QuickBooks for HOA Finances: Pros, Cons, and When to Use It
As HOAs face increasing financial complexity and regulatory scrutiny, choosing the right accounting software is more important than ever. Without clear and transparent finances, your organization runs the risk of troubled money flows, theft, fraud, inability to deliver services, and the need for multiple special assessments. QuickBooks is a good tool for certain situations.
Why do HOAs Use Tools like QuickBooks?
QuickBooks has a full suite of products, but most people think of its bookkeeping product first. The bookkeeping product comes in both a desktop and an online version, depending on your HOA’s needs.
1. Familiarity
QuickBooks is one of the more common software choices for companies, so many people have a passing familiarity with it. Additionally, the company behind the software aims to provide an easy-to-use, minimal training-required product. Combined, this means the product is easier for your HOA board to use immediately.
2. Online Access
Some versions of QuickBooks are cloud-based, which means they can be accessed anywhere. This can be beneficial for small HOAs without offices and those who want to keep a close eye on the financial situation. You may also find it easier to work with professionals like SSL Associates with the cloud-based version.
3. Affordability
One of the big draws of QuickBooks is its affordability, which is why many smaller companies choose it.
Your HOA will probably find this appealing, especially if you’re trying to stabilize cash flow or resolve accounting issues without investing in more specialized HOA accounting software. If you’re serving on a smaller HOA board that only needs a few features, QuickBooks might be the most budget-friendly option.
4. Customization
While QuickBooks is not exclusively designed with HOAs in mind, it does offer customizations that allow it to function for small- and even medium-size HOAs. You may have to bring in a specialist to do the initial setup, but then your board can have the custom dashboards and reports necessary to run your HOA.
