HOA Financial Management Services

Preferred Management Offers a wide array of services, including Financial Management.

Accounting services are provided to our clients based on accrual accounting through TOPS Software.  All reporting can be tailored to meet the unique needs of each association; however, our standard monthly reporting to our Boards of Directors includes the following reports:

Fund Balance

  • Sheet

Income/Expense

  • Statement (Actual versus Budget)

General Ledger

  • Detail

Accounts Payable

  • Report
  • Check Register

Aged Delinquency

  • Report

Cash Receipts

  • Report

Bank

  • Reconciliation/Statements

Fund Balance

  • Sheet

Income/Expense

  • Statement (Actual versus Budget)

General Ledger

  • Detail

Accounts Payable

  • Report
  • Check Register

Aged Delinquency

  • Report

Cash Receipts

  • Report

Bank

  • Reconciliation/Statements

As with our financial reporting procedures, our collection procedures can be adapted to fit the needs of the Association.  Our standard collection processing includes 30-60-90-day notifications with a final 10-day notice prior to submitting the account for outside collection.  We recommend that each of our clients implement a clear and concise collection policy.  Each client has separate depository accounts, ensuring the safety of their funds and Preferred Management has a firm inner office policy that requires two signatures must be present on every check that is prepared. 

Preferred Management operates utilizing a cloud-based server to ensure the security of all electronic records that we hold.  Client records are kept in a separate file with sub-files that mirror each other for easy access to management staff who are in search of specific information (i.e., financial reports, owner correspondence, governing documents, violations, etc.).  We make every effort to be as paperless as possible, but also realize the importance of hard copy records when necessary.  Hard copy records are held within the management office and purged annually by moving to the office of the client for long-term retention.  For internal controlling purposes, our accounting is split into three separate categories:

Accounts Receivable

Accounts Payable

Bank Reconciliation

Our reporting capabilities are kept strictly to standard TOPS reports.There are many adaptable reports within the TOPS Software that can be used to suit the Board’s needs and requests.We will, however, not provide any special reports outside of those within the software.  In our opinion, providing special, manually completed reports, allows for a margin of error that we are not willing to accept.

Each manager follows through personally on delinquent accounts and late notices so that they remain familiar with the account holders and what stage the process is in. 

Our Accounting Department as a “team”, manages the daily finances (i.e., Accounts Payable, Accounts Receivable, and Bank Reconciliations) of all of our managed associations.  This ensures a standardized accounting system while enforcing the rigorous checks and balance standards set in place by our firm.

Management works closely with the Association’s Finance Committee and/or Board of Directors in establishing an annual operating and reserve budget.This budget will be based on historical data, actual numbers, industry standard funding levels and reserve study requirements (if applicable).

While we assist our clients in preparing requests for proposals for auditing services, it is entirely a board decision which accounting firm they choose.  We currently work with a variety of firms and provide all pertinent data to ensure a productive and expedient audit process. 

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Preferred Management

P.O. Box 687
Moscow, PA 18444

 

Corporate Office

Preferred Management
253 State Route 435 Suite 8
Gouldsboro PA 18424


Lehigh Valley Office

Preferred Management
612 W. Hamilton St. Suite 202D
Allentown PA 18101

Open Hours

M-F: 8am - 4pm
Sat: By Appointment
Sun: Closed

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