At City Property Management, our exclusive CITYCYNC® technology gives communities the HOA accounting tools you need for complete transparency and customized services. Our proprietary software provides 24/7 access to financial reporting and a secure platform for vendor payments and homeowner bill pay.
Explore how professional accounting services provide financial stability and set communities up for long-term financial success with City Property Management.
Discover the difference personalized service can make with our dedicated HOA accountants. Your accountant will provide consistent support, prepare your monthly financial reporting, and ensure that all financial matters are handled with care and expertise.
Our team sends out all homeowner statements, processes homeowner payments, and manages delinquent accounts before they go to collections. City Property Management’s account receivable processes promote timely homeowner payments, reduce delinquencies, and maintain a steady, healthy community cash flow.
We manage all vendor invoices for timely and accurate payments. We also track your vendor’s insurance to ensure good standing and protect the community.
Get all the accounting information you need on the go with 24/7 access to your community’s accounting report from anywhere in the world at any time. This provides the board with the transparency and data to make informed decisions.
Homeowners can pay their dues and assessments securely and simply from our CITYCYNC® Homeowner Portal. They can also request paperless statements and set up automatic payments.
Keep your funds secure with FDIC-backed bank accounts. Our knowledgeable accounting team ensures all community funds are protected for peace of mind and recommends to the board when funds should be transferred to meet FDIC insurance standards.
Our accounting department strictly adheres to Generally Accepted Accounting Principles (GAAP) to keep your community’s financial records accurate and transparent. Whether your community needs a yearly review, compilation, or audit, our team has the resources to guide it to success and compliance.
Our proprietary CITYCYNC® technology gives your community unrivaled transparency and access to everything at your fingertips. On the homeowner portal, homeowners can make payments, review accounts, and set up automatic payments.
On the Board Portal, Board Members can review reports, invoices, and bank accounts with real-time data. On the Vendor Portal, your vendors can submit invoices, request electronic payment, and submit insurance requirements.
We recommend that HOAs use accrual accounting for their association’s accounting records. Accrual accounting provides an overall view of the community’s finances by showing all incomes and expenses, even if they have not been received or paid yet.
Cash accounting provides an immediate snapshot of the community’s finances by showing the income received and only expenses paid for.
HOAs can use either cash or accrual accounting, but it’s important to note that only accrual accounting is considered a Generally Accepted Accounting Principle (GAAP).
The general ledger (GL) tracks earnings and spending for the community’s accounting records. The account ledger records all finances and creates financial statements and reports.
The balance sheet is a financial snapshot of the community. It shows the community’s assets and liabilities and must stay balanced. The general formula is assets = liabilities + equity.
It’s crucial to HOA accounting that communities adhere to GAAP to keep the community’s finances transparent, consistent, and accurate.
Explore our accounting services and get a custom quote tailored to your community’s unique needs.
