When a homeowners association decides to have a management company take over the logistics of the association management, the accounting aspects of an HOA in Rock Hill is where our team succeeds.
Having years of industry knowledge and best practices, the Cedar Management Group can help in implementing the best processes to keep a homeowners association running smoothly and having up to date accounting records.
Is Rock Hill HOA Accounting Important?
One aspect that any HOA can experience an issue is keeping financial records up to date and accurate. When it comes time for monthly, quarterly, and yearly financial statements for the board and members if these aren’t up-to-date, it can cause a headache to try and rectify. Having a Rock Hill HOA management group overseeing accounting is the best solution.
Types of HOA Accounting Options
There are a few different methods that a homeowners association can use to help an HOA keep their financial records in order. Below we are going to give a brief overview of each.
Using this form of accounting, any financial activity that an HOA has will be documented on the financial records. This method of accounting is considered to be the best and most efficient way of keeping records accurate.
Although this method is not as accurate, it is a way that some HOAs choose to keep their finances recorded. Records are only updated when cash is exchanged.
Modified Accrual Accounting
The modified accrual accounting method is a combination of both the accrual and cash-based accounting method. This method of accounting is typically used as a type of “interim” method until implementing the accrual accounting method fully.
The Best Rock Hill HOA Accounting Management Team
Let the Cedar Management Group take over your HOA accounting needs and see the difference and peace of mind knowing our knowledge and years of experience will keep your Rock Hill HOA accounting needs in order. To see how Cedar can better your community, please contact us online or by phone at (877) 252-3327.