Services Provided
Billing and collection of association dues
Process vendor invoices and issue payments
Monthly financial reports to board members
Annual budget preparation
Homeowner support (phone, web, and email)
Multiple payment options for owners
Maintain owner database and communication records
Provide dedicated manager for board
Violation Notices
Architectural Variance Requests
Collections and Late Notices
Tax return filing and preparation
Process estoppels / unit resales
Service & Communication
• Support the Board of Directors in managing the community and interpreting documents.
• Ensure swift and efficient communication by promptly responding to phone calls, emails, and correspondence from board members and the management company.
• Collaborate with the CPA by furnishing necessary information for audits, reviews, and tax-related matters.
Insurance
• Supervising Risk Management
• Aiding in the procurement process and conducting an annual review of insurance policies
• Guaranteeing alignment of insurance coverage with the Association’s Governing Documents
• Yearly assessment of insurance coverage and premium rates
• Securing and establishing a fidelity bond when necessary
Records
• Manage the central mailing list and homeowner directory
• Keep all records current and accessible for board evaluation
Accounts Payable
• Ensure timely settlement of all association bills.
• Develop and uphold an on-time payment plan, taking advantage of vendor discounts whenever possible.
• Establish and manage cash flow effectively.
• Utilize accurate general ledger accounts for precise budget oversight and auditing.
• Generate and furnish comprehensive records, including the proper filing of paid invoices as evidence of expenditures.
Accounts Receivable
• Streamline the billing process through payment coupons.
• Provide and establish automatic bank drafts for owners’ convenience.
• Offer homeowners multiple payment alternatives, such as check, automatic bank drafts, and online payments using credit cards and e-checks.
• Ensure swift deposit of payments into the relevant association accounts.
• Maintain comprehensive payment records for individual unit owners.
• Vigorously and persistently pursue collections.
• Manage delinquent assessments through a series of timely late letters, in coordination with the association’s attorney.
• Serve as a legal liaison, assisting with liens and foreclosure proceedings as directed by the board.
Financial
• Aid the board in formulating the annual budget.
• Assist the board in managing interest rates for cash reserves.
• Present financial statements using an accrual basis.
• Apply late charges based on a percentage, fixed amount, or a combination of both.
• Strategize for long-term expenses, evaluate cash reserves, and conduct cash flow analysis.
• Deliver electronic financial reports to the Board of Directors by the 20th of each month for the previous month.
• The monthly financial package comprises the following: Balance sheet, Income statement, Budget comparison report, List of delinquent accounts, List of prepaid accounts, Check register, Current status of all delinquent accounts, Bank reconciliation reports, Copies of all paid invoices, Bank statements.
• Manage and prepare payment plans.
• Handle in-house processing of all checks with electronic capture.
• Customize assessment groups for each association.
Administrative
• Handling community mailings and notifications.
• Sending certified letters as needed.
• Creating mailing labels for various purposes.
• Managing tax return processing.
• Handling mortgage questionnaires and closing documents.
• Coordinating with CPAs for financial matters.
• Conducting research on past financial records.
• Coordinating with legal professionals when necessary.
• Providing payment coupon books when required.
Collections / Violations
• Initiating foreclosure proceedings.
• Managing collections and liens.
• Sending notifications for delinquent accounts.
• Issuing notices for violations.
Other Services
• Providing owners with website access.
• Offering a web portal for both board members and owners.
• Developing customized websites.
• Managing special assessment processes.
Accounting Services
At Smart HOA Solutions, we are deeply committed to safeguarding your Association’s financial security. Over the years, we have meticulously designed procedures that prioritize the protection of our clients’ funds. We accomplish this through the segregation of duties and the implementation of various checks and balances throughout our transaction processes.
Processing Payable Invoices
From initial approval to the issuance of checks, every step of handling payable invoices is subjected to rigorous scrutiny. Multiple team members are involved at different stages to ensure that expenses align with the budgeted amounts. In cases of unbudgeted expenses, the Board of Directors grants prior approval. Our account managers meticulously review each invoice before submitting it to the board for approval. Once approval is granted, the invoice is forwarded to our accounts payable team for processing. Before any check leaves our office, our operations manager verifies the receipt of proper approval and confirms that the check corresponds precisely with the vendor’s invoice.
Reviewing Financial Statements
We recognize the critical importance of accurate financial statements in sustaining a community’s operations. As a result, every financial statement produced by Smart HOA Solutions undergoes multiple rounds of review to ensure accuracy and completeness. Our dedicated accounting team verifies balance sheet accounts, reconciles bank statements, and meticulously cross-references income and expense statements to identify budget variances. Subsequently, the accounting manager compiles the comprehensive financial report and meticulously verifies all aspects for accuracy. Finally, account managers review the finalized report before submitting it to the board.
Audits
Should your association’s governing documents mandate an audit, or if the board requests one, Smart HOA Solutions is more than willing to collaborate with a CPA of the board’s choosing. We also have a network of CPAs at our disposal to assist associations that may not have one already in place.
Owner Assessments
The smooth operation of a community association relies on timely homeowner payments, and Smart HOA Solutions has developed robust accounts receivable processes to ensure just that. When a new community joins our family, our operations manager meticulously verifies that our systems are configured correctly for homeowner billing frequency and amount. As assessments are invoiced, a dedicated accounting team member handles the charges, generates statements, and forwards them to the account manager for a meticulous review before the proofs are submitted to the board for final approval before mailing. Once a homeowner makes a payment, it is diligently processed by a member of our accounts receivable team, and our collections manager collaborates with the account manager to recover any overdue assessments.
Insurance Coverage
Smart HOA Solutions stands fully bonded and insured as a community association accounting firm. Additionally, we conduct thorough reviews of our community’s insurance policies to ensure that each one maintains adequate coverage at the most favorable premium rates available.