Cloud-based:


• Work from anywhere • Automatic software updates • No infrastructure investment


2. All-in-One, Integrated Software


Imagine having one toolbox that holds everything you need, instead of searching through several places for the right tool.


That’s the advantage of an all-in-one software for community association management. With accounting and community management bundled together, everything stays connected. This means when a homeowner makes a payment or submits a request through their portal, the software can automatically update financial records and trigger the right workflows. It also means no matter where the communication comes in, you can access and respond to every message in one place.


An integrated software solution provides a central source of truth. This gives you, your employees, and your customers more transparency and visibility into what’s happening. It also delivers more comprehensive data insights on what’s happening in your business.


For a management company, having such an integrated solution means less hassle, fewer errors, and happier communities.


3. Business Intelligence


With the right tools and insights, you can gain a deeper understanding of your business, identify trends, and make data-driven decisions. Your community management software should provide detailed reporting and business metrics that allow you to get a good pulse on your company’s performance.


Here are some things to look for:


• Actionable data • Comparative metrics


• Business intelligence integrated into the software • Shareable reports • Performance tracking


4.Delightful Board & Homeowner Experiences


Today’s homeowners and board members expect easy and convenient digital experiences. Look for intuitive portals that allow your homeowners and board members to easily navigate, make payments, and participate in community decisions.


12 | COMMON INTEREST®


The more your portals encourage and enable self-service, the better it is for your staff. When homeowners can help themselves, your community managers and customer service reps will get fewer emails and calls.


Delivering a delightful homeowner experience increases customer satisfaction and reduces the burden on front-line employees.


5. Strong Accounting & Financial Management Capability


Top-notch accounting and financial management tools are vital to managing your communities effectively.


The best software will have:


• Automated workflows for financial delivery, budget tracking, bank returns, billing questions, adding charges to ledgers, and more


• Streamline your collections process across associations • Reusable, editable budgets from one year to the next • Automated lockbox processing


• Automate e-statements and report production • Strong banking and 3rd party integrations


With the volume of financial transactions that your business handles daily, it is essential that your software can help you manage it efficiently and effectively. Your software should be able to automate many accounting tasks (which saves time and reduces errors) and provide transparency to both you and your boards.


6.Robust Integration with a Top HOA Bank


When your software integrates with your bank, your team can operate at peak efficiency. Banking with a top national HOA (Homeowners Association) bank ensures you get expert financial services tailored to your business. Benefits of banking with a top national bank also include fraud management & enhanced security, access to tailored financial tools, and flexible lending options.


A robust integration can provide:


• Real-time bank balances and transfers • Bank statements on demand • Auto reconciliation • Auto lock-box


• Open new accounts within your software • ACH (NACHA)


(Automated Clearing House/National Automated Clearing House Association)


• Spring 2024 • A Publication of CAI-Illinois Chapter


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56