeping feature gives a homeowner more time to focus on other important things. It is a SaaS model software accessible through mobile phones and desktop devices.
Features
FreshBooks can do the following;
- Invoice clients
- Tract and record expenditures
- Record payments
- Make client estimates
- Generate reports
- Tract time
Why Should You Choose FreshBooks?
- It has a free 60-day trial period.
- You can run it through a phone.
- The software is user friendly and easy to navigate.
- It is less costly compared to other accounting software.
Reasons not to choose FreshBooks
- Although it’s cheaper, it lacks some essential features that a costly software has.
- From recent customer reviews, it works well with small or simple businesses. However, it doesn’t work well with large and complex enterprises requiring track of inventories and vendor management.
Reasons to buy
- It offers real-time performance and reporting insights that make it possible to make necessary adjustments
- AppFolio can automate late payments
- It is a multipurpose software. Despite primarily being a management software, we use it for accounting because it has indispensable accounting features.
2. AppFolio – Best Software for Property Management
Pricing
$0.85 per unit/per month.
AppFolio is software found 16 years ago by Klaus Schauser and John Walker. It has its headquarters in Santa Barbara, California, US. It is best known for property management.
AppFolio has all the accounting features a good homeowner association software should have. These include bill entry, online payments and an integrated debt collection system. In addition, with AppFolio, a homeowner can automate late fees and get real-time flexible reporting and performance insights. Consequently, one can make necessary adjustments based on the insights.
Key features
- Bill entry feature.
- Real-time reporting and performance insights
- Automated late payments feature.
- Bill entry.
Reasons to Avoid AppFolio
- It is impossible to acquire automated dues for less than a month.
- Although AppFolio has a chat feature, customer service is limited since not all responses are satisfactory.
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3. Condo Manager- Best Communications Software
Pricing for Condo Manager
Although Condo Manager has a free trial period, its pricing package begins from $150 per month.
Condo Manager is one of the software designed for COAs and HOAs. Condo Manager was founded in 2008 in Toronto, Ontario, Canada, to stream communications and operations to simplify daily tasks.
Features of Condo Manager
- Automatic invoicing
- Service request management
- Account payables
- Online payments
- Website services
Reason to choose Condo Manager
- Although it is an HOA software, it can handle management tasks.
- It is customer-friendly and easy to navigate.
- Condo manager has all the modern accounting features that a good HOA software requires, like automatic invoicing, account payables and online payments.
- In addition to accounting, it also offers online resident portals, service request management, website services and many more indispensable features.
- Condo Manager has a very responsive customer support team. Suppose you are stuck; you can contact them for video instruction.
Reasons why you should not choose Combo Manager
- Condo Control has neither bulletin boards nor classified ads.
- It is initially challenging for a new user; thus, it may require training or videos instructions before you can use it comfortably.
4. QuickBooks- Best Accounting Software for HOA Beginners
QuickBooks pricing
It has an initial free 30-days trial and an 11 euros monthly plan.
QuickBooks is the most common homeowner accounting software. It is one of the oldest accounting software for small to medium premises. Although there are a few QuickBooks products for community groups, it is still applicable for HOA purposes.
Features of QuickBooks
- Remote access
- Payroll assistance and outsourcing
- Online banking and reconciliations
- Mapping features
- Electronic payment functions
- Employee time tracking options
- Pre-authorization of electronic funds
Reasons to choose QuickBooks
- It is one of the widely used software; therefore, in case you have user challenges, virtually everyone can help.
- QuickBooks is user friendly
- It has reasonable pricing plans
- It has all the basic accounting features
- It is accessible at any time and from anywhere.
- It helps build business insights
- With QuickBooks, it is easy to track cash flow throughout the business
- It is a multicurrency software
- QuickBooks can tract VAT
- It is possible to connect QuickBooks with your bank account
Reasons to avoid QuickBooks
- QuickBooks is unstable; it has frequent system crushes that create inconveniences.
- It has some limitations like the number of transactions and file sizes.
- QuickBooks limits the number of users
- Even though its info is available virtually everywhere, it has no direct professional customer support.
- It is slow at times.
5. CINS Systems – Best All-in-one association management software
Pricing
The pricing for CINC software starts from $39 per month.
It is an all-round association management software with robust modern accounting features.
Features
CINS software boosts the following accounting features;
- Accounts payable
- Account collections
- Lockbox services
- Homeowner payments and billing
- Monthly business reports
- Offer customized user websites for easy access
- CCR management feature
Reasons to choose CINS software
- It is user friendly.
- CINS software can be customized to fit client needs.
- It has a user-friendly customer service team.
- CINS has robust accounting features.
- CINS software is an all-in-one account management software.
Reasons not to choose CINS software
- Initially, it is challenging to use; therefore, it may require professional training.
- CINS is more costly than other HOA software.
6. MoneyMinder – The Ultimate HOA Software
Pricing
With Money Minder, you can try a paid version for only 30 days. After that, you can subscribe to it for $159 yearly.
Money Minder is one of the few software focusing on HOA accounting. It has been in business for 17 years, making it an HOA veteran.
Features
Money Minder has virtually all the features of modern accounting software. Like most accounting software, it can do the following;
- Compare actual budgets with expenditure
- Receive online payments
- Report generation
- Track all your client dues
- Send invoices to homeowners
Why should you choose MoneyMinder?
- In addition to the accounting task, MoneyMinder offers management features such as document sharing, management and member communication.
- It has a free version, though with limited functions.
- It is user friendly.
- You can integrate MoneyBinder with your bank account, which allows easy reconciliation.
Why you should not choose MoneyMinder
- One can only subscribe for a year.
- Its free version has limited functions.
Frequently Asked Questions
What do you consider when choosing HOA software?
Whenever you are choosing an HOA software, consider the following factors;
- The size of the association
- Gauge if you have common spaces to manage
- Consider the number of people you intend to use the software
- Inquire if the HOA software offers bank integration
- Check if the software can process all payments online
- Check if the software can create web portals for work orders
- Finally, you must consider computer requirements. For instance, some software may require a dedicated server, while others run on tablets or smartphones since they are cloud-based.
Why do you need HOA software?
Using HOA software has several benefits. Below are some of the benefits you need to consider;
Due to the vast responsibilities that HOA has to undertake, communities find it challenging to streamline communication. To solve these communication challenges, it is prudent to adopt HOA software. This has been particularly important during the pandemic.
Secondly, HOA software is important for building financial transparency and helping solve financial disagreements. Budget transparency will motivate the community to engage in community activities, build trust and avoid rumour moil.
Thirdly, HOA software enhances community participation and involvement by;
- Creating an in-person and digital event for members to socialize.
- Enabling the creation of multiple committees for different purposes
- Create digital announcements for various community events
- It saves time and resources that a community may require to pay for hard copy events.
In addition, it will HOA software help in the enhancement of community unity as we embrace technology.
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