The Fiscal Accounting services are broken into three different functional areas, each separately staffed to ensure that receivables deposits, invoice payment/check creation, and bank account reconciliations are performed by different personnel. This functional separation provides the greatest possible financial integrity for every client association. The Fiscal Accounting functions include the following services:
- Maintains and reconciles bank accounts, which are held in the name of the Association using the Association’s tax ID number.
- Pays Association bills in a timely manner.
- Provides accurate monthly billing statements for collection of homeowner’s assessments.
- Monitors all delinquencies to effectuate collection of all amounts owed.
- Prepares monthly financial statements of cash receipts and disbursements, including all reserve account activity.
- Assists auditors or other professionals appointed by the Board of Directors.
- Prepares contractor 1099’s and payroll accounting.
- Timely preparation and submission of reports and forms to governmental agencies as required.
- Provides online approval for HOA accounts payables