A homeowners’ association (HOA), a condominium association and other common-cause realty-based organizations have a responsibility to the community of members to manage the collected funds efficiently and protect the owners’ real estate investments in their properties.
Considering HOA board members are usually volunteers from member households, there’s often very little professional expertise in finance between them.
That’s the main reason for seeking out an HOA accounting firm: to add knowledge and experience to support the board. By hiring a certified public accountant (CPA) for property management, board members unburden themselves of the nitty-gritty bookkeeping and financial planning tasks. With the appropriate level of oversight, HOA and condo association boards gain an experienced ally and a financial partner.