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Category: Blog
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Comparing Single-Entry and Double-Entry Accounting: Which Is Right for Your Business?
Accounting may seem like a complex idea, especially if you want to venture into business. However, managing and understanding the financial health of your business requires accounting expertise. With that in mind, accounting comes in two methods: single-entry and double-entry accounting. Business owners use either approach to recording financial transactions. It is advisable to work…
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A Guide to the End-to-End Accounts Payable Process
Businesses need to manage outstanding bills and invoices from suppliers in a streamlined fashion to ensure all debts are paid on time and recorded accurately. A professional homeowners association accounting in Atlanta can ensure an efficient accounts payable process to maintain healthy cash flow, strong supplier relationships, and overall financial stability. Let’s explore the most…
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Understanding IRS 528: Tax Guidelines for Homeowners Associations
The Internal Revenue Service (IRS) 528 is a specific section of the tax code that applies to homeowners associations (HOAs). It was enacted under the Tax Reform Act of 1976 to provide an alternative to the tax-exempt status under 501(c)(4). If you are wondering about the tax obligations and exemptions available to your HOA, consult…
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HOA Balance Sheets: A Detailed Guide
Homeowners associations depend on financial statements to determine financial health. One of the most crucial ways to achieve this is through the balance sheet. A balance sheet provides a detailed view of an organization’s financial position. This may include equity, assets, and liabilities. By understanding the components and how to review your HOA’s balance sheet,…
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Understanding IRS Transcripts: What They Are and How to Use Them
HOAs file tax returns as mandated by the Internal Revenue Service (IRS). Once this process is complete, an official record of the tax return information is issued. An IRS transcript is an official record of your tax return information provided by the IRS. The HOA tax return information verifies income for a mortgage application or…
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Essential Bookkeeping Types Every Business Should Know
Bookkeeping is the foundation of any HOA, regardless of size. Many organizations often hire professional HOA bookkeeping services to ensure accurate financial records, compliance with legal requirements, and informed decision-making. With different types of bookkeeping available, understanding each method is crucial for selecting the one that fits your organization’s needs. Here are the different kinds…
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The Role of HOA Audits in Building Trust and Transparency
Trust and transparency are the foundations of many Homeowner’s Associations (HOA). These are vital traits for ensuring a successful and harmonious community. An HOA audit is vital in maintaining these values and contributes to financial integrity and accountability. Here’s why having an HOA audit matters. Ensuring Financial Accuracy and Integrity Audits in HOAs are important…
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Financial Review Vs Audit: What HOAs and Condominiums Need to Know
As the year ends, homeowners and condominium associations face the vital decision of conducting a financial review or an audit. While these terms are often used interchangeably, they have different purposes. Understanding the differences between a financial review and an audit is essential for HOA accounting and making an informed decision that benefits the community.…
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A Comprehensive Guide to the HOA Accounts Payable Report
Homeowners Associations (HOAs) are vital in managing and maintaining residential communities. The HOA accounts payable report is an essential tool that helps achieve this. What is the accounts payable report? It tracks an association’s debts and ensures smooth financial operations. Since its importance and function are only sometimes fully understood, consulting a professional for HOA…
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What Are the Signs Your HOA Needs Professional Financial Support?
Did you know that 66% of completed homes are part of Homeowners Associations (HOAs)? These organizations manage various aspects of residential communities, including financial management. While some HOAs handle finances smoothly, others encounter difficulties that show the need for professional financial support. Here are telltale signs that your condo association bookkeeping in Miami requires financial…