Reader Question: Management Companies and Financial Reporting

Question from a reader about management companies and financial reports:

Since you seem to be fairly in the loop with regards to condos & management, I thought I’d ask you for advice.

As the treasurer of our HOA, I get to audit their monthly financial reports on the building. Asking for any changes to our Quickbooks report is like pulling teeth. I couldn’t get the management company to make some changes to the end-of-year financial report because the number of rows in the monthly Quickbooks-generated report had changed over the year, and so making a new report that compared the previous year’s finances involved manually merging spreadsheets row by row. I would’ve expected this to be a very simple update to a database query (I actually don’t know anything about quickbooks, but… it’s a database of some sort!).

What I’m wondering is if any condo management companies are actually competent with financial software. Or am I asking too much? Having only worked with this one company, I’m not sure what level of service to expect. I’m also considering hiring a Quickbooks tutor to coach our management team.

I suspect the reader is not asking too much and I wonder if they’ve considered switching management companies?

Any other readers sit on homeowner boards and have experience with this?

About Matt Goyer

I love condos, lofts, floating homes, new construction and mid-century moderns so much so that since starting this blog in 2006 I've written over 2,000 blog posts about them!

For years I resisted becoming a real estate agent preferring to be a marketing executive at Redfin but after leaving Redfin (after seven years!) I caved in the spring of 2014 and became a broker. So if you need help finding that "Urbnlivn-style" place or selling your home email me at matt@urbnlivn.com, I'd be happy to help you.

Prior to Urbnlivn and Redfin, I worked at Microsoft after graduating from the University of Waterloo with a Bachelor of Mathematics with a major in computer science.

You can also find me on Twitter, @MattGoyer, or LinkedIn.

  • Kate

    You are correct, the reader is not asking too much. In fact, it’s one of the most important things you hire a management company for. I (as HOA treasurer) review financials, delinquents and paid invoices monthly and the management company makes changes on my request. Accurate financials are critical to every HOA! I don’t believe that QuickBooks is adequate for this critical function. Perhaps you should consider doing RFPs for another management company. I know that’s a pain. I know that many management companies are also quite expensive on a per/unit basis if you’re a small building. Even at 93 units, ours is costly. But really, you need to get serious about accurate, timely financial reporting! Best of luck… –Kate

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