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

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

You can also find Matt on Twitter or skiing.

  • 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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