Accounting Services

Accounting Services

We take great care in the accounting and management of the Association’s assets.

Your Accounting Team

Your accounting team is exactly that: a team of professionals with expertise in various components of the financial process. CIMS organizes our department to ensure each client is assigned their own A/P representative, A/R representative and staff accountant. These specialized team members become intimately familiar with your financials and are trained to identify trends, anomalies and red flags almost immediately across the month and year. Observations are detailed in customized, monthly reports that accompany the financial statements. This reporting along with transparent, real-time access to the system, ensures the Board is current on the financial health of the HOA throughout the month and better positioned to make informed, financial decisions.

Amy Johnson

Senior Vice President, Accounting

17 Years of Industry Experience

11 Years with CIMS

Jennifer Bueno

Senior Director, Accounting

19 Years of Industry Experience

18 Years with CIMS

Best Practices in Accounting Controls

Fraud control and prevention are the most important principles when it comes to asset protection. Our division of responsibility and system of checks & balances follows best practices in accounting controls. For example, the person reconciling your bank accounts cannot process checks or payments. Our check signing protocols within Strong Room, our check signing software, prohibits approvals outside of the defined process. Over the years, we have invested in technologies, processes and staff to ensure controls are in place, and we have hired independent CPAs to audit and make recommendations that follow the most current trends in accounting and asset protection.

Onboarding and Financial Health Checklist

As part of the onboarding process, we look at the accuracy of current financial reporting and compliance
with civil code, governing documents and best practices.

Financial Health Checklist

Account for all Funds & Bank Accounts

Review Governing Documents & Policies

Confirm Budget Follows CC&Rs

Flag Conflicts with Current Practices

Identify Anomalies in Bookkeeping

Report & Recommendations to Board

Financial Health Checklist

Account for all
Funds & Bank Accounts

Review Governing
Documents & Policies

Confirm Budget
Follows CC&Rs

Flag Conflicts with
Current Practices

Identify Anomalies
in Bookkeeping

Report &
Recommendations
to Board

Monthly Financials: What You Can Expect

Real-time access to financial and homeowner data, including account histories and collections

Workflows to ensure financial statements are prioritized based on board meeting schedules

Electronic notification and access to financial statements immediately upon completion

Customized accounting cover letter highlighting activity and items for review each month

Integration with banking partners for quicker access and automatic download of bank statements

Online check signing and real time access to all invoices, including status and images

The Budget Life Cycle

The budget is one of the most important aspects of HOA management. It is the foundation for annual planning, maintenance, capital improvements, and the overall protection of HOA assets and homeowner property values. The budget approval process should not feel rushed or incomplete. We focus on the budget throughout the year and help the Board feel prepared to make prudent, timely and pressure-free decisions.

Q1

Evaluate and plan for major projects in the current year. Obtain proposals and approve the annual reserve study for the next fiscal year.

Q2

Evaluate the current budget for significant variances. Obtain and review the preliminary reserve study draft.

Mailing of budget package in accordance with civil code and CC&R requirements.

Q4

Provide draft budget (with reserve study) to Board 5 months prior to fiscal year end. Board meeting(s) to review draft budget and planning for next fiscal year.

Q3

The Budget Life Cycle

The budget is one of the most important aspects of HOA management. It is the foundation for annual planning, maintenance, capital improvements and the overall protection of HOA assets and homeowner property values. The budget approval process should not feel rushed or incomplete. We focus on the budget throughout the year and help the Board feel prepared to make prudent, timely and unrushed decisions.

Q1

Evaluate and plan for major projects in the current year.

Obtain proposals and approve the annual reserve study for the next fiscal year.

Q2

Evaluate the current budget for significant variances.

Obtain and review the preliminary reserve study draft.

Q3

Provide draft budget (with reserve study) to Board 5 months prior to fiscal year end.

Board meeting(s) to review draft budget and planning for next fiscal year.

Q4

Mailing of budget package in accordance with civil code and CC&R requirements (30-90 days prior to fiscal year end).

Learn More About What OurAccounting Services
Can Do For Your Community

Request a Free Proposal Today