MPS Financial offers an affordable accounting solution for Condos and HOAs in California. With 30 years of experience in community association accounting, and a variety of specialists ranging from bookkeeping accounts receivable accounts payable, and more, you are in good hands with the MPS team.
Let Us Manage Your Condo or HOA Books, So You Can Focus on Running Your Community!
For Board Members in California community associations, the options available to you to help run your association can sometimes seem like no options at all. Unless you are a large association with millions in annual revenue, you may not be able to afford hiring a full-service management company or full-time executive manager without raising assessments, and that’s not a good way to get re-elected!The state of California houses nearly 50,000 community associations, according to the Community Association Institute Research Foundation. Of those, between 30 and 40 percent are considered to be self-managed. Say something interesting about your business here.
Self-managed means that the volunteer board, and board-appointed committees are responsible for the day-to-day running of the community. But that doesn’t mean you need to do it without professional help! You wouldn’t try to take on legal tasks for your association, right? You would hire a lawyer. Similarly, a specialized HOA accounting firm can help take on the burden of maintaining the community’s financial records, which accounts for around 55% of all community management duties.
By using a financial management service like MPS Financial, you can rest assured that your community’s books will be accurate, secure, and transparent. Outsourcing accounting services offers significant benefits:
By outsourcing your accounting, you gain more visibility into your accounts, and what is going into and out of them. This gives an added layer of separation for the board, and a higher degree of risk avoidance for fraud.
With budget variance visibility, the board gains more insight into where the community is at financially, versus what they planned for. Not only can this help the board stay on budget, but it can also help in annual planning to generate a more accurate budget.
When you have professionals with more than 30 years of experience on your side, you can request changes or tracking that you would never dare if you were managing the books yourself. Just tell us what you need and we will make it happen.
Accounting isn’t supposed to be a black box. In fact, the board has a fiduciary duty to insure the financials are well maintained. With our online customer portal and monthly financial reporting, board members can see everything.
We’ve seen communities that hadn’t processed collections in a year! That should never happen. With an outsourced accounting provider, you know that statements, late notices, and fine notices are going out on time, every time.
When you compare in-house accounting staff to outsourcing your accounting with MPS, there is no comparison! Our clients save over 40% on average when replacing in-house staff. MPS has highly experienced staff accountants with a variety of specialties available to work on your account, as needed.