Top HOA management techniques for finances

1. Top HOA management techniques for finances

2. Accrual basis accounting In this type of accounting, the management company will record the revenue when it is generated and not when collecting the cash and by recording the expense transactions are completed. It precisely explains the management company’s and association’s financial spending power.

3. Cash basis accounting Small organizations or associations mostly use this method with limited spending power. In this method, the association’s taxes are paid through the accounts of the executive body of the association, and the recording of revenue and expenses is done on a cash level, providing a straightforward way to track the association’s cash flow.

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