Accounting and Payroll For HOAs and POAs
Our All-Inclusive Packages for Accounting and payroll For HOAs And POAs offer Peace of mind to the board and the owners alike.
Our cost is As Low as 10% of a Lowest Paid full-time US Accountant.*
Our company story began deep in the trenches of HOA audits when the co-founders met and formed a lasting bond. Non-Profit accounting has a special place in our hearts and company, and we are happy to apply our expertise and help HOAs and POAs thrive. Our packages bring the HOAs and POAs peace of mind and financial transparency.
Which HOAs and POAs are these smart accounting packages for?
Our accounting and payroll for HOAs and POAs are designed for the following types of Homeowners’ or Property Owners’ Associations:
Condominium Management Association.
- Condominium management associations are organized and operated to acquire, build, manage, maintain, and care for the property in a condominium project, substantially all of whose units are homes for individuals.
Residential Real Estate Association.
- Residential real estate associations are organized and operated to acquire, build, manage, maintain, and care for a subdivision, development, or similar area, substantially all of whose lots or buildings are homes for individuals.
Timeshare Association.
- Timeshare association (other than a condominium management association), organized and operated to acquire, build, manage, maintain, and care for the property that has members who hold a timeshare right to use or a timeshare ownership interest in real property of the timeshare association.
A timeshare association cannot be a condominium management association.
Our All-Inclusive Accounting and Payroll for HOAs and POAs Work Is Based on The Following:
1. HOAs and POAs Business Formation
- We will form your Corporation and file the appropriate state fees.
- Obtain your EIN.
- Act as your registered agent.
- File your annual report.
2. HOAs and POAs Bookkeeping
- We will set up your chart of accounts based on HOA or POA type. The Chart of accounts is the backbone of your books, and it needs to be properly set up.
- Set up your HOA or POA vendors.
- We will categorize your business transactions on a monthly basis.
- We will provide expert reporting to help you analyze your business.
- We will complete account reconciliations on a monthly basis.
3. HOAs and POAs Accounting
- Month-end close to ensure your books are perfect and you are capturing and locking each period’s financial performance.
- Process journal entries and payroll, post depreciation,
- Review reserves.
4. HOAs and POAs Payroll
- When applicable, we run unlimited payroll.
- Issue 1099s to all vendors that qualify.
- Prepare and file quarterly payroll returns.
5. HOAs and POAs Taxes
- Quarterly tax calculations and payments.
- File your HOA or POA income tax return.
Testimonials from our happy clients.
Accounting And Payroll For HOAs
Everything you need to run your Homeowners' Association in one affordable monthly package. Our accounting and payroll for HOAs and POAs services are 100% tax deductible and typically pay for themselves quickly. Submit this form to get in touch with a representative and see if we are a good fit for your HOA or POA.
Is Accounting and Payroll for HOAs Enough, or does your HOA need An audit?
Fees are paid monthly or annually.
Onboarding Costs $20-$30 per owner, and it is based on how much additional revenue the HOA/POA has.
NOTE: HOAs with a large number of owners are open to negotiate the fee.
HOA / POA Cost
Per Owner (or Unit) Per Month
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Your Software or Ours
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Cash, Accrual, or Modified Accrual
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HOA or POA Payroll, Accounting, & Bookkeeping
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Monthly Expert Financial Statements
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Web Portal for Document Support & Audit Trail
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A La Carte:
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Compilation, Review, or Audit $$$
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Tax Return Preparation $$
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Registered Agent $
Example/Annual
HOA with 50 Owners/Members
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Your Software or Ours
-
Cash, Accrual, or Modified Accrual
-
HOA or POA Payroll, Accounting, & Bookkeeping
-
Monthly Expert Financial Statements
-
Web Portal for Document Support & Audit Trail
-
A La Carte:
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Compilation $1500
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Tax Return Preparation $985
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Registered Agent $250
*Per Forbes article dated Feb 2023, the average hourly accountant rate is $36/hour, or $72,000 per year, excluding taxes and benefits.
Our services cost One-Tenth (1/10) or less of a US-based full-time accountant. $6,480 / $72,000= 9%
Top companies use Ntelly
Accounting and Payroll for HOAs That Helps Combat and Prevent Fraud.
Homeowners Associations (HOAs) can take several steps to prevent fraud and ensure financial integrity within the organization. Here are some measures that can be implemented:
- Strong Internal Controls: Establish and enforce robust internal controls that include segregation of duties, dual approvals for financial transactions, regular audits, and periodic review of financial statements. This helps create checks and balances within the organization.
- Transparent Financial Reporting: Maintain transparency in financial reporting by providing regular and detailed financial statements to homeowners. This includes balance sheets, income statements, and budget reports. Transparency helps detect discrepancies and fosters trust among members.
- Regular Audits: Conduct regular audits of the association’s financial records by an independent auditor. Audits provide an objective assessment of the financial activities and help identify any irregularities or potential fraud.
- Code of Conduct and Ethics Policy: Establish a code of conduct and ethics policy that outlines expected behavior from board members, volunteers, and association staff. This policy should include guidelines on conflict of interest, reporting procedures for suspected fraud, and whistleblower protection.
- Financial Oversight Committee: Form a financial oversight committee comprising independent members who review financial transactions, budgets, and financial reports to ensure compliance and mitigate fraud risks.
- Secure Financial Systems: Implement secure financial systems and software to protect sensitive financial data. Regularly update and monitor access controls, passwords, and user permissions to prevent unauthorized access.
- Vendor Due Diligence: Conduct due diligence on vendors and service providers before entering into contracts or agreements. Verify their credentials, reputation, and financial stability to minimize the risk of fraud or embezzlement.
- Education and Training: Provide education and training to board members, volunteers, and staff on fraud prevention, financial management, and ethical practices. This helps raise awareness and ensures everyone understands their roles and responsibilities.
- Whistleblower Policy: Establish a whistleblower policy that allows individuals to report suspected fraud or wrongdoing anonymously and without fear of retaliation. Encourage a culture of reporting and promptly investigate any allegations.
- Regular Communication with Homeowners: Maintain open lines of communication with homeowners through newsletters, meetings, and online platforms. Encourage homeowners to actively participate, ask questions and voice concerns about financial matters.
Our Cost Is As Low As 10% Of A Lowest Paid Full-Time US Accountant. *