Just Because Your Office Is Closed, Doesn’t Mean Your Accounting Should Stop

Just Because Your Office Is Closed, Doesn’t Mean Your Accounting Should Stop

There Are Undoubtedly Going to Be Times When Temporary Office Closures Are Necessary

It could be due to a natural disaster such as a hurricane, tornado or snowstorm, or it may be a human-related issue like COVID-19.

But businesses must continue to operate and the accounting function of your HOA is the most important piece of the business continuity puzzle.

Does Your HOA Have the Accounting Resources to Maintain Your Day-To-Day Accounting Tasks During an Office Closure?

Accounting Software For HOAs
Whether you are using an automated accounting solution or working in multiple spreadsheets, financial data needs to be ready at any given moment.

It could be a question from the board, needed at a moment’s notice or resident information as it relates to tracking collections and payment plans.

With TOPS [ONE], all your accounting details are readily available and can be fully automated, from scheduling late fees and collections to recurring journal entries. Your team can schedule report packages for your monthly financials to be emailed to the board on a certain day of the month.

Are You Looking to Supplement Your Accounting Department?

Ensuring productivity from your remote staff can oftentimes be a challenge.

Does your HOA have a back-up plan in place in the event your in-house accountant’s performance falters or needs to take an unintended leave of absence? Outsourcing your HOA’s accounting function may be your answer. TOPS full-service bookkeeping outsourcing services can provide you peace of mind that there will never be a lag in your HOA’s financial data.

Are You Accepting Online Payments?

Even if your office doors are closed, accepting online payments allows your residents the flexibility to pay online, anytime.

Access to online payments is a great way to allow your accounting department to continue processing payments and to keep your HOA in a positive cash flow. Setting up recurring ACH direct debit alleviates the stress for your residents of making payments in person with a check. With the TOPS Pay system your residents will never fall behind, reducing your delinquency rates.

Business as Usual

It is important to remember that HOAs are a business just like all other businesses.

The HOA needs positive cash flow to carry on, and the most critical way to do that is to ensure that your accounting function remains fluid and operational during office closures.

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